ETF Trends
ETF Trends

PowerShares QQQ (NasdaqGM: QQQ) was fractionally lower in Monday’s premarket as top holding Apple (NasdaqGS: AAPL) will be in focus during the session with the company opening its developers conference.

Apple Chief Executive Steve Jobs is scheduled to speak on Monday afternoon and Wall Street analysts and investors will be hanging on the CEO’s every word.

“What we find unusual this time is that Apple gave out more details than it normally does ahead of these special events, stating that it will talk about three new products,” Sterne Agee analyst Shaw Wu said in a recent research note.

The products include an operating system for the Mac; the next version of its mobile operating system for iPhone, iPad and iPod touch; and a new iCloud service “which will likely be the company’s most aggressive (to date) move into the emerging cloud computing space,” Wu said.

“Most interest will likely be around iCloud and we believe rightfully so as iCloud could be a very big deal, making iTunes even more powerful and useful by allowing access to content from any device, anywhere,” the analyst wrote. “Other potential announcements include new Macs using Sandy Bridge, joining MacBook Pro and iMac. In terms of iPhone, we believe the likelihood is lower as our supply chain checks indicate timing is more likely in the Fall where we could see an interim upgrade to the iPhone 4.”

Apple is the biggest holding in PowerShares QQQ at 12.5% of the Nasdaq-100 ETF. The fund is up 3.6% year to date, according to Morningstar.

PowerShares QQQ


The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.