ETF Preview: Tech Funds to Get Help From Cisco; Retailers Report

08:19 AM Eastern Standard Time, 02/04/2010 (MidnightTrader) –

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

SPDR S&P 500 (SPY): -0.5%

iShares S&P 500 (IVV): -0.5%

PowerShares QQQ (QQQQ): +0.6%

Select Financial Sector SPDRS (XLF): -1.2%

iShares Russell 2000 (IWM): -0.7%

iShares Russell 1000 Growth (IWF): -0.1%

iShares MSCI Emerging Markets Index (EEM): -0.6%

United States Oil Fund (USO): +0.3%

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

QQQQ, -0.2%

SPY, -0.3%

GLD, -0.5%

SLV, -0.8%

SDS, +0.6%

Winners and Losers

Major market ETFs, including the SPY, DIA, UYG and others, are mixed this morning as the upbeat earnings are overshadowed by lingering European debt worries. The PowerShares QQQ (QQQQ), which tracks the technology-studded Nasdaq Composite, is down 0.2%.

Select Financial Sector SPDRs (XLF) is trading flat to lower in pre-market action, moving in step with the broader market. The Direxion Financial Bull 3X fund (FAS) is down 1%; its bearish counterpart, FAZ, is up 0.8%. Visa (V) is a gainer after it reported Q1 revenue of $1.96 bln, up from $1.73 bln in the year ago quarter and ahead of the analyst mean of $1.91 bln on Thomson Reuters. EPS was $1.02, up from $0.74 per share last year and better than the Street view of $0.91 per share. For 2010, the company is targeting revenue growth in the range of 11% to 15%.

SPDR S&P Retail (XRT) could see some upside interest as retailers issue January same-store sales results. January results may have climbed an average 2.4% industry-wide, according to research firm Retail Metrics.

Macy’s (M) increased its previously provided earnings guidance for the fourth quarter of 2009. The company now expects fourth quarter earnings per share on a diluted basis to be $1.35 to $1.37, excluding restructuring-related costs, compared with previous guidance of $1.14 to $1.18 per share. The Street is at $1.18.

For fiscal 2009 as a whole, management expects earnings per share on a diluted basis to be $1.36 to $1.38, excluding restructuring-related costs, compared with previous guidance of $1.15 to $1.19 per share. The Street is at $1.18.

Commodities -

SPDR Gold Shares (GLD) is down 0.4%. The Market Vectors Gold Miners fund (GDX) is down 0.8%. iShares Silver Trust (SLV) is down 0.4%. United States Oil Fund (USO) is down 0.8%. United States Natural Gas (UNG) is up 0.4%.

ETF Power Play -

Technology Select Sector SPDR (XLK) is flat but is expected to get some lift from Cisco’s results, offset by broad-market declines. iShares U.S. Technology (IYW) should see increased interest closer to the opening bell but its open may be clouded in mixed, choppy action reflected of broader market weakness.

Also in the space, S&P North American Technology Semiconductor fund (IGW) and Semiconductor HOLDRs (SMH) are expected flat to firmer 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 firmer trade.

Cisco (C) is up 3% in pre-market action, so far putting up a move that’s in line with that seen in last evening’s extended-hours period, right after the tech giant issued its results and outlook.

Cisco reports Q2 sales of $9.8 bln and EPS of $0.40 per share, both better than the analyst mean of $9.4 bln in sales and earnings of $0.35 per share on Thomson Reuters. During its conference call, the company said it expects 23% -26% sales rise on a year-over-year basis in Q3.