L'intérêt à découvert pour VanEck Environmental Services ETF donne aux investisseurs une idée du degré auquel les investisseurs parient sur la baisse de l'action de VanEck Environmental Services ETF. Les données sur l'intérêt à découvert sont mises à jour toutes les deux semaines.

VanEck Environmental Services ETF (ARCA:EVX), Rapport sur les intérêts à découvert

VanEck Environmental Services ETF

VanEck Vectors Environmental Services ETF

Industrials

Basic Materials

Consumer Defensive

Healthcare

Utilities

The Fund normally invests at least 80 percent of its total assets in common stocks and American depositary receipts (ADRs) of companies involved in the environmental services industry. The NYSE Arca Environmental Services Index is designed to measure the performance of widely held, highly capitalized companies engaged in business activities that may benefit from the global increase in demand for consumer waste disposal, removal and storage of industrial by-products, and the management of associated resources. Such companies may include small- and medium-capitalization companies. 

Waste Connections Inc

Republic Services, Inc

Waste Management Inc

Ecolab Inc

Purecycle Technologies Inc

Steris Plc

Tetra Tech Inc

Abm Industries Inc

Casella Waste Systems Inc Common Stock USD 0.01

Clean Harbors Inc

ETF Series Solutions Defiance Pure Elec Vehicle ETF

European Electric Metals Inc

Editor&#8217;s Note: Article was updated to correct a typo around the company&#8217;s pest elimination segment.
Ecolab Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ECL#NYSE">ECL</a>) shares are trading lower after the company reported third-quarter sales growth of 1% year-on-year to $3.999 billion, missing the<a href="https://www.benzinga.com/pressreleases/24/10/b41596721/ecolab-delivers-continued-strong-growth-in-the-third-quarter-reported-diluted-eps-2-58-adjusted-di" target="_blank" rel="noreferrer noopener"> consensus estimate of $4.04 billion</a>.
Organic sales grew 4%, led by strong performance across the business. Volume increased by 2%, fueled by successful new business wins and breakthrough innovations.
In fixed currency, Global Industrial sales grew 3% to $1.993 billion, Global Institutional &amp; Specialty climbed 7% to $1.404 billion, Global Healthcare &amp; Life Sciences fell 18% to $334.1 million and Global Pest Elimination increased 9% to $308.7 million.
Selling, general and administrative expenses remained flat year-on-year&nbsp;at&nbsp;$1.0 billion.
Adjusted operating income for the quarter increased&nbsp;17%&nbsp;to&nbsp;$713.1 million, with an adjusted operating margin of&nbsp;17.9% vs. 15.4% a year ago.
Adjusted EPS of&nbsp;$1.83 <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">beat the analyst consensus estimate of&nbsp;$1.82</a>.
Ecolab repurchased around 1.9 million shares of its common stock in the quarter.
The company held&nbsp;$1.26 billion&nbsp;in cash and equivalents as of September 30.
Outlook: Ecolab revised the FY24 adjusted EPS&nbsp;outlook&nbsp;from&nbsp;$6.50&nbsp;–&nbsp;$6.70 to $6.60 &#8211; $6.70&nbsp;<a target="_blank" href="https://www.benzinga.com//node/40041317" rel="noreferrer noopener">against the consensus of&nbsp;$6.64</a>.
Ecolab sees fourth-quarter adjusted EPS of&nbsp;$1.75&nbsp;–&nbsp;$1.85&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">versus an estimate of&nbsp;$1.82</a>.
Investors can gain exposure to the stock via VanEck Environmental Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EVX#NYSE">EVX</a>) and Invesco Global Water ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PIO#NASDAQ">PIO</a>).
Price Action: ECL shares are down 1.06% at $253.73 at the last check Tuesday.
Read Next:
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<li><a href="https://www.benzinga.com//node/41601188" target="_blank" rel="noreferrer noopener">Intel Strengthens Ties with China, Invests&nbsp;$300 Million&nbsp;to Expand Chip Operations</a></li>
</ul>

Earnings

Equities

Large Cap

News

Guidance

Market Vectors Environmental Services Index Fund

Ecolab Q3 Earnings: Beats On EPS, Misses On Sales, Revises Annual EPS Forecast & More (CORRECTED)

Waste Management, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WM#NYSE">WM</a>) shares are trading lower after the company reported <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b39943210/wm-announces-second-quarter-2024-earnings" rel="noreferrer noopener">worse-than-expected second-quarter financial results</a>.
Sales&nbsp;of $5.402 billion missed the consensus of&nbsp;$5.427 billion. Total company revenue grew&nbsp;5.5%, driven primarily by core price of&nbsp;6.8%&nbsp;and increases in the value of the recycled commodities the company sells.
Collection and Disposal yield stood at 4.6%, and Collection and Disposal volume declined 0.3% in the quarter.
Adjusted operating EBITDA grew 10.3% Y/Y to $1.62 billion, with a 130 basis point margin Y/Y expansion to 30.0%.
Adjusted operating EBITDA in the Collection and Disposal business rose $203 million to $1.84 billion, with a margin of 37.3% in the quarter.
Adjusted EPS of $1.82 <a href="https://www.benzinga.com/earnings" target="_blank" rel="noreferrer noopener">missed the consensus of $1.83</a>.
In the first half of the year, net cash from operating activities surged 21.6% to $2.52 billion and free cash flow before high-return sustainability investments increased 41.1% to $1.63 billion.
Jim Fish, WM&#8217;s President and Chief Executive Officer, said, &#8220;Revenue grew by 5.5% this quarter, and our disciplined focus on leveraging our people, technology and processes to reduce our cost to serve continued to drive margin expansion.&#8221;
&#8220;In our renewable energy business, we are scheduled to complete a total of five projects in 2024, with an additional nine projects currently under construction.&#8221;
Outlook: Waste Management reiterated its FY24 outlook of $6.375 billion–$6.525 billion in adjusted operating EBITDA and $2.0 billion–$2.15 billion in free cash flow including sustainability growth investments.
Last month, Waste Management inked a deal to acquire Stericycle, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SRCL#NASDAQ">SRCL</a>) for&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39137673/waste-management-to-acquire-stericycle-for-62-00share-in-cash-at-20-premium" rel="noreferrer noopener">approximately $7.2 billion, including debt</a>.
Investors can gain exposure to the stock via&nbsp;VanEck Environmental Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EVX#NYSE">EVX</a>) and IShares U.S. Utilities ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IDU#NYSE">IDU</a>).
Price Action: WM shares are down 6.85% at $202.48 at the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Movers

iShares Trust Dow Jones US Utilities Sector Index Fund

SRCL

Why Waste Management Shares Are Diving Today

Donaldson Company, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DCI#NYSE">DCI</a>) shares are trading higher after the company reported third-quarter FY24 results and <a target="_blank" href="https://www.benzinga.com/pressreleases/24/06/b39153899/donaldson-reports-record-third-quarter-fiscal-year-2024-sales-and-earnings" rel="noreferrer noopener">raised EPS guidance</a>.
Sales increased 6.0% Y/Y to $927.9 million beating the consensus of $915.8 million, led by higher volume growth and pricing benefits.
By Segment, Mobile Solutions sales surged 5.5% Y/Y and Industrial Solutions sales grew 2.9% Y/Y, aided by higher volumes and pricing.
Life Sciences segment sales increased 24.2% Y/Y, led by strong volume growth from Bioprocessing Equipment sales timing and Disk Drive.
Gross margin expanded 260 basis points Y/Y to 35.6% on higher sales, pricing benefits and, input cost deflation.
Adjusted EPS rose 21.7% Y/Y to $0.92, <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">beating the consensus of $0.83</a>.
Year-to-date, Donaldson paid $90.3 million in dividends and repurchased shares worth $114.0 million.
Last week, the Board of Directors declared a cash dividend per share of 27.0 cents, an increase of 8.0% from the prior quarterly dividend, payable June 28, 2024, to <a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/b39117340/donaldson-company-increases-quarterly-cash-dividend-8-0" rel="noreferrer noopener">shareholders of record on June 17, 2024</a>.
Tod Carpenter, chairman, president, and chief executive officer, said, &#8220;Despite mixed end-market conditions, we maintained focus on our customers and delivered our technology-led filtration products and services across our diversified portfolio of businesses.&#8221;
&#8220;Looking ahead, we remain committed to returning value to our shareholders through the execution of our longer-term strategic initiatives and continued progress towards our fiscal 2026 Investor Day targets.&#8221;
FY24 Outlook: Donaldson raises EPS forecast&nbsp;to&nbsp;$3.33-$3.39 (vs. <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">consensus of&nbsp;$3.27) from&nbsp;$3.24-$3.32</a>.
The company now anticipates sales growth of&nbsp;4%-6%&nbsp;Y/Y (vs.&nbsp;3%-7%&nbsp;earlier), with a pricing benefit of around 2% and a negligible impact from currency translation. Donaldson projects mobile sales growth to be 2%-4% (prior view 1%-5%) for FY24.&nbsp;
For the full year, Donaldson anticipates repurchasing approximately&nbsp;2%&nbsp;of its shares outstanding.
Investors can gain exposure to the stock via VanEck Environmental Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EVX#NYSE">EVX</a>) and VanEck Green Infrastructure ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RNEW#NASDAQ">RNEW</a>).
Price Action: DCI shares are up 5.63% at $76.00 premarket at the last check Tuesday.
Photo via Shutterstock

Mid Cap

RNEW

Why Is Filtration Company Donaldson Stock Jumping Premarket Today?

Stericycle, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SRCL#NASDAQ">SRCL</a>) shares are trading higher after the company inked a deal to be acquired by Waste Management&nbsp;Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WM#NYSE">WM</a>) for&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/06/b39132848/wm-to-acquire-stericycle-a-leader-in-medical-waste-services-for-7-2-billion" rel="noreferrer noopener">approximately $7.2 billion, including debt</a>.
Stericycle focuses on the collection and disposal of hazardous medical waste and also operates a document shredding <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39132054/waste-management-nears-7b-deal-to-acquire-stericycle-report" rel="noreferrer noopener">service known as Shred-It</a>.
As per the terms, the per-share cash acquisition price is $62.00, which represents a premium of 24% to Stericycle&#8217;s 60-day volume-weighted average price as of May 23, 2024 (the last trading day before an article reported that Stericycle was considering a potential sale). The acquisition price represents a premium of 20% to SRCL&#8217;s previous closing price of $51.54.
The deal is unanimously approved by the boards of directors of both companies and is expected to close as early as the fourth quarter of 2024, subject to customary closing conditions.
Jim Fish, President and Chief Executive Officer of Waste Management, said, &#8220;The acquisition of Stericycle is a significant step in advancing this commitment because it broadens the scope of our service offerings, bringing together the leader in solid waste and a premier company in regulated medical waste services.&#8221;
Financial Benefits: Waste Management expects the deal to generate annual run-rate synergies of over $125 million and be accretive to earnings and cash flows within one year of closing.
In the near term, post-buyout completion, Waste Management expects to achieve a net debt-to-EBITDA ratio of approximately 3.4x and a leverage ratio within its targeted net debt-to-EBITDA range of 2.75x to 3.0x approximately 18 months after closing the transaction.
Both companies remain confident in the strength of their businesses and expect to achieve previously announced full-year guidance, excluding the impacts of any transaction-related costs.
Waste Management intends to finance the transaction using a combination of bank debt and senior notes. As of March-end, WM&#8217;s cash and <a target="_blank" href="https://www.benzinga.com//node/38418437" rel="noreferrer noopener">equivalents stood at $322 million</a>.
Waste Management stock has gained more than 25% in the last 12 months. Investors can gain exposure to the stock via IShares U.S. Utilities ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IDU#NYSE">IDU</a>) and TCW Transform Systems ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NETZ#NYSE">NETZ</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/38891801/waste-management-mulls-3b-sale-of-rng-business-report" rel="noreferrer noopener">Waste Management Mulls $3B Sale Of RNG Business: Report</a>
Price Action: SRCL shares are up 15% at $59.27 at the last check Monday.
Photo via Shutterstock

Engine No. 1 ETF Trust Engine No. 1 Transform Climate ETF

NETZ

Waste Management To Acquire Stericycle For $62.00/Share In Cash, At 20% Premium

Waste Management, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WM#NYSE">WM</a>) reportedly explored divestment of its renewable natural gas business that could be worth about $3 billion.
The company is working with&nbsp;JP Morgan Chase &amp; Co.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) to gauge interest from potential energy companies and private equity firms, reported Reuters.
As per&nbsp;the report, Waste Management aims to offload the rights to develop RNG operations on 115 landfills that it owns, adding the company would retain ownership of the landfills.&nbsp;
If the deal talks conclude successfully, it would mark one of the biggest-ever asset sales in the nascent U.S. RNG industry, as per the report.
The company&#8217;s RNG unit currently generates about $150 million of EBITDA and projects that&nbsp;the unit would&nbsp;contribute over $500 million of adjusted earnings before interest, tax, depreciation and amortization (EBITDA) by 2026.&nbsp;
As per&nbsp;the report, Waste Management&nbsp;is hoping&nbsp;the unit&#8217;s valuation&nbsp;to&nbsp;be comparable to, or exceed,&nbsp;the earnings multiple at which Morrow Renewables sold RNG operations at landfills to&nbsp;Enbridge Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENB#NYSE">ENB</a>)&nbsp;in late 2023.&nbsp;
Investors can gain exposure to the stock via&nbsp;VanEck Environmental&nbsp;Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EVX#NYSE">EVX</a>) and&nbsp;IShares U.S.&nbsp;Utilities ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IDU#NYSE">IDU</a>).
Price Action: WM shares are up 0.17% at $212.56 premarket at&nbsp;the last check Friday.

Asset Sales

Media

Waste Management Mulls $3B Sale Of RNG Business: Report

Radius Recycling, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RDUS#NASDAQ">RDUS</a>) shares are trading lower after it reported <a href="https://www.benzinga.com/pressreleases/24/04/g38088365/radius-recycling-reports-second-quarter-fiscal-2024-financial-results" target="_blank" rel="noreferrer noopener">second-quarter (Q2) financial results for 2024</a>.
Revenue stood at $621.06 million, beating the consensus of $626.15 million.
Gross margin declined to $40 million from $73 million a year ago, and adjusted EBITDA decreased to $3 million, compared to $32 million a year ago.
Ferrous sales volumes (LT, in thousands) decreased to 980 from 1,263 a year ago; adjusted EBITDA per ferrous ton sold ($/LT) was $3 compared to $25 in the prior-year quarter.
Avg. net ferrous sales prices ($/LT) rose to $384 from $367 in Q2 FY23. Finished steel average net sales price ($/ST) came in at $832 (vs. 943 a year ago), and sales volumes (ST, in thousands) of 114 (vs. 109 in the comparable period).
Finished steel sales volumes increased on the continued strength of non-residential and infrastructure demand in the Western U.S.
Adjusted loss per share: $1.04, beating the <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">consensus of $1.09</a>.
Radius implemented a plan to deliver $40 million in annual benefits by reducing selling, general, and administrative expenses by 10%.
Radius CEO Tamara Lundgren says &#8220;near-term market conditions for recycled metals are challenging&#8221; amid cyclical headwinds. The plan is to position Radius &#8220;to benefit from an improvement in market conditions and positive structural demand tailwinds.&#8221;     
&#8220;Scrap supply flows should benefit from a decline in U.S. interest rates and a recovery in global manufacturing activity. Additionally, the long-term structural demand for recycled metals remains positive, supported by the increased focus on decarbonization, the transition to low-carbon technologies, and the anticipated demand associated with the Infrastructure Investment and Jobs Act and the Inflation Reduction Act, including Buy Clean provisions.&#8221;&nbsp;&nbsp;
Dividend: The board declared a cash dividend per share of $0.1875. It&#8217;s payable on May 6 to shareholders of record as of April 22, 2024.
Investors can gain exposure to the stock via two ETFs. They are VanEck Environmental Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EVX#NYSE">EVX</a>) and SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>).
Price Action:&nbsp;RDUS shares are trading lower by 6.95% at $18.75 on the last check Thursday.

Dividends

Small Cap

RDUS

Why Radius Recycling Shares Are Trading Lower Today

<table>
<tbody>
<tr>
<td>
<ul>
<li>
Tesla (TSLA) - Shares neared the $250 level, up about 6%, likely related to the addition of the stock to Wedbush&#39;s Best Ideas list. To hear more color from the research shop&#39;s call, tune into Benzinga&#39;s Stocks To Watch podcast on <a href="http://twitter.com/Benzinga">Twitter</a> around market open.
</li>
</ul>
<ul>
<li>
General Motors (GM) - The company announced it will collaborate with Tesla to integrate Tesla&#39;s charging port into its vehicles starting in 2025. Some traders attributed about a 3% move higher in GM shares to the Tesla charger news.
</li>
</ul>
<ul>
<li>
Braze (BRZE) - One of Friday&#39;s most-discussed stocks by analysts on Wall Street. Shares were up about 12% following better-than-expected quarterly results and favorable guidance. The company is a provider of a customer engagement platform for e-commerce, retail, media and financial services.
</li>
</ul>
<ul>
<li>
EVgo (EVGO) - One of Friday morning&#39;s biggest decliners. The stock was down nearly 9% on seemingly no news. As EVgo is an operator of an electric vehicle charging network in the US, there is a chance the stock could be down following the GM/Tesla news.
</li>
</ul>
<ul>
<li>
VanEck Environmental Services ETF (EVX) - A low-volume exchange-traded fund (ETF) focused on &quot;the overall performance of companies involved in waste collection, transfer and disposal services, recycling services, soil remediation, wastewater management and environmental consulting services.&quot; The ETF could be a play amid the wildfires in Canada.
</li>
</ul>
</td>
</tr>
</tbody>
</table>

Pre-Market Outlook

BRZE

EVGO

TSLA

Benzinga Pro's Top 5 Stocks To Watch For Friday, June 9, 2023: TSLA, GM, BRZE, EVGO, EVX

In the essence of keeping it real, second-quarter earnings will probably be ugly for many sectors and industries because the U.S. economy crawled to a standstill for all of April and a significant portion of May.
Now, another wave of coronavirus cases is sweeping across the country, hammering some large, economically important states, such as California and Texas. With just days left in the quarter, there&#39;s not much time for analysts to further pare earnings estimates. However, there are some sources of strength among exchange-traded funds.
&ldquo;Although the vast majority of ETFs--both domestic and internationally-focused funds--continue to see earnings forecasts decline as a result of the shutdown-induced recession, there are a few bright areas,&rdquo; said the ETF Research Center (ETFRC) <a href="https://www.etfrc.com/index.php">in a recent note</a>.
Here are three ETFs ETFRC says are home to companies with rising earnings estimates.
Brand Value ETF (BVAL)
The Brand Value ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bval#NYSE">BVAL</a>) tops the ETFRC list of funds with large concentrations of companies raising 2020 earnings estimates. On a percentage basis, BVAL the one-month change in 2020 earnings per share forecasts for BVAL components is about 27%.
BVAL follows the EQM Brand Value Index, which is a collection of companies with superior brand recognition and loyalty. Apple (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>), Amazon (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amzn#NASDAQ">AMZN</a>), Microsoft (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>) and Facebook (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fb#NASDAQ">FB</a>) are among BVAL&#39;s top 10 holdings, confirming the fund is being driven by growth fare from a small number <a href="https://www.benzinga.com/trading-ideas/long-ideas/20/06/16344950/3-under-the-radar-internet-etfs-delivering-in-2020">of high-flying sectors</a>, but the strategy is working as BVAL is up almost 20% this quarter.
Roundhill BITKRAFT Esports &amp; Digital Entertainment ETF (NERD)
Already one of this year&#39;s best-performing thematic ETFs, the Roundhill BITKRAFT Esports &amp; Digital Entertainment ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nerd#NYSE">NERD</a>) is proving to investors that there&#39;s money to be made in video game investing and the companies themselves are making money as the one-month change in NERD components&#39; EPS estimates for 2020 is almost 15%.
NERD is up a staggering 54.57% in the second quarter and that ebullience isn&#39;t ill-founded. In fact, NERD is a prime example of an ETF that stands to benefit from states potentially renewing shelter-in-place policies. The fund and its components are already proving that gaming is a premier source of stay-at-home entertainment and there&#39;s no reason why that theme won&#39;t remain intact amid a second wave of COVID-19 cases.
VanEck Vectors Environmental Services ETF (EVX)
The VanEck Vectors Environmental Services ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/evx#NYSE">EVX</a>) is the fifth of five funds on the ETFRC list as its components&#39; average 2020 EPS estimate is higher by about 10% over the past month, a period in which the ETF is trading modestly higher.
EVX holdings are &ldquo;companies involved in waste collection, transfer and disposal services, recycling services, soil remediation, wastewater management and environmental consulting services,&rdquo; <a href="https://www.vaneck.com/etf/equity/evx/overview/">according to VanEck</a>.

Long Ideas

Sector ETFs

Broad U.S. Equity ETFs

Trading Ideas

ETFs

AAPL

AMZN

BVAL

MSFT

NERD

3 ETFs With Rising Profit Forecasts

Rest in peace James Gandolfini.

	The actor most known for his role as Tony Soprano in HBO hit series The Sopranos died Wednesday while vacationing in Italy at the age of 51. While the Emmy Award-winning Gandolfini is likely to be most remembered for his role as the tortured New Jersey mafia boss, his acting accomplishments extend beyond The Sopranos.

	A character actor for much of his career before The Sopranos made his a household name, Gandolfini, among other accomplishments, was <a href="http://www.nytimes.com/2013/06/20/arts/television/james-gandolfini-sopranos-star-dies-at-51.html?pagewanted=all&amp;_r=0">nominated for a Tony Award in 2009</a>.

	Still, Tony Soprano was one of those larger-than-life roles than few actors ever attain, let alone execute in fashion on par with Gandolfini. If Tony Soprano were your broker, he might have you invested in some of the following ETFs.

	iShares MSCI Italy Index Fund (NYSE: <a class="ticker" href="/stock/ewi#NYSE">EWI</a>) 
	Before we're accused of some kind of ethnic stereotyping, let's acknowledge the reality that Tony Soprano was of Italian descent. So is the writer of this piece, 50 percent Italian in fact. All that aside, since Italy is one of the "I's" in the infamous PIIGS acronym, EWI is usually worth keeping an eye on. Owning it from the long side is usually a different story.

	It has gone somewhat unnoticed that yields on Italian 10-year bonds have crept up to 4.26 percent from <a href="http://www.bloomberg.com/quote/GBTPGR10:IND">four percent six weeks ago</a>. However, that is not Italy's biggest problem. Italy had an unemployment rate of 12 percent in April, not nearly <a href="http://www.benzinga.com/analyst-ratings/analyst-color/13/06/3685934/spain-garners-a-bull-call">as bad as Spain</a>, but youth unemployment is pushing 37 percent.

	That is a dangerously high number and one that could portend civil unrest down the road. At the very least, it dampens EWI's allure for long-term investors.

	PowerShares Zacks Micro Cap Portfolio (NYSE: <a class="ticker" href="/stock/pzi#NYSE">PZI</a>) 
	Long-time fans of The Sopranos may remember a few episodes that delved into the shady world of penny stock boiler rooms. If not, <a href="http://www.youtube.com/watch?v=gcNVoT8UhHQ">get a refresher here</a>, but remember, that clip is not G-rated.

	On a more serious note, there is the case of the PowerShares Zacks Micro Cap Portfolio. This is a small ETF with just $45.6 million in assets under management, indicating it would draw plenty of scrutiny from the "I hate small ETFs" crowd. A misguided approach to be sure because PZI is up 17.2 percent year-to-date, a performance that tops some of its larger rivals. The ETF allocates over a third of its weight to financial services names.

	Think about it: What would Tony Soprano do to his broker if that broker kept him out of a strong ETF just because the fund was small? Let's just say that broker would not be invited over for Sunday Dinner.

	Market Vectors Environmental Services ETF (NYSE: <a class="ticker" href="/stock/evx#NYSE">EVX</a>) 
	In honor of Barone Sanitation, which served as a front for some of the Soprano family's less legitimate businesses, the unheralded Market Vectors Environmental Services ETF makes the list.

	In the case of EVX, "environmental services" is the polite way of saying trash haulers. That is what Waste Management (NYSE: <a class="ticker" href="/stock/wm#NYSE">WM</a>) and Republic Services (NYSE: <a class="ticker" href="/stock/rsg#NYSE">RSG</a>), EVX's largest and third-largest holdings, do. Those stocks combine for 20.7 percent of the ETF's weight. Veolia Environnement (NYSE: <a class="ticker" href="/stock/ve#NYSE">VE</a>) is the European rival to those companies and that stock is another 10.3 percent of EVX's weight.

	Exposure to the "sanitation sciences" names does not come cheap as EVX had a P/E ratio of 23.28 at the end of May, <a href="http://vaneck.com/market-vectors/equity-etfs/evx/holdings/">according to Market Vectors data</a>. That is well above the P/E of 14.3 on the Technology Select Sector SPDR (NYSE: <a class="ticker" href="/stock/xlk#NYSE">XLK</a>).

	For more on ETFs, click <a href="http://www.benzinga.com/etfs">here</a>.

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<div class="entry-content">

		The Industrials sector ranks fourth out of the ten sectors as detailed in my <a href="http://blog.newconstructs.com/2012/07/10/roadmap-to-the-best-worst-etf-mutual-fund-sectors/">sector roadmap</a>. It gets my Neutral rating, which is based on aggregation of ratings of 17 ETFs and 18 mutual funds in the Industrials sector as of July 11, 2012. Reports on the best &amp; worst ETFs and mutual funds in every sector and style are on <a href="http://www.newconstructs.com/nc/research/report/etf-and-fund-reports.htm">here</a>.

		Figures 1 and 2 show the five best and worst-rated ETFs and mutual funds in the sector. Not all Industrials sector ETFs and mutual funds are created the same. The number of holdings varies widely (from 20 to 368), which creates drastically different investment implications and ratings. The best ETFs and mutual funds allocate more value to Attractive-or-better-rated stocks than the worst ETFs and mutual funds, which allocate too much value to Neutral-or-worse-rated stocks.

		To <a href="http://blog.newconstructs.com/2012/04/03/how-to-find-the-best-etfs/">identify the best</a> and <a href="http://blog.newconstructs.com/2012/04/05/how-to-avoid-the-worst-etfs/">avoid the worst</a> ETFs and mutual funds within the Industrials sector, investors need a <a href="http://blog.newconstructs.com/2011/11/23/predictive-fund-rating-methodology/">predictive rating</a> based on (1) <a href="http://blog.newconstructs.com/2011/11/22/portfolio-management-rating-methodology/">stocks ratings</a> of the holdings and (2) the <a href="http://blog.newconstructs.com/2011/10/28/total-annual-costs-methodology/">all-in expenses</a> of each ETF and mutual fund. Investors need not rely on backward-looking ratings. My fund rating methodology is detailed <a href="http://blog.newconstructs.com/2011/11/23/predictive-fund-rating-methodology/">here</a>.

		Investors should not buy any Industrials ETFs or mutual funds because none get an Attractive-or-better rating. If you must have exposure to this sector, you should buy a basket of Attractive-or-better-rated stocks and avoid paying undeserved fund fees. Active management has a long <a href="http://blog.newconstructs.com/wp-content/uploads/2012/02/Failure-of-Active-Management1.pdf">history</a> of not paying off.

		See ratings and reports on all ETFs and mutual funds in this sector on my free <a href="http://www.newconstructs.com/nc/fundscreener/fund-screener.htm?task=ACTION_CATEGORY_TYPE_SEARCH&amp;selectedTypes=0,1&amp;selectedCategoryIds=5d882170114e11e1bb8900188b533b34">mutual fund and ETF screener</a>.
<div>

			Figure 1: ETFs with the Best &amp; Worst Ratings &ndash; Top 5
</div>

		<a href="http://blog.newconstructs.com/wp-content/uploads/2012/07/Industrials1.jpg"><img alt="" class="aligncenter size-full wp-image-4159" height="235" src="http://blog.newconstructs.com/wp-content/uploads/2012/07/Industrials1.jpg" title="Industrials1" width="338" /></a>

		* Best ETFs exclude ETFs with TNA&rsquo;s less than 100 million for inadequate liquidity.
<div>

			Sources: New Constructs, LLC and company filings
</div>

		<a href="http://bit.ly/NLS3GU">Seven ETFs</a> are excluded from Figure 1 because their total net assets (TNA) are below $100 million and do not meet our liquidity standards.
<div>

			Figure 2: Mutual Funds with the Best &amp; Worst Ratings &ndash; Top 5

			<a href="http://blog.newconstructs.com/wp-content/uploads/2012/07/Industrials2.jpg"><img alt="" class="aligncenter size-full wp-image-4158" height="228" src="http://blog.newconstructs.com/wp-content/uploads/2012/07/Industrials2.jpg" title="Industrials2" width="338" /></a>

			* Best mutual funds exclude funds with TNA&rsquo;s less than 100 million for inadequate liquidity.
</div>
<div>

			Sources: New Constructs, LLC and company filings
</div>

		<a href="http://bit.ly/LfQZ0B">Four mutual funds</a> are excluded from Figure 2 because their total net assets (TNA) are below $100 million and do not meet our liquidity standards.

		Industrials Select Sector SPDR (XLI) is my top-rated Industrials ETF and Fidelity Select Portfolios: Industrial Equipment Portfolio (FSCGX) is my top-rated Industrials mutual fund. Both earn my Neutral rating.

		First Trust ISE Water Index Fund (FIW) is my worst-rated Industrials ETF and Rydex Series Funds: Transportation Fund (RYTSX) is my worst-rated Industrials mutual fund. Both earn a Dangerous-or-worse rating.

		Figure 3 shows that only 391 out of the 518 stocks (over 63% of the total net assets) held by Industrials ETFs and mutual funds get a Neutral-or-worse rating. There are, simply, not many good stocks in this sector, which is why none of the 17 ETFs and 18 mutual funds are worthy buying. It is refreshing to see that 90% of the value allocated to ETFs is allocated to the best rated ETFs but its equally alarming to see that 73% of the value allocated to mutual funds are allocated to Dangerous-rated mutual funds.

		The takeaways are: mutual fund managers allocate too much capital to low-quality stocks and Industrials ETFs hold poor quality stocks.
<div>

			Figure 3: Industrials Sector Landscape For ETFs, Mutual Funds &amp; Stocks
</div>
<div>

			<a href="http://blog.newconstructs.com/wp-content/uploads/2012/07/Industrials3.jpg"><img alt="" class="aligncenter size-full wp-image-4157" height="141" src="http://blog.newconstructs.com/wp-content/uploads/2012/07/Industrials3.jpg" title="Industrials3" width="410" /></a>

			Sources: New Constructs, LLC and company filings
</div>

		As detailed in &ldquo;<a href="http://blog.newconstructs.com/2012/05/09/low-cost-funds-dupe-investors/">Cheap Funds Dupe Investors</a>&rdquo;, the fund industry offers many cheap funds but very few funds with high-quality stocks, or with what I call good <a href="http://blog.newconstructs.com/2011/11/22/portfolio-management-rating-methodology/">portfolio management</a>.

		Investors need to tread carefully when considering Industrials ETFs and mutual funds, as none of the ETFs or mutual funds are worthy of buying. Investors seeking exposure to the Industrials sector are better off focusing on individual stocks. Review my <a href="http://bit.ly/NuWA1Q">free stock screener</a> for the best stock investments in the Industrials sector.

		Northrop Grumman Corp (NOC) is one of my favorite stocks held by Industrials ETFs and mutual funds and earns my Very Attractive rating. NOC is a cash-generating machine. Since 2009, NOC has generated at least $2.6 billion in <a href="http://www.newconstructs.com/nc/help/glossary.htm#fcfDef">free cash flow</a> (<a href="http://www.newconstructs.com/nc/help/glossary.htm#fcfDef">FCF</a>) each year. And yet the market has an extremely pessimistic view of NOC. Based on its current stock price (~$63.08) the market expects NOC after-tax cash flows (<a href="http://www.newconstructs.com/nc/help/glossary.htm#nopat">NOPAT</a>) to permanently decrease by 50%. These low expectations offer investors a great risk/reward tradeoff.

		GEO Group, Inc. (GEO) is one of my least favorite stocks held by Industrials ETFs and mutual funds and earns my Very Dangerous rating. Unlike NOC, GEO is a value destroyer. GEO has generated negative <a href="http://blog.newconstructs.com/2010/08/05/economic-versus-accounting-earnings/">economic earnings</a> every year since 2000 and negative free cash flow (FCF) nine of the past ten years. To justify its current stock price (~$23.11), GEO must increase profits 6.1% annually for 27 years. Lofty expectations and poor performance are the reasons I&rsquo;m bearish on GEO.

		429 stocks of the 3000+ I cover are classified as Industrials stocks, but due to style drift, Industrials ETFs and mutual funds hold 518 stocks.

		Figures 4 and 5 show the rating landscape of all Industrials ETFs and mutual funds.

		Our <a href="http://blog.newconstructs.com/2012/07/10/roadmap-to-the-best-worst-etf-mutual-fund-sectors/">sector roadmap</a> report ranks all sectors and highlights those that offer the best investments.
<div>

			Figure 4: Separating the Best ETFs From the Worst ETFs
</div>
<div>

			<a href="http://blog.newconstructs.com/wp-content/uploads/2012/07/Industrials4.jpg"><img alt="" class="aligncenter size-full wp-image-4156" height="245" src="http://blog.newconstructs.com/wp-content/uploads/2012/07/Industrials4.jpg" title="Industrials4" width="409" /></a>

			Sources: New Constructs, LLC and company filings
</div>
<div>

			Figure 5: Separating the Best Mutual Funds From the Worst Mutual Funds
</div>
<div>

			<a href="http://blog.newconstructs.com/wp-content/uploads/2012/07/Industrials5.jpg"><img alt="" class="aligncenter size-full wp-image-4155" height="245" src="http://blog.newconstructs.com/wp-content/uploads/2012/07/Industrials5.jpg" title="Industrials5" width="409" /></a>

			Sources: New Constructs, LLC and company filings
</div>

		Review my <a href="http://www.newconstructs.com/nc/fundscreener/fund-screener.htm?task=ACTION_CATEGORY_TYPE_SEARCH&amp;selectedTypes=0,1&amp;selectedCategoryIds=5d882170114e11e1bb8900188b533b34">full list</a> of ratings and rankings along with free reports on all 17 ETFs and 18 mutual funds in the Industrials sector.

		Disclosure: I receive no compensation to write about any specific stock, sector or&nbsp;theme.
</div>

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Take off those white gloves and prepare to get dirty because there might just be something to investing in trash. No, this won't require actually rummaging through dumpsters, but this week's “ETF Showdown” is one various organized crime folks populating the Northeast may love because we're pitting two waste management-focused ETFs against each other.

The contenders are the more well-seasoned Market Vectors Environmental Services ETF (NYSE: <a class="ticker" href="/stock/evx#NYSE">EVX</a>) and the newer Global X Waste Management ETF (NYSE: <a class="ticker" href="/stock/wste#NYSE">WSTE</a>). EVX is nearly five years old while WSTE made its debut in April.

EVX's title may be somewhat deceiving, but don't be fooled: This ETF is every bit as trashy (not in a bad way) as WSTE is. Republic Services (NYSE: <a class="ticker" href="/stock/rsg#NYSE">RSG</a>), Waste Management (NYSE: <a class="ticker" href="/stock/wm#NYSE">WM</a>) and Waste Connections (NYSE: <a class="ticker" href="/stock/wcn#NYSE">WCN</a>) combine for about 25% EVX's weight and all three are top-10 holdings in the 22-stock ETF.

Those three names combine for about 22% of WSTE's weight and all are top-10 holdings in that ETF, which is home to 28 stocks. Other names you be familiar with found in both funds include Darling International (NYSE: <a class="ticker" href="/stock/dar#NYSE">DAR</a>), Veolia Environment (NYSE: <a class="ticker" href="/stock/ve#NYSE">VE</a>) and Stericycle (Nasdaq: <a class="ticker" href="/stock/srcl#Nasdaq">SRCL</a>).

Alright, so what are some of the key differences? Perhaps by virtue of its first-to-market status, EVX wins the assets under management battle with $31.6 million compared to $2.16 million for WSTE, though for the latter that's not too shabby in just two months of trading. WSTE features an expense ratio of 0.65% compared to 0.55% for EVX. 

Despite being the newer of the pair, WSTE has nearly double the average daily volume of EVX. With either fund, you'll be involved with an ETF that is heavily weighted to the U.S., but WSTE isn't lacking for international exposure, a fact highlighted by its weights of nearly 15% and 12% to China and France

At this point, we would give the nod to WSTE for international exposure and a nod to EVX for the better expense ratio, but if we're going to bottom-line things, EVX has sharply outperformed WSTE since late April. Then again, to bottom-line things even further, shares of Stericycle and Waste Management have outperformed both ETFs over the same time frame. It looks like one investor's trash is another investor's treasure.

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WSTE

ETF Showdown: A Dash For Trash

Global X Funds introduced a new ETF yesterday (4/13/11) targeting the Waste Management industry. Global X Waste Management ETF (<a class="ticker" href="/stock/wste#">WSTE</a>) will seek to track an index with one-third allocations to Hazardous Waste, Non-Hazardous Waste, and Recycling stocks.
The fund has an expense ratio of 0.65% and consists of 28 holdings. The three largest hazardous waste stocks are Stericycle Inc. (<a class="ticker" href="/stock/srcl#">SRCL</a>) 10.1%, Sims Metal Management Ltd (<a class="ticker" href="/stock/sms#">SMS</a>) 5.7%, and Clean Harbors Inc (<a class="ticker" href="/stock/clh#">CLH</a>) 4.7%. The three largest non-hazardous waste stocks are Waste Management Inc. (<a class="ticker" href="/stock/wm#">WM</a>) 9.9%, Republic Services Inc (<a class="ticker" href="/stock/rsg#">RSG</a>) 7.9%, and Waste Connections Inc (<a class="ticker" href="/stock/wcn#">WCN</a>) 3.5%. The three largest recycling names are Veolia Environnement S.A. (<a class="ticker" href="/stock/ve#">VE</a>) 9.6%, Darling International Inc. (<a class="ticker" href="/stock/dar#">DAR</a>) 3.4%, and China Everbright International Ltd. (CHFFF) 3.3%.
Constituents currently represent nine different countries. The U.S. has the largest proportion at 54.6%. Others include China 14.9%, France 11.9%, Canada 5.6%, Australia 4.4%, Norway 2.8%, Japan 2.3%, U.K. 1.9%, and South Korea 1.5%.
WSTE will compete mainly against Market Vectors Environmental Services ETF (<a class="ticker" href="/stock/evx#">EVX</a>). According to the <a href="http://www.vanecketfs.com/funds/EVX.aspx" target="_blank">EVX overview</a>, it has a lower expense ratio of 0.56%, a nearly identical top-ten holdings list to WSTE, and a more than four-year head start on gathering assets. It is not clear that WSTE brings anything to the table to justify its higher expense ratio.
Another question is whether this segment has enough investor interest to support another product. EVX currently has just $31.8 million in assets after being on the market since 2006. Fidelity Select Environmental Services (<a class="ticker" href="/stock/fslex#">FSLEX</a>) was launched nearly 22 years ago in 1989, yet assets remained stubbornly below $50 million until last July. At that point, Fidelity changed the name and objective of FSLEX to <a href="http://fundresearch.fidelity.com/mutual-funds/summary/316390574" target="_blank">Fidelity Select Environment and Alternative Energy</a> in an effort to attract additional assets.
The <a href="http://www.globalxfunds.com/NewsFile/WSTE_FINALweb.pdf" target="_blank">press release</a> (pdf) and <a href="http://globalxfunds.com/Investment_Case/Waste_Management_Investment_Profile.pdf" target="_blank">WSTE Investment Case</a> (pdf) place a more positive spin on this ETF. Additional information is located in the <a href="http://globalxfunds.com/WSTE" target="_blank">fund summary</a> and <a href="http://globalxfunds.com/Fact_Sheet/Fund134.pdf" target="_blank">fact sheet</a> (pdf). The <a href="http://globalxfunds.com/Prospectus/Fund134.pdf" target="_blank">prospectus</a> (pdf) also covers three additional funds that are not yet available: Global X Fishing Industry ETF, Global X Food ETF, and Global X Shipping ETF.
Disclosure covering writer, editor, and publisher: No positions in any of the securities mentioned. No positions in any of the companies or ETF sponsors mentioned. No income, revenue, or other compensation (either directly or indirectly) received from, or on behalf of, any of the companies or ETF sponsors mentioned.
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FSLEX

Global X Waste Management ETF (WSTE) Launches

What does a growing economy have to do with the bad Chinese leftovers sitting in your garbage can?
A lot, actually, if you ask Wunderlich Securities.
According to Wunderlich's analysts, "macro-economic trends are highly correlated to the waste industry. Volume is impacted by gross domestic product, construction spending, and population growth. Absolute pricing is sensitive to inflation and operating costs are impacted by employment trends, fuel prices, commodity prices, and weather."
Sound crazy? Well, not entirely.
In a recession, people tend to become more efficient with their consumption. Having lost or fearful of losing their jobs, they make use of every dollar they spend. This translates into less waste, as people keep their leftovers instead of cooking another meal or paying for another night out. Trying to wring out all the waste in their spending and prepare for (or survive through) rough times, this necessarily drives down the volumes of actual waste coming from households. Thus, the waste services industry suffers.
As incomes rise, however, people tend to buy more in terms of consumption. But there's a limit to how much people actually use in a given time period, and the rest is generally thrown out. When the individual impact of each dollar spent means less, people tend not to scrutinize their habits and just throw things out. Moreover, when they're not as worried about money, they opt to replace old TVs, cars, appliances, etc. instead of trying to fix them. This inevitably creates more waste, and with it more demand for waste management services. So, as jobs return, GDP rises and the economic recovery picks up steam, expect American consumers to return to their historically wasteful ways. 
The Market Vectors Environmental Services Index ETF (NYSE: <a class="ticker" href="/stock/evx#NYSE">EVX</a>), which tracks an index of publicly-traded companies engaged in waste management, disposal, etc., is likely a good buy if you believe the economy-waste correlation. 
EVX is up 1.39% today, as of 2:44PM and trading at $41.93. With an improving economy and the wasteful nature of the American consumer, EVX investors could start seeing a lot of green...and no, I'm not talking about the garbage.

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Turning Garbage into Money

With nearly 200,000 barrels of crude oil leaking into the Gulf daily from the Deepwater Horizon, much of the focus has been towards BP (NYSE: <a class="ticker" href="/stock/bp#NYSE">BP</a>) and the other operators of the drilling rig. However, investors may want to steer their focus towards the companies that will be in charge of the clean-up. 
In only what could be described as the worst environmental oil disaster since the Exxon Valdez, Clean Harbors (NYSE: <a class="ticker" href="/stock/clh#NYSE">CLH</a>) may be the best way to play the spill. As the leading environmental decontamination and hazmat company in North America, Clean Harbors has worked on some high profile cases before. This includes toxic mold evacuation efforts following Hurricane Katrina. The company has already moved 700 employees into the region to begin vacuuming oil before it hits coastal marshes. 
As the disaster hit, Clean Harbors' stock shot up nearly 27 percent, but has retreated along with the rest of the market. Analysts predict that the disaster could cost BP as much as $15 billion in cleanup expenses and investors could use the recent market slowdown to add Clean Harbors to their portfolios. Another choice may be the Market Vectors Environmental Services ETF (NYSE: <a class="ticker" href="/stock/evx#NYSE">EVX</a>)

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