ETF Preview: Most Funds Soggy in Early Going – Solar Earnings Due in After-Hours

08:21 AM Eastern Standard Time, 02/08/2010 (MidnightTrader) –

Active-volume exchange-traded funds in Friday’s regular session:

SPDR S&P 500 (SPY): +0.2%

iShares S&P 500 (IVV): +0.2%

PowerShares QQQ (QQQQ): +0.8%

Select Financial Sector SPDRS (XLF): +1.2%

iShares Russell 2000 (IWM): +0.4%

iShares Russell 1000 Growth (IWF): +0.2%

iShares MSCI Emerging Markets Index (EEM): -1.1%

United States Oil Fund (USO): -1.7%

The top ETF volume movers in pre-market action this morning:

SPY, -0.2%

QQQQ, -0.1%

SLV, -0.1%

FAZ, +0.7%

QLD, +0.2%

Winners and Losers

Major market ETFs, including the SPY, DIA, UYG and others, are mixed to lower this morning. Broad-market futures are steady to lower as investors digest stability in European markets and little news-making action out of weekend Group of Seven meetings. The PowerShares QQQ (QQQQ), which tracks the technology-studded Nasdaq Composite, is up 0.1%. Nasdaq futures are steady.

Select Financial Sector SPDRs (XLF) is down 0.4% in pre-market action. The Direxion Financial Bull 3X fund (FAS) is down 0.5%; its bearish counterpart, FAZ, is up 0.5%. Leading, active financial shares are modestly lower: C, -0.3%; BAC, -0.1%. CIT Group (CIT) has named former Merrill Lynch chief John Thain chairman and chief executive as it moves further from bankruptcy. Thain, who had been mentioned in media reports as a candidate for the top job at the New York lender to small and middle-market companies, succeeds Peter J. Tobin, who has been interim CEO and remains a director.

Technology Select Sector SPDR (XLK) and iShares U.S. Technology (IYW)

are expected mixed to lower in the early going.

In sector news, Motorola (MOT) shares could rise 40% if the company can spin off a profitable cellphone division, says a feature in this week’s Barron’s. German software giant SAP (SAP), which is often an extended-hours mover in U.S. markets, announces the sudden resignation of chief executive Leo Apotheker. SAP did not give a reason for the departure but said Apotheker’s contract was not being renewed by "mutual consent." Apotheker, who had been with SAP for more than 20 years but sole CEO for just seven months, is being replaced by two co-CEOs: Bill McDermott, head of sales, and Jim Hagemann Snabe, head of product development.

Also in the tech ETF space, S&P North American Technology Semiconductor fund (IGW) and Semiconductor HOLDRs (SMH) are expected flat to mixed as the opening bell nears. Internet HOLDRs (HHH) iShares, ProShares Ultra Technology ETF (ROM), PowerShares Dynamic Software (PSJ) and iShares S&P North American Tech-Software (IGV) are expected to join the broader sector in flat to lower trade.

SPDR S&P Retail (XRT) could see increased positive action closer to the bell. Home Depot (HD) gains after Morgan Stanley reportedly hiked its rating on the stock to Overweight from Equalweight.

Commodities -

Crude futures are trading near $71. A slight improvement in Euopean equities is nudging up oil prices in early morning trade Monday, but concerns about sovereign debt in the euro zone is keeping traders on their toes. United States Oil Fund (USO) is down 0.3%. United States Natural Gas (UNG) is up 2.5%.

Recovery some from last week’s steep, dollar-driven drop, gold futures are up some $14 an ounce at last check. SPDR Gold Shares (GLD) is up 0.3%. The Market Vectors Gold Miners fund (GDX) is down 0.02%. iShares Silver Trust (SLV) is up 0.2%.

ETF Power Play -

The Claymore MAC Global Solar Energy Index (TAN) and Market Vectors Solar Energy (KWT) are likely to draw interest ahead of some key sector earnings, due in this evening’s extended-hours period.

Evergreen Solar (ESLR) is due with its Q4 results in this evening’s extended-hours trade. The average analyst forecast in the Thomson Reuters survey is for a loss of $0.09 per share on $74 million in revenue.