Dernières nouvelles pour Vanguard Mid-Cap Growth ETF (ARCA:VOT)

Vanguard Mid-Cap Growth ETF

Vanguard Mid-Cap Growth ETF - DNQ

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The Fund employs an indexing investment approach designed to track the performance of the CRSP US Mid Cap Growth Index (the Index), a broadly diversified index of growth stocks of mid-size U.S. companies. The Fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the Index, holding each stock in approximately the same proportion as its weighting in the Index.

Amphenol Corp. Class A

Transdigm Group Inc.

Motorola Solutions Inc.

Constellation Energy Corp

Welltower Inc.

Cintas Corp.

Palantir Technologies Inc.

Microchip Technology Inc.

Apollo Global Management Inc

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TCW Transform 500 ETF

Longshoremen are expected to drop their cargo hooks Tuesday, potentially freezing activity at some of <a href="https://www.benzinga.com/markets/equities/24/09/41086120/us-market-soars-after-fed-rate-cut-but-chartist-warns-of-potential-stock-plunge-citing-this-clas">the U.S.&#8217;s busiest ports</a>.
What Happened: According <a href="https://www.nytimes.com/2024/09/30/business/port-strike-dockworkers.html">to</a> the New York Times, a union showdown on the East and Gulf coasts with their employers could halt billions of dollars <a href="https://www.benzinga.com/markets/equities/24/09/41097541/amazon-apple-tesla-brace-for-supply-chain-disruptions-as-potential-east-coast-dockworkers-strike">worth of goods</a>, potentially complicating shopping ahead of the holidays.
The International Longshoremen's Association (ILA) hasn't orchestrated a strike this big since 1977, but its got leverage this time. Recent labor victories by big unions such as the Teamsters and the United Auto Workers (UAW) have <a href="https://www.benzinga.com/markets/equities/23/10/35492334/gm-uaw-reach-tentative-agreement-potentially-putting-an-end-to-costly-6-week-strike">set a high bar</a>.
Longshoremen are now looking for their slice of the pie.
In addition to demanding a pay raise, longshoremen are also wary of labor-saving tech creeping into their workspace.
With a strike potentially costing the economy billions per day, President Joe Biden could step in using a 1947 law to force the longshoremen back to work.
But Biden, who supported the <a href="https://www.benzinga.com/news/23/09/34922731/biden-makes-historic-visit-to-auto-worker-picket-line-tells-union-to-you-deserve-raise">UAW strike last year</a>, said Sunday he would <a href="https://www.c-span.org/video/?538805-1/president-biden-speaks-reporters-dover-air-force-base">not</a> intervene with the longshoremen strike. 
The United States Maritime Alliance, representing the employers, is locked in a months-long standoff with the ILA over wages and benefits.
The union is asking for a $5-an-hour raise for each of the next six years. This would bring their top hourly rate to $69 — a significant bump from the current $39 an hour.
Compare that to their West Coast counterparts, who will be pulling in $60.85 an hour by 2027, and it's easy to see why the ILA feels shortchanged.
See Also: <a href="https://www.benzinga.com/markets/asia/24/09/41012532/chinas-exports-at-risk-from-anticipated-us-port-strikes-typhoons-golden-week-warns-container-trade-e">China&#8217;s Exports At Risk From Anticipated US Port Strikes, Typhoons, Golden Week, Warns Container Trade Expert</a>
Why It Matters: The ILA&#8217;s 47,000 members handle three-fifths of U.S. container traffic.
Many businesses, fearing a potential strike, have scrambled to get goods through the ports before Tuesday.
With some cargo still stranded at sea, delays are inevitable. The backlog could reportedly take weeks to clear, even if the strike is brief. 
Various distributors, including MHW Ltd., fear the strike could affect the Thanksgiving holiday. MHW chief operating officer John Wrenn told the New York Times that sales &#8220;will just be lost because products will not be on the shelves.&#8221;
A different union operates West Coast ports, leaving them unaffected. 
Observers say trucking goods from the West Coast to the East is too expensive to serve as a workaround. 
The ILA has said they won't disrupt work on cruise ships. 
ETFs To Watch:
<ul>
<li>Breakwave Dry Bulk Shipping ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BDRY#NYSE">BDRY</a>): This ETF is the first to focus on dry bulk shipping. Launched in partnership with ETF Managers Group, the Breakwave holds near-dated futures contracts on various dry bulk indexes.</li>
<li>SPDR S&amp;P Transportation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XTN#NYSE">XTN</a>): Tracks the transportation sector, including shipping companies and logistics providers like FedEx and UPS. A strike would disrupt their operations.</li>
</ul>
Investors can gain exposure to cruise stocks via Vanguard Mid-Cap Growth Index Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOT#NYSE">VOT</a>) and iShares Russell Mid-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWR#NYSE">IWR</a>).
Now Read: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/41016169/boeing-should-pick-up-aircraft-production-soon-after-strike-end-analyst-says">Boeing Should Pick Up Aircraft Production Soon After Strike End, Analyst Says</a></li>
</ul>
Photo: Shutterstock

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BDRY

Longshoremen Strike Looms, Standoff Could Cost $1B A Day, Leave Thanksgiving Prep In A Pinch

Carnival Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>) stock slid Monday following the <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/n41093143/carnival-corporation-plc-reports-record-setting-operating-results-outperforms-third-quarter-guidan" rel="noreferrer noopener">third-quarter print</a>.
The company reported third-quarter adjusted EPS of $1.27,&nbsp;beating the <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">analyst consensus estimate of $1.16.</a>
Carnival reported quarterly sales of $7.90 billion,&nbsp;up 15.2% year over year, beating the street view of $7.83 billion.
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40879412/cruise-stocks-to-sail-smoothly-into-2025-analyst-sees-zero-signs-of-softening" rel="noreferrer noopener">Cruise Stocks To Sail Smoothly Into 2025: Analyst Sees &#8216;Zero Signs Of Softening&#8217;</a>
The company registered an operating income of $2.2 billion, up by 34% Y/Y. Adjusted EBITDA in the quarter under review pegs at $2.8 billion, up 25% Y/Y.
The company continues to experience strong bookings momentum driven by booking volumes for 2025 sailings. The company ended the quarter with $4.5 billion of liquidity.
&#8220;Our strong improvements were led by high-margin, same-ship yield growth, driving a 26 percent improvement in unit operating income, the highest level we have reached in fifteen years,&#8221; commented Carnival Corporation &amp; plc&#8217;s Chief Executive Officer&nbsp;Josh Weinstein.
Outlook:&nbsp;Carnival&nbsp;projects fourth-quarter net yields (in constant currency) up approximately&nbsp;5.0%.
It expects fourth-quarter adjusted EPS of $0.05,&nbsp;below the estimate of $1.16.&nbsp;It&nbsp;expects fourth-quarter adjusted EBITDA of approximately&nbsp;$1.14 billion, up 20% Y/Y.
For 2024, the company expects net yields &nbsp;(in constant currency) up approximately 10.40% Y/Y (<a target="_blank" href="https://www.benzinga.com/news/earnings/24/06/39481992/carnival-rides-the-wave-strong-bookings-and-robust-q2-earnings-boost-outlook" rel="noreferrer noopener">prior view: 10.25%</a>). Carnival expects adjusted EPS of $1.33 (prior view: $1.18), above the <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">consensus of $1.21</a>. It projects adjusted EBITDA of approximately&nbsp;$6.0 billion, up 40% Y/Y (prior view: $5.83 billion).
Carnival&nbsp;stock is up over 32% in the last 12 months. Investors can gain exposure to the stock through Vanguard Mid-Cap Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOT#NYSE">VOT</a>) and iShares Russell Mid-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWR#NYSE">IWR</a>).
Price Action: CCL stock is down 2.08% to $18.16 at last check Monday.
Image: Viola from Pixabay
Also Read:
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<li><a href="https://www.benzinga.com/general/travel/24/09/40835139/cruise-industry-sees-steady-rise-in-web-traffic-while-other-travel-sectors-decline" target="_blank" rel="noreferrer noopener">Cruise Industry Sees Steady Rise In Web Traffic While Other Travel Sectors Decline</a></li>
</ul>

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Carnival Q3 Earnings: 15% Topline Growth, Record Operating Income, Guidance Boost And More

On Tuesday, artificial intelligence server company Super Micro Computer, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) added new maximum-performance GPU, multi-node, and rackmount systems to <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/n41007202/supermicro-adds-new-max-performance-intel-based-x14-servers-delivering-the-industrys-broadest-rang" rel="noreferrer noopener">the X14 portfolio</a>.
These systems are based on Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) Xeon 6900 Series Processors with P-Cores (formerly codenamed Granite Rapids-AP).
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/24121828/newplot-20.png" alt="" class="wp-image-563711" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/24121828/newplot-20.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/24121828/newplot-20-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Joining the X14 servers leveraging the Xeon 6700 Series Processors with E-cores launched in&nbsp;June 2024, today&#8217;s additions aim to create the industry&#8217;s broadest range of optimized servers supporting a wide variety of workloads from demanding AI, HPC, media, and virtualization to energy-efficient edge, scale-out cloud-native, and microservices applications.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/09/40897994/whats-going-on-with-intel-stock-on-tuesday" rel="noreferrer noopener">Intel Secures Major Amazon Chip Deal, U.S. Grant Amid Restructuring Plans</a>
&#8220;Supermicro X14 systems have been completely re-engineered to support the latest technologies including next-generation CPUs, GPUs, highest bandwidth and lowest latency with MRDIMMs, PCIe 5.0, and EDSFF E1.S and E3.S storage,&#8221; said&nbsp;Charles Liang, president and CEO of Supermicro.
Supermicro&#8217;s new X14 systems will also offer socket compatibility with the upcoming Intel Xeon 6900 series processors with E-cores and Intel Xeon 6700 series processors with P-cores.
Last week, Needham&nbsp;analyst Quinn Bolton hailed Super Micro as a <a target="_blank" href="https://www.benzinga.com/news/24/09/40926422/super-micro-poised-for-expansion-as-gross-margin-concerns-ease-internal-control-risks-priced-in-anal" rel="noreferrer noopener">significant beneficiary of</a> growing investment in AI infrastructure, a first mover in rack-level liquid cooling solutions. He forecasted a revenue CAGR of over 55% from fiscal 2021 to fiscal 2026.
Super Micro Computer stock is up over 89% in the last 12 months. Bolton expects most of the risk associated with the review of its internal controls as priced in. Investors can gain exposure to the AI server company through Vanguard Mid-Cap Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOT#NYSE">VOT</a>) and SPDR Select Sector Fund &#8211; Technology (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>).
Price Action:&nbsp;SMCI stock is down 0.25% at $464.77 at the last check on Tuesday.
Also Read:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/09/40996401/intel-which-cratered-around-77-from-its-52-week-peak-finds-a-new-knight-in-shining-armor-as-qual" target="_blank" rel="noreferrer noopener">Intel, Which Cratered Around 77% From Its 52-Week Peak, Finds A New Knight In Shining Armor As Qualcomm And Apollo Propose Buyout Deal, But This Analyst Thinks It Doesn&#8217;t Make Sense: &#8216;It Seems Very Risky To Us Given Uncertain Returns&#8217;</a></li>
</ul>
Photo via Company

INTC

SMCI

Super Micro Unveils Next-Gen Servers Powered by Intel's Latest Xeon Chips

The First Trust Mid Cap Growth AlphaDEX ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fny#NASDAQ">FNY</a>) made its debut on 04/19/2011, and is a smart beta exchange traded fund that provides broad exposure to the Style Box - Mid Cap Growth category of the market.
<h2>What Are Smart Beta ETFs?</h2>
Products that are based on market cap weighted indexes, which are strategies designed to reflect a specific market segment or the market as a whole, have traditionally dominated the ETF industry.
Investors who believe in market efficiency should consider market cap indexes, as they replicate market returns in a low-cost, convenient, and transparent way.
There are some investors, though, who think it&#39;s possible to beat the market with great stock selection; this group likely invests in another class of funds known as smart beta, which track non-cap weighted strategies.
Non-cap weighted indexes try to choose stocks that have a better chance of risk-return performance, which is based on specific fundamental characteristics, or a mix of other such characteristics.
This area offers many different investment choices, such as simplest equal-weighting, fundamental weighting and volatility/momentum based weighting methodologies; however, not all of these strategies can deliver superior results.
<h2>Fund Sponsor &amp; Index</h2>
The fund is managed by First Trust Advisors. FNY has been able to amass assets over $346.61 million, making it one of the average sized ETFs in the Style Box - Mid Cap Growth. FNY seeks to match the performance of the Nasdaq AlphaDEX Mid Cap Growth Index before fees and expenses.
The NASDAQ AlphaDEX Mid Cap Growth Index is an enhanced which employs the AlphaDEX stock selection methodology to select stocks from the NASDAQ US 600 Mid Cap Growth Index.
<h2>Cost &amp; Other Expenses</h2>
Cost is an important factor in selecting the right ETF, and cheaper funds can significantly outperform their more expensive cousins if all other fundamentals are the same.
Annual operating expenses for FNY are 0.70%, which makes it one of the most expensive products in the space.
The fund has a 12-month trailing dividend yield of 0.08%.
<h2>Sector Exposure and Top Holdings</h2>
It is important to delve into an ETF&#39;s holdings before investing despite the many upsides to these kinds of funds like diversified exposure, which minimizes single stock risk. And, most ETFs are very transparent products that disclose their holdings on a daily basis.
Representing 23.80% of the portfolio, the fund has heaviest allocation to the Industrials sector; Consumer Discretionary and Healthcare round out the top three.
Taking into account individual holdings, Coca-Cola Consolidated Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/coke#NASDAQ">COKE</a>) accounts for about 0.86% of the fund&#39;s total assets, followed by Sprouts Farmers Market, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sfm#NASDAQ">SFM</a>) and The Ensign Group, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ensg#NASDAQ">ENSG</a>).
The top 10 holdings account for about 8.31% of total assets under management.
<h2>Performance and Risk</h2>
The ETF has gained about 10.69% and it&#39;s up approximately 16.13% so far this year and in the past one year (as of 09/04/2024), respectively. FNY has traded between $55.49 and $77.95 during this last 52-week period.
The fund has a beta of 1.14 and standard deviation of 22.52% for the trailing three-year period, which makes FNY a medium risk choice in this particular space. With about 226 holdings, it effectively diversifies company-specific risk.
<h2>Alternatives</h2>
&nbsp;
First Trust Mid Cap Growth AlphaDEX ETF is a reasonable option for investors seeking to outperform the Style Box - Mid Cap Growth segment of the market. However, there are other ETFs in the space which investors could consider.
Vanguard Mid-Cap Growth ETF (ARCA:VOT) tracks CRSP U.S. Mid Cap Growth Index and the iShares Russell Mid-Cap Growth ETF (ARCA:IWP) tracks Russell MidCap Growth Index. Vanguard Mid-Cap Growth ETF has $13.39 billion in assets, iShares Russell Mid-Cap Growth ETF has $14.07 billion. VOT has an expense ratio of 0.07% and IWP charges 0.23%.
Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Style Box - Mid Cap Growth.
<a href="https://www.zacks.com/stock/news/2331116/is-first-trust-mid-cap-growth-alphadex-etf-fny-a-strong-etf-right-now?cid=CS-BENZ-FT-smart_beta_etf-2331116">To read this article on Zacks.com click here.</a>

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iShares Trust Russell Midcap Growth Index Fund

Is First Trust Mid Cap Growth AlphaDEX ETF a Strong ETF Right Now?

Artificial server company Super Micro Computer, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) shares are trading lower Wednesday following the US <a href="https://www.benzinga.com/government/24/07/39816230/whats-going-on-with-nvidia-amd-and-semiconductor-peer-stocks-on-wednesday">intensifying semiconductor sanctions</a> against China and Presidential candidate Donald Trump&#8216;s criticism of key contract chipmaker Taiwan Semiconductor Manufacturing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>).
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17093406/newplot-38.png" alt="" class="wp-image-440806" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17093406/newplot-38.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/17093406/newplot-38-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
The Biden administration is considering implementing the Foreign Direct Product Rule (FDPR), which permits controls on foreign-made products using even minimal amounts of American technology. Additionally, the US may impose further sanctions on specific Chinese chip companies.
Furthermore, Trump&#8217;s recent comments stirred concerns in the semiconductor sector. Trump suggested that Taiwan Semiconductor, a key supplier for Nvidia, should compensate the U.S. for its defense.
Super Micro Computer is a crucial Nvidia supplier. In an interview with CNBC&#8217;s Jim Cramer on Monday, CEO Charles Liang <a target="_blank" href="https://www.benzinga.com/news/24/07/39793164/whats-going-on-with-taiwan-semiconductor-stock-tuesday" rel="noreferrer noopener">expressed optimism about</a> the AI server company&#8217;s growth trajectory, stating, &#8220;This AI revolution can be bigger even than the industrial revolution.&#8221;
Super Micro Computer stock has gained over 190% in the last 12 months. Investors can gain exposure to the stock through Vanguard Mid-Cap Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOT#NYSE">VOT</a>) and iShares Russell Mid-Cap ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWR#NYSE">IWR</a>).
Price Action: SMCI shares were down 4.00% at $841.26 at the last check Wednesday.
Now Read: 
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<li><a href="https://www.benzinga.com/real-estate/reit/24/07/39816656/fed-rate-cut-expectations-drop-mortgage-rates-to-4-month-lows-surge-in-new-applications-refinanc">Fed Rate Cut Expectations Drop Mortgage Rates To 4-Month Lows: Surge In New Applications, Refinance Demand</a></li>
</ul>
Image: Shutterstock

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Nvidia Supplier Super Micro Computer Stock Is Down Wednesday, What's Going On?

Super Micro Computer Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) CEO Charles Liang discussed the company&#8217;s initiatives to lessen the environmental impact of data centers in an interview with CNBC&#8217;s Jim Cramer on Monday.
The artificial intelligence server company&#8217;s clientele includes Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Elon Musk&#8217;s AI startup.
Liang highlighted the benefits of Super Micro&#8217;s &#8220;liquid cooling&#8221; and &#8220;green computer&#8221; technologies, which aim to reduce carbon footprints and cut customer costs, CNBC <a target="_blank" href="https://www.cnbc.com/2024/07/15/super-micro-computer-ceo-talks-reducing-energy-costs-and-carbon-footprint.html" rel="noreferrer noopener">reports</a>.
Meanwhile, Nasdaq announced on Friday evening that Super Micro Computer would join the Nasdaq 100 <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39771681/whats-going-on-with-ai-server-stock-super-micro-computer-on-monday" rel="noreferrer noopener">on July 22</a>.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/16080611/newplot-33.png" alt="" class="wp-image-438224" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/16080611/newplot-33.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/16080611/newplot-33-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Liang also mentioned that the company&#8217;s energy-saving technologies have the potential to &#8220;preserve 20 billion trees for our planet.&#8221;
Liang expressed optimism about Super Micro&#8217;s growth trajectory, stating, &#8220;this AI revolution can be bigger even than the industrial revolution.&#8221;
Year-to-date, the company&#8217;s stock has surged over 200%. Investors can gain exposure to Super Micro through Vanguard Mid-Cap Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOT#NYSE">VOT</a>) and Vanguard Russell 2000 ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VTWO#NASDAQ">VTWO</a>).
Price Action: SMCI shares were down 0.04% at $897.32 premarket at the last check on Tuesday.
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Super Micro CEO Predicts AI Revolution Bigger Than Industrial Era: Report

Mid-cap stocks have been only slightly less worse than large-caps this year. For example, the S&amp;P MidCap 400 Index is lower by 2.2 percent compared to a year-to-date loss of 2.3 percent for the S&amp;P 500. Yet some exchange traded funds indicate mid-cap growth names have been significantly better.
For example, the Vanguard Mid-Cap Growth ETF (NYSE: <a class="ticker" href="/stock/vot#NYSE">VOT</a>) is lower by just 0.6 percent. VOT, which tracks the CRSP US Mid Cap Growth Index, holds 158 stocks with the mid-cap growth designation.
&ldquo;The fund targets stocks representing the faster-growing and more richly valued half of the U.S. mid-cap market and weights them by market capitalization,&rdquo; Morningstar said&nbsp;<a href="http://www.morningstar.com/articles/858300/a-compelling-midcap-growth-etf.html">in a recent note</a>. &ldquo;These firms have attractive outlooks, but there is always a risk that they won&#39;t live up to the market&#39;s expectations. Many of the fund&#39;s holdings have not yet established sustainable competitive advantages and may not hold up as well as large caps during market downturns.&rdquo;
<h3>
	VOT Insider Details</h3>
VOT has an annual expense ratio of just 0.07 percent, or $7 on a $10,000 investment, making it less expensive than <a href="https://personal.vanguard.com/us/funds/snapshot?FundId=0932&amp;FundIntExt=INT&amp;funds_disable_redirect=true#tab=0">94 percent of competing strategies</a>. The ETF&#39;s holdings have a median market value of $15.5 billion, which is well above the high end of mid-cap territory. That could be one reason why VOT has trailed the S&amp;P MidCap 400 over the past 36 months.
Industrial and technology stocks combine for about 47 percent of VOT&#39;s weight, a significant overweight relative to the S&amp;P MidCap 400, where those sectors combine for just over 33 percent. Financial services and healthcare names combine for 31.1 percent of VOT&#39;s roster. Those sectors combine for just over one-quarter of the S&amp;P MidCap 400.
&ldquo;The style orientation and industry composition of this portfolio are often similar to the Morningstar Category average, but its low fee gives it a sustainable edge against its peers,&rdquo; according to Morningstar. &ldquo;This cost advantage helped the fund outpace the category average by 56 basis points annualized during the trailing 10 years through March 2018, with comparable volatility.&rdquo;
<h3>
	Some Risks</h3>
The risks associated with growth stocks include higher volatility &mdash;and if the companies do not deliver on growth expectations, investors can repudiate them.&nbsp;
&ldquo;High growth doesn&#39;t necessarily translate into high returns. For that to happen, firms must exceed the growth expectations already embedded in their stock prices,&rdquo; Morningstar said. &ldquo;That can be a tall order for the fund&#39;s holdings because their high valuations suggest that investors have high expectations for them.&rdquo;
VOT carries a Silver rating from Morningstar.
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'A Sustainable Edge Against Its Peers': A Mid-Cap, High-Growth ETF From Vanguard

For better or worse, exchange traded funds are not intimately involved in the Herbalife (NYSE: <a class="ticker" href="/stock/hlf#NYSE">HLF</a>) tussle. 

That being the one where Pershing Square founder Bill Ackman is short 20 million shares of the nutritional supplements maker on the thesis that the company is pyramid scheme. The same one where Carl Icahn, Dan Loeb and other hedge fund luminaries have amassed significant stakes in Herbalife perhaps more because they dislike Ackman personally than for any other reason.

For now, not many ETFs offer exposure to Herbalife. Although BlackRock (NYSE: <a class="ticker" href="/stock/blk#NYSE">BLK</a>), owner of iShares, the world's largest ETF sponsor, <a href="http://seekingalpha.com/article/1170901-blackrock-nearly-doubles-stake-in-herbalife-ltd-can-362-institutional-holders-be-wrong">recently increased its stake in Herbalife</a>, few iShares ETFs feature Herablife among their lineups. None have what could be deemed as "significant" exposure to the stock.

For example, the $161.6 million iShares Morningstar Mid Growth Index Fund (NYSE: <a class="ticker" href="/stock/jkh#NYSE">JKH</a>) features a weight of just 0.36 percent <a href="http://us.ishares.com/product_info/fund/overview/JKH.htm?fundSearch=true&amp;qt=JKH">to Herbalife</a>. 

Vanguard, the third-largest U.S. ETF issuer, is another <a href="http://finance.yahoo.com/q/mh?s=HLF+Major+Holders">large holder of Herbalife shares</a>, but the stock is not on prominent display in any of the fund's highly popular index ETFs. Herbalife can be found in the Vanguard Mid-Cap Growth ETF (NYSE: <a class="ticker" href="/stock/vot#NYSE">VOT</a>), <a href="https://personal.vanguard.com/us/funds/snapshot?FundId=0932&amp;FundIntExt=INT">but at a scant percentage</a> of the 239-stock ETF's weight.

All that said, Herbalife's ETF status could (emphasis on "could") change thanks to a pair of funds designed to give retail investors exposure to hedge fund-style tactics without the burden of paying a hedge fun manager two percent to get in the door and 20 percent of profits.

The AlphaClone Alternative Alpha ETF (NYSE: <a class="ticker" href="/stock/alfa#NYSE">ALFA</a>) and the Global X Top Guru Holdings Index ETF (NYSE: <a class="ticker" href="/stock/guru#NYSE">GURU</a>) both debuted in the second quarter of last year to a fair amount of criticism from naysayers that believed the funds were too narrowly focused.

At their respective cores, the objective of each is to give investors exposure to stocks that pop up in 13F filings made by hedge funds. For example, ALFA tracks the AlphaClone Hedge Fund Long/Short Index, which "uses AlphaClone's proprietary “Clone Score” methodology to aggregate on a quarterly basis the ideas of hedge funds for which historically it has made the most sense to follow based on their disclosures. The index also employs a hedge mechanism that allows the index to vary from being long only to market hedged," <a href="http://alphaclonefunds.com/media/pdfs/ALFA_Fact_Sheet.pdf">according to the ETF's fact sheet</a>.

Global X's GURU tracks the Top Guru Holdings Index, which "is comprised of the top U.S. listed equity positions
reported on Form 13F by a select group of entities that Structured Solutions AG characterizes as hedge funds," <a href="http://www.globalxfunds.com/GURU/FS">according to its fact sheet</a>.

Neither ALFA nor GURU currently hold any shares of Herbalife. ALFA's adjustment date is February 27 and due to regulatory restrictions, the fund's issuer cannot comment on possible additions and subtractions from the ETF prior to that date. Apple (NASDAQ: <a class="ticker" href="/stock/aapl#NASDAQ">AAPL</a>) and American International Group (NYSE: <a class="ticker" href="/stock/aig#NYSE">AIG</a>) combined for 10.5 percent of ALFA's weight as of February 14. Other top-10 holdings in the ETF include names that frequently populate 13F filings such as Google (NASDAQ: <a class="ticker" href="/stock/goog#NASDAQ">GOOG</a>) and Simon Property Group (NYSE: <a class="ticker" href="/stock/spg#NYSE">SPG</a>).

GURU, which utilizes 13F filings to compile the top stock holding from the hedge funds in its selection pool, screens for liquidity and uses an equal-weight approach. Currently home to 47 stocks, GURU's top holdings include Pandora (NYSE: <a class="ticker" href="/stock/p#NYSE">P</a>), J.P. Morgan Chase (NYSE: <a class="ticker" href="/stock/jpm#NYSE">JPM</a>) and Canadian Pacific Railway (NYSE: <a class="ticker" href="/stock/cp#NYSE">CP</a>). Coincidentally, Canadian Pacific is one of Ackman's largest holdings.

To be clear, there are no guarantees that Herbalife will find a home in ALFA or GURU. However, with Icahn, Loeb and others showing long positions in the stock, it is not out of the realm of possibility that at least one of these ETFs will include Herbalife at some point.

Then again, assuming Ackman is right and Herbalife is destined to trade significantly lower, ALFA and GURU may not want to ruin a good thing. For all the criticism these funds received following their respective debuts, both have surged since then. GURU is up more than 27 percent since June 2012 while ALFA is up 21.1 percent since its May 31, 2012 debut.

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

Short Ideas

Hedge Funds

New ETFs

Movers & Shakers

Events

Intraday Update

AAPL

ALFA

GOOG

GURU

iShares Morningstar Mid Growth Index Fund

ETFs Skirting Herbalife Saga...For Now

<div class="entry-content">

		The Mid Cap Growth style ranks sixth out of the twelve fund styles as detailed in my <a href="http://blog.newconstructs.com/2012/10/11/investment-style-rankings-for-etfs-mutual-funds/">style rankings for ETFs and mutual funds</a>. It gets my Dangerous rating, which is based on aggregation of ratings of 10 ETFs and 390 mutual funds in the Mid Cap Growth style as of October 17, 2012. Prior reports on the best &amp; worst ETFs and mutual funds in every sector and style are <a href="http://www.newconstructs.com/nc/research/report/etf-and-fund-reports.htm">here</a>.

		Figure 1 ranks from best to worst the eight mid-cap growth ETFs that meet our liquidity standards and Figure 2 shows the five best and worst-rated mid-cap growth mutual funds. Not all Mid Cap Growth style ETFs and mutual funds are created the same. The number of holdings varies widely (from 21 to 454), 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, which allocate too much value to Neutral-or-worse-rated stocks.

		To <a href="http://blog.newconstructs.com/2012/10/09/how-to-find-the-best-etfs-2/">identify the best</a> and <a href="http://blog.newconstructs.com/2012/10/16/how-to-avoid-the-worst-etfs-2/">avoid the worst</a> ETFs and mutual funds within the Mid Cap Growth style, 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 Mid Cap Growth ETFs or mutual funds because none get an Attractive-or-better rating. If you must have exposure to this style, you should buy a basket of Attractive-or-better rated stocks and avoid paying undeserved fund fees. Active management has a <a href="http://blog.newconstructs.com/2012/09/17/less-than-1-of-managers-deliver-alpha-here-are-details/">long history</a> of not paying off.

		Get my ratings on all ETFs and mutual funds in this style 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=5d911de8114e11e1941500188b533b34">mutual fund and ETF screener</a>.
<div>

			Figure 1: ETFs with the Best &amp; Worst Ratings &ndash; Top 3
</div>

		<a href="http://blog.newconstructs.com/wp-content/uploads/2012/10/MidCapGrowthFig1.jpg"><img alt="" class="aligncenter size-full wp-image-4869" height="224" src="http://blog.newconstructs.com/wp-content/uploads/2012/10/MidCapGrowthFig1.jpg" title="MidCapGrowthFig1" width="333" /></a>

		* Best ETFs exclude ETFs with less NAV&rsquo;s less than 100 million.
<div>

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

		ProShares Ultra Russell MidCap Growth (NYSE: <a class="ticker" href="/stock/ukw#NYSE">UKW</a>) and PowerShares RAFI Fundamental Pure Mid Growth Portfolio (NYSE: <a class="ticker" href="/stock/pxmg#NYSE">PXMG</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
</div>

		<a href="http://blog.newconstructs.com/wp-content/uploads/2012/10/MidCapGrowthFig2.jpg"><img alt="" class="aligncenter size-full wp-image-4868" height="247" src="http://blog.newconstructs.com/wp-content/uploads/2012/10/MidCapGrowthFig2.jpg" title="MidCapGrowthFig2" width="333" /></a>

		* Best mutual funds exclude funds with NAV&rsquo;s less than 100 million.
<div>

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

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

		Vanguard Mid-Cap Growth ETF (NYSE: <a class="ticker" href="/stock/vot#NYSE">VOT</a>) is my top-rated Mid Cap Growth ETF and Nicholas II, Inc. (NYSE: NCTWX) is my top-rated Mid Cap Growth mutual fund. Both earn my Neutral rating.

		First Trust Mid Cap Growth AlphaDEX Fund (NYSE: <a class="ticker" href="/stock/fny#NYSE">FNY</a>) is my worst-rated Mid Cap Growth ETF and Bhirud Funds, Inc: Apex Mid Cap Growth Fund (NYSE: BMCGX) is my worst-rated Mid Cap Growth mutual fund. FNY earns my Dangerous, while BMCGX receives my Very Dangerous rating.

		Figure 3 shows that 356 out of the 1417 stocks (over 27% of the total net assets) held by Mid Cap Growth ETFs and mutual funds get an Attractive-or-better rating. However, no Mid Cap Growth ETFs or mutual funds receive an Attractive-or-better rating.

		The key takeaway is: there are Attractive stocks held by Mid Cap Growth funds, but mutual fund managers do a poor job allocating investments to them and ETFs do not hold enough of them.
<div>

			Figure 3: Mid Cap Growth Style Landscape For ETFs, Mutual Funds &amp; Stocks 
</div>
<div>

			<a href="http://blog.newconstructs.com/wp-content/uploads/2012/10/MidCapGrowthFig3.jpg"><img alt="" class="aligncenter size-full wp-image-4867" height="156" src="http://blog.newconstructs.com/wp-content/uploads/2012/10/MidCapGrowthFig3.jpg" title="MidCapGrowthFig3" width="405" /></a>

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

		As detailed in &ldquo;<a href="http://blog.newconstructs.com/2012/07/20/low-cost-funds-dupe-investors-2/">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 should not buy any Mid Cap Growth ETFs and mutual funds. No Mid Cap Growth ETF or mutual fund allocates enough value to Attractive-or-better-rated stocks to earn an Attractive-or-better rating. Investors seeking exposure to Mid Cap Growth stocks are better off buying Attractive-or-better- rated Mid Cap Growth stocks.

		Patterson Companies, Inc. (NASDAQ: <a class="ticker" href="/stock/pdco#NASDAQ">PDCO</a>) is one of my favorite stocks held by Mid Cap Growth ETFs and mutual funds. It earns my Attractive rating. Patterson is a value-added distributor serving the dental, veterinary, and rehab markets. It has earned positive economic earnings every year in the 15 years covered by my model. Only 6% of the 3000+ companies we cover can match that achievement. In addition, PDCO has grown its economic earnings 14 out of the past 15 years. Considering this growth in profitability, you would think the market would have priced further growth into PDCO&rsquo;s current stock price. Yet, PDCO only trades at a <a href="http://blog.newconstructs.com/2012/06/18/price-to-economic-book-value-or-price-to-ebv/">price-to-economic book value</a> of 1.14. Considering PDCO&rsquo;s record of value creation, market expectations are quite low for a company that generated free cash flow in excess of $260 million last year. For these reasons, I favor this Attractive stock over the Neutral-or-worse rated ETFs and mutual funds in the Mid Cap Value style category.

		Louisiana-Pacific Corporation (NYSE: <a class="ticker" href="/stock/lpx#NYSE">LPX</a>) is one of my least favorite stocks held by Mid Cap Growth ETFs and mutual funds and earns my Dangerous rating. During the past year, LPX stock has risen over 100%, while the S&amp;P500 has risen 17.5%. This has resulted in a forward P/E of 26.6x next year&rsquo;s earnings.&nbsp; This recent outperformance has been great for current shareholders, but it does not make LPX an Attractive investment for prospective shareholders. In addition, LPX has had negative economic earnings for the past 5 years. Even worse, LPX&rsquo;s <a href="http://www.newconstructs.com/nc/help/glossary.htm#nopat">NOPAT</a> has been negative over the past five years as well. Without operating profits, there is no way for LPX to cover its cost of capital. This combination of a steep valuation and poor profitability makes LPX a Dangerous stock.

		Figures 4 and 5 show the rating landscape of all Mid Cap Growth ETFs and mutual funds.

		Our <a href="http://blog.newconstructs.com/2012/10/11/investment-style-rankings-for-etfs-mutual-funds/">style rankings for ETFs and mutual funds</a> report ranks all styles and highlights those that offer the best investments.
<div>

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

			<a href="http://blog.newconstructs.com/wp-content/uploads/2012/10/MidCapGrowthFig4.jpg"><img alt="" class="aligncenter size-full wp-image-4866" height="245" src="http://blog.newconstructs.com/wp-content/uploads/2012/10/MidCapGrowthFig4.jpg" title="MidCapGrowthFig4" width="409" /></a>

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

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

			<a href="http://blog.newconstructs.com/wp-content/uploads/2012/10/MidCapGrowthFig5.jpg"><img alt="" class="aligncenter size-full wp-image-4865" height="245" src="http://blog.newconstructs.com/wp-content/uploads/2012/10/MidCapGrowthFig5.jpg" title="MidCapGrowthFig5" 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=5d911de8114e11e1941500188b533b34">full list</a> of ratings and rankings along with reports on all 10 ETFs and 390 mutual funds in the Mid Cap Growth style.

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

PDCO

PXMG

Best & Worst ETFs and Mutual Funds: Mid Cap Growth Style

April showers didn't give way to many May flowers for U.S. stocks and ETFs. After Friday's action, it's safe to say traders and investor might be in for some June gloom as well. Quips about the months aside, the path of least resistance for riskier assets is down, at least for the foreseeable future. 

These are trying times indeed, but contrarian investing has often proven rewarding over time <a href="http://www.benzinga.com/trading-ideas/long-ideas/12/05/2600146/contrarian-etf-bets-to-consider-fcg-iyw">and there are plenty of worthy ETFs with which to establish contrarian positions right now</a>.

S&amp;P Capital IQ runs a contrarian ETF portfolio that holds eight ETFs. The portfolio was up 11.2% through the end of April and has outperformed its benchmark index by 150 points since its October 2009 inception. Earlier this week, the research firm made some new additions to the portfolio that certainly fit the bill as contrarian given the current market environment.

Despite the substantial declines experienced by almost every emerging markets ETF under the sun over the past several weeks, S&amp;P Capital IQ added the Vanguard MSCI Emerging Markets ETF (NYSE: <a class="ticker" href="/stock/vwo#NYSE">VWO</a>) to its contrarian portfolio. VWO, which had almost $54 billion in assets under management at the end of April, is the largest emerging markets ETF on the market today. 

S&amp;P rates VWO Marketweigtht. The fund, which has lost more than 13% in the past month, is heavily allocated to Chinese, South Korean, Brazilian and Taiwanese equities, among others. 

The Vanguard Mid-Cap Growth ETF (NYSE: <a class="ticker" href="/stock/vot#NYSE">VOT</a>) was also added to the portfolio. VOT, which is also rated Marketweight by S&amp;P, has an expense ratio of just 0.1%, making it cheaper than 93% of comparable funds, according to Vanguard. Consumer discretionary and technology names account for 42.5% of VOT's weight while health care and industrials combine for another 29.3%. The fund has lost 11.3% in the past month.

Perhaps the most contrarian addition of the three is the iShares Dow Jones US Oil Equipment Index Fund (NYSE: <a class="ticker" href="/stock/iez#NYSE">IEZ</a>), which S&amp;P also rates Marketweight. Since the start of May, West Texas Intermediate crude has lost about 20%, including a 17% drop last month. Over the same time, the iShares Dow Jones US Oil Equipment Index Fund has slipped almost 16%. 

"A look under the hood of IEZ reveals that the ETF ranks favorably in the performance-ranking category, but receives a neutral assessment of its cost factors. In the risk considerations category, S&amp;P Capital IQ determined the ETF ranks unfavorably" S&amp;P said in a research note. "IEZ tracks the performance of the Dow Jones US Select Oil Equipment &amp; Services Index, which is focused on oil industries. While the ETF's ranking is hurt by its elevated volatility, analyst Todd Rosenbluth pointed to the potentially favorable characteristics of the underlying holdings. Five-STARS-ranked Schlumberger (NYSE: <a class="ticker" href="/stock/slb#NYSE">SLB</a>) is the ETF's top holding and six other stocks within the top-10 holdings are considered attractive by S&amp;P Capital IQ equity analysts."

Schlumberger, the world's largest oilfield services provider, currently accounts for nearly 20.5% of IEZ's weight. Other top-10 holdings include National Oilwell Varco (NYSE: <a class="ticker" href="/stock/nov#NYSE">NOV</a>), Halliburton (NYSE HAL) and Baker Hughes (NYSE: <a class="ticker" href="/stock/bhi#NYSE">BHI</a>).

Other members of the S&amp;P contrarian portfolio include the iShares Dow Jones International Select Dividend Index Fund (NYSE: <a class="ticker" href="/stock/idv#NYSE">IDV</a>), the First Trust Health Care AlphaDEX Fund (NYSE: <a class="ticker" href="/stock/fxh#NYSE">FXH</a>) and the PowerShares S&amp;P 500 High Quality ETF (NYSE: SPHQ).

Emerging Market ETFs

Commodities

After-Hours Center

iShares Dow Jones International Select Dividend Income Fund

iShares Dow Jones US Oil Equipment & Services Index Fund

S&P Capital IQ Highlights 3 Contrarian ETFs (IEZ, VWO, VOT)

In case investors needed more convincing that ETFs <a href="http://www.benzinga.com/news/12/04/2520180/etf-opinion-dont-be-impressed-by-falling-mutual-fund-fees">trounce mutual funds when it comes to costs</a> the evidence has arrived and it comes courtesy of Vanguard. Yes, that Vanguard. The one that's one of the largest U.S. mutual fund companies and also the third-largest U.S. ETF sponsor.

Vanguard <a href="https://personal.vanguard.com/us/insights/article/expense-ratio-changes-042012?z_rl=T9057">announced fee cuts for 13 of its ETFs</a> with the expense ratios on many of these products heading from paltry to almost non-existent levels. Some of the reductions went into effect today, while the others took effect on Wednesday.

Here's what in store regarding lower fees for Vanguard investors:
The Vanguard Total Bond Market Index Fund (NYSE: <a class="ticker" href="/stock/bnd#NYSE">BND</a>), one of the largest U.S. bond funds, goes to 0.1% from 0.11%.

The Vanguard S&amp;P 500 ETF (NYSE: <a class="ticker" href="/stock/voo#NYSE">VOO</a>) will now charge 0.05% down from 0.06%. That compares to 0.09% for the SPDR S&amp;P 500 (NYSE: <a class="ticker" href="/stock/spy#NYSE">SPY</a>).

The Vanguard Extended Market Index Fund (NYSE: <a class="ticker" href="/stock/vxf#NYSE">VXF</a>) goes to 0.14% from 0.16%. 

The Vanguard Growth Index Fund (NYSE: <a class="ticker" href="/stock/vug#NYSE">VUG</a>) pares its fees to 0.1% from 0.12%.

The Vanguard Large-Cap Index Fund (NYSE: <a class="ticker" href="/stock/vv#NYSE">VV</a>) lowers its fees to 0.1% from 0.12% as do the Vanguard Mid-Cap Growth Index Fund (NYSE: <a class="ticker" href="/stock/vot#NYSE">VOT</a>), the Vanguard Mid-Cap Value Index Fund (NYSE: <a class="ticker" href="/stock/voe#NYSE">VOE</a>), the Vanguard Mid-Cap Index Fund (NYSE: <a class="ticker" href="/stock/ivoo#NYSE">IVOO</a>) and the Vanguard Value Fund (NYSE: <a class="ticker" href="/stock/vtv#NYSE">VTV</a>).

The Vanguard Small-Cap Index Fund (NYSE: <a class="ticker" href="/stock/vb#NYSE">VB</a>) shrinks its fees to 0.16% from 0.17%.

The Vanguard Small-Cap Value Index Fund (NYSE: VIOV) goes to 0.21% from 0.23%. 

The Vanguard Total Stock Market ETF (NYSE: <a class="ticker" href="/stock/vti#NYSE">VTI</a>) now charges 0.06% down from 0.07%.

Vanguard's move to slash expense ratios follows a similar move by rival State Street Global Advisors, which pared expenses on the Select Sector SPDRs earlier this year, and indicates some of the large ETF providers are willing to resort to bare-bones fees in an effort to attract and keep investors' assets. 

At the end of March, SSgA and Vanguard controlled about $504 billion of the roughly $1.2 trillion in U.S. exchange-traded products assets and the rivalry between the two firms for second place on the AUM list behind BlackRock's (NYSE: <a class="ticker" href="/stock/blk#NYSE">BLK</a>) iShares is seen as intensifying. iShares had almost $500 billion in AUM at the end of March, so the current ETF AUM battle really is for second place and it appears investors are the real winners as Vanguard attempts to take the silver medal from SSgA.

Bonds

IVOO

Vanguard Ups The Ante In ETF Fee War

Mutual funds can still say they've got a lot more in combined assets under management than the roughly $1.2 trillion ETFs and ETNs hold, but as the rivalry between mutual funds and exchange-traded products intensifies, more attention than ever is being paid to one of the primary causes of the tussle: Costs.

In a note published today <a href="http://news.morningstar.com/articlenet/article.aspx?id=547448&amp;t1=1335192121">Morningstar</a> says mutual fund investors are paid 0.75% in expenses last year compared with 0.77% in 2010." The figures include all open-end funds except funds of funds where the layering of fees can make for messy comparisons, according to Morningstar.

The lower fees represent progress to be sure, but at an average expense ratio of 0.75%, that still means investors lose $75 per year invested in mutual funds. 

Again, progress is progress and no one should complain about seeing their fees lowered, but when the average goes to 0.75% from 0.77%, it's hardly cause for excitement. According to Morningstar data, the average expense ratio for an international equity mutual fund is 0.93%. Sorry, but that's insulting, especially when an investor can own the Vanguard MSCI Emerging Markets ETF (NYSE: <a class="ticker" href="/stock/vwo#NYSE">VWO</a>) and the iShares MSCI Brazil Index Fund (NYSE: <a class="ticker" href="/stock/ewz#NYSE">EWZ</a>) for a COMBINDED 0.79%, 0.2% for VWO and 0.59% for EWZ. That's just one example of an ETF pair that's cheaper than the average mutual fund in a particular category.

Morningstar also highlights dramatic fee reductions for a couple of mutual funds including the Wasatch Ultra Growth Fund, which appears to be a <a href="https://secure.wasatchfunds.com/Our-Funds/Performance.aspx?fund=WAMCX">mid-cap or small-cap growth fund</a>. The fund "had one of the biggest fee drops as expenses fell to 1.68% in 2010 and 1.42% in 2011 from 1.75% in 2009," Morningstar notes.

Please sense the sarcasm: Wow. The The iShares Russell Midcap Growth Index Fund (NYSE: <a class="ticker" href="/stock/iwp#NYSE">IWP</a>) charges just 0.25% while the iShares Morningstar Mid Growth Index Fund (NYSE: <a class="ticker" href="/stock/jkh#NYSE">JKH</a>) has an expense ratio of just 0.3%. The Vanguard Mid-Cap Growth ETF (NYSE: <a class="ticker" href="/stock/vot#NYSE">VOT</a>) charges a scant 0.12%.

Then there is the little matter of something called returns. You know, the reason investors put money into the financial markets in the first place. Well actively managed mutual funds <a href="http://www.ritholtz.com/blog/2012/01/2011-disastrous-year-for-mutual-hedge-fund-managers/">are duds when it comes to returns</a>. Morningstar said earlier this year, just 17% of large-cap mutual funds beat the S&amp;P 500 last year. Remember, you can own the SPDR S&amp;P 500 for less than 0.1% in fees.

Not to beat up on the Wasatch Ultra Growth Fund, but over the past five years and 10 years, the fund seriously lags the performance of the <a>Russell 2000 Index</a>. Investors can capture exposure to that index with the iShares Russell 2000 Index Fund (NYSE: <a class="ticker" href="/stock/iwm#NYSE">IWM</a>), which charges just 0.26%. 

In other words, IWM is nearly 120 basis points cheaper than the aforementioned mutual fund, but at no time over the past year, year-to-date and in the past month has the mutual fund outperformed IWM by that margin.

The debate doesn't revolve around just one fund from Wasatch. Just look at the the top-performing emerging market ETFs <a href="http://www.kiplinger.com/investing/funds/winners/index.php?table_select=DivEM">over the past five years as illustrated by Kiplinger's</a>. That group has an average expense ratio of 1.54%. For that privilege, an investor might also be subject to redemption fees, not being able to see a fund's holdings updated daily as is the case with most ETFs and, of course, the potential for disappointing performance exists.

Morningstar says "costs have come down because of appreciation, inflows, and a shift to lower-cost funds." Let's just come right and say what's really going on: Mutual fund companies are asleep at the wheel, arguably they have been, if they think investors will continue to pay even 0.75% for active management that generates slack results. Assets have to come from somewhere and since ETF assets under management show an upward trajectory, it's reasonable to say plenty of new ETF inflows are new mutual fund outflows.

Please feel to contact me for a cordial debate on this subject or just to ask questions. Follow me on Twitter: @ETFProfesor1

Currency ETFs

ETF Opinion: Don't Be Impressed By Falling Mutual Fund Fees

Chipotle Mexican Grill (NYSE: <a class="ticker" href="/stock/cmg#NYSE">CMG</a>), whose shares are trading near an all-time high, is scheduled to report first-quarter 2012 results tomorrow, April 19, after the closing bell.

Chipotle has been raising its prices this year, which investors hope will lead to stronger margins. The company has enjoyed double-digit year-over-year percentage revenue growth for the past four quarters, and its net income has increased for three consecutive quarters. The fast casual restaurant operator has grown revenues and earnings every year of the past decade by opening additional restaurants.

Expectations

Analysts predict that Chipotle will post per-share earnings of $1.93 for the quarter and say that revenue totaled $630.6 million. In the same quarter of last year, the company reported $1.46 per share and $509.4 million in sales. The EPS estimate is two cents higher than it was 60 days ago. But note that Chipotle's EPS have fallen short of analysts' expectations -- by just a few pennies per share -- in two of the past four quarters.

In the fourth-quarter report, Chipotle reported net income of $57.5 million, or $1.81 per share. That was up 23.7% from the previous year but fell short of the consensus estimate of $1.83. Revenue also rose 23.7% year over year to $596.7 million, in line with analysts' expectations. The company also said it opened 67 restaurants in the quarter and plans to open 155 to 165 new restaurants in 2012. 

Looking ahead, analysts so far expect to see sequential and year-over-year growth of both per-share earnings and revenues in the current quarter. At this point, the full-year forecast has EPS up 22.2% from the previous year and revenue 21.5% higher.

The Company

Denver-based Chipotle Mexican Grill operates more than 1,200 fast-casual, fresh Mexican food restaurants in the United States, Canada and England. It also operates the ShopHouse Southeast Asian Kitchen. The company is known for using high-quality raw ingredients and classic cooking methods, and its distinctive interior design and claim to being mindful of the environmental and societal impact of its business. Chipotle was founded in 1993, and it now is a member of the S&amp;P 500 and sports a market cap of $13.7 billion.

Competitors include BJ's Restaurants (NASDAQ: <a class="ticker" href="/stock/bjri#NASDAQ">BJRI</a>), Buffalo Wild Wings (NASDAQ: <a class="ticker" href="/stock/bwld#NASDAQ">BWLD</a>) and Panera Bread (NASDAQ: <a class="ticker" href="/stock/pnra#NASDAQ">PNRA</a>). BJ's reported better-than expected EPS and year-over-year sales growth of nearly 30% in its most recent quarter. The first-quarter forecast for the other two calls for double-digit percentage growth of earnings and revenue. Buffalo Wild Wings and Panera are both scheduled to report April 24.

See also: <a href="http://www.benzinga.com/news/earnings/12/02/2328522/buffalo-wild-wings-surprises-the-street-panera-hit-by-profit-taking">Buffalo Wild Wings Surprises the Street; Panera Hit by Profit Taking</a>

During the three months that ended in March, Chipotle offered free burritos for Earth Day, released its first national commercial during the Grammys, announced a share buyback program, and its shares kept hitting new multiyear highs. 

See also: <a href="http://www.benzinga.com/news/12/02/2309515/chipotle-board-authorizes-buyback-of-100m-shares">Chipotle Board Authorizes Buyback of $100m Shares</a>

Performance

Chipotle's long-term earnings per share growth forecast is 22.2%. Its return on equity is 23.2% and the operating margin is higher than the industry average. But the P/E and PEG ratios are higher than the industry averages. And short interest is 7.8% of the float. Twelve of 29 analysts who follow the stock rate it a Buy or Strong Buy. The share price has outstripped their mean price target, but it is about 14% less than the highest price target.

See also: <a href="http://www.benzinga.com/analyst-ratings/analyst-color/12/04/2502269/update-deutsche-bank-raises-pt-to-480-on-chipotle-mexica">Deutsche Bank Raises PT to $480 on Chipotle Mexican Grill</a>

The stock is about 28% higher than at the beginning of the year, as well as more than 52% higher than a year ago. Shares have pulled back from the 52-week high on Friday. The price is well above the 50-day and 200-day moving averages. Year to date, the stock has outperformed the competitors mentioned above, as well as McDonald's (NYSE: <a class="ticker" href="/stock/mcd#NYSE">MCD</a>) and the broader markets.

<div id="action-items">ACTION ITEMS

Bullish: Investors interested in exchange traded funds invested in Chipotle might want to consider the following trades:

<ul><li>PowerShares Dynamic Leisure &amp; Entertainment (NYSE: <a class="ticker" href="/stock/pej#NYSE">PEJ</a>) is more than 17% higher year to date.</li>
<li>PowerShares DWA Technical Leaders (NYSE: <a class="ticker" href="/stock/pdp#NYSE">PDP</a>) is more than 15% higher year to date.</li>
<li>Consumer Discretionary Select Sector SPDR (NYSE: <a class="ticker" href="/stock/xly#NYSE">XLY</a>) is more than 15% higher year to date.</li>
<li>Vanguard Mid-Cap Growth ETF (NYSE: <a class="ticker" href="/stock/vot#NYSE">VOT</a>) is more than 14% higher year to date.</li>
</ul>Bearish: Traders may prefer to consider these alternative positions in the restaurant industry:

<ul><li>Ruth's Hospitality (NASDAQ: <a class="ticker" href="/stock/ruth#NASDAQ">RUTH</a>) is up more than 49% year to date.</li>
<li>Jamba (NASDAQ: <a class="ticker" href="/stock/jmba#NASDAQ">JMBA</a>) is up about 45% year to date.</li>
<li>Frisch's Restaurants (NYSE: <a class="ticker" href="/stock/frs#NYSE">FRS</a>) is up more than 44% year to date.</li>
</ul>Neither Benzinga nor its staff recommend that you buy, sell, or hold any security. We do not offer investment advice, personalized or otherwise. Benzinga recommends that you conduct your own due diligence and consult a certified financial professional for personalized advice about your financial situation.</div>

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Chipotle Mexican Grill Earnings Preview: Double-Digit EPS, Sales Growth Expected

PVH (NYSE: <a class="ticker" href="/stock/pvh#NYSE">PVH</a>), formerly Phillips-Van Heusen, is scheduled to report fourth-quarter fiscal 2011 results tomorrow, March 27, after the closing bell.

The company reaffirmed its earnings guidance back in February, saying it expects its fourth-quarter and full-year results to come in at the high end of its previously announced range. And investors can be pleased that revenue has now gone up for three straight quarters and hope that the trend continues. But the company's gross margin shrank by 2.2 percentage points in the previous quarter.

Expectations

Analysts predict that PVH will post per-share earnings of $1.09 for the quarter and say that revenue totaled $1.5 billion. In the same quarter of last year, the company reported $0.93 per share and $1.4 billion in sales. That EPS estimate is unchanged over the past 60 days. Note that analysts have underestimated PVH's EPS for more than eight quarters.

Back in the third-quarter report, PVH said its net income grew to $112.2 million, or $1.54 a share. That was up from $1.39 a share in the same quarter of the previous year. Revenue rose 9% year over year to $1.6 billion. Management credited continued momentum in its Tommy Hilfiger and Calvin Klein businesses for the strong results.

See also: <a href="http://www.benzinga.com/news/earnings/11/12/2169417/pvh-corp-pops-on-q3-beat">PVH Corp. Pops on Q3 Beat</a>

For the full fiscal year, analysts expect to see earnings of $5.29 per share and revenue of $5.9 billion. That would be up from $4.26 and $4.6 billion in the previous year. That EPS estimate is up a penny from 60 days ago and in line with previously released guidance.

The Company

New York-based PVH is one of the world's largest apparel companies. Its brands include Van Heusen, Calvin Klein, Tommy Hilfiger and IZOD. Its licensed brands include Kenneth Cole New York, Sean John, Donald J. Trump Signature Collection and DKNY. The company changed its name from Phillips-Van Heusen to PVH in June 2011. The company was founded in 1881 and it now has a market cap of $6.1 billion.

Competitors include Liz Claiborne (NYSE: <a class="ticker" href="/stock/liz#NYSE">LIZ</a>), Ralph Lauren (NYSE: <a class="ticker" href="/stock/rl#NYSE">RL</a>) and Oxford Industries (NYSE: <a class="ticker" href="/stock/oxm#NYSE">OXM</a>). Liz Claiborne swung to a fourth-quarter profit due to the sale of its namesake brands but revenues fell short of consensus estimates. Ralph Lauren posted better-than-expected EPS in the most recent quarter and raised its fiscal-year sales forecast. Oxford Industries is also on tap to report earnings Tuesday, and analysts are looking for EPS to be up 35.1% year over year and sales up 21.9%. 

See also: <a href="http://www.benzinga.com/news/earnings/12/02/2328095/ralph-lauren-is-surging-after-q3-earnings-stock-up-10">Ralph Lauren Is Surging After Q3 Earnings</a> and <a href="http://www.benzinga.com/news/earnings/12/03/2446187/oxford-industries-earnings-preview-q4-eps-expected-to-be-35-2-higher">Oxford Industries Earnings Preview</a>

During the three months that ended in January, PVH boosted its profit guidance for the fourth quarter and full year, and the CEO and the COO of Tommy Hilfiger sold some shares.

Performance

PVH's long-term earnings per share growth forecast is 15.2%. Sales increased 19.4% over the past five years. The P/E is higher than the industry average, but so is the operating margin. PVH has a dividend yield of 0.2%. Eleven of 16 analysts who follow the stock rate it a Buy or Strong Buy; none recommend selling shares. But their mean price target on the shares now is about the same as the current share price.

See also: <a href="http://www.benzinga.com/analyst-ratings/analyst-color/12/03/2442806/update-deutsche-bank-upgrades-pvh-corporation-to-buy">Deutsche Bank Upgrades PVH Corporation to Buy</a>

The stock is about 27% higher than at the beginning of the year, as well as about 52% higher than a year ago. Shares are trading near the 52-week high. The price has been above the 50-day and 200-day moving averages since before the beginning of the year. Over the past six months, the stock has outperformed Ralph Lauren, Oxford Industries and Perry Ellis (NASDAQ: <a class="ticker" href="/stock/pery#NASDAQ">PERY</a>), as well as the broader markets.

<div id="action-items">ACTION ITEMS

Bullish: Investors interested in exchange traded funds invested in PVH might want to consider the following trades:

<ul><li>ProShares UltraPro MidCap400 (NYSE: <a class="ticker" href="/stock/umdd#NYSE">UMDD</a>) is about 43% higher year to date.</li>
<li>Guggenheim Sector Rotation (NYSE: <a class="ticker" href="/stock/xro#NYSE">XRO</a>) is more than 16% higher year to date.</li>
<li>First Trust Consumer Discretionary AlphaDEX (NYSE: <a class="ticker" href="/stock/fxd#NYSE">FXD</a>) is more than 15% higher year to date.</li>
<li>Vanguard Mid-Cap Growth ETF (NYSE: <a class="ticker" href="/stock/vot#NYSE">VOT</a>) is more than 15% higher year to date.</li>
</ul>Bearish: Traders may prefer to consider these alternative positions in the same industry:

<ul><li>Lululemon Athletica (NASDAQ: <a class="ticker" href="/stock/lulu#NASDAQ">LULU</a>) is up more than 62% year to date.</li>
<li>Liz Claiborne (NYSE: <a class="ticker" href="/stock/liz#NYSE">LIZ</a>) is up more than 38% year to date.</li>
<li>Under Armour (NYSE: <a class="ticker" href="/stock/ua#NYSE">UA</a>) is up more than 35% year to date.</li>
</ul>Neither Benzinga nor its staff recommend that you buy, sell, or hold any security. We do not offer investment advice, personalized or otherwise. Benzinga recommends that you conduct your own due diligence and consult a certified financial professional for personalized advice about your financial situation.</div>

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PVH Earnings Preview: Double-Digit EPS and Sales Growth Expected

VeriFone Systems (NYSE: <a class="ticker" href="/stock/pay#NYSE">PAY</a>) is scheduled to report fiscal first-quarter 2012 results Monday, March 5, after the markets close. Shares surged recently on Mastercard's (NYSE: <a class="ticker" href="/stock/ma#NYSE">MA</a>) announcement that it would be moving toward a new payment standard. VeriFone has enjoyed double-digit year-over-year percentage revenue growth for the past four quarters and its net income rise has increased in each of the past three quarters. Investors will be hoping for the trend to continue, as well as watching for the impact of recent acquisitions. 

See also: <a href="http://www.benzinga.com/analyst-ratings/analyst-color/12/01/2303536/jp-morgan-comments-on-mastercards-emv-announcement">JP Morgan Comments on MasterCard's EMV Announcement</a>

Analysts are looking for VeriFone to report that its per-share earnings came to $0.52 for the quarter and that revenue totaled $417.5 million. In the same quarter of last year, the company posted $0.43 per share and $283.9 million in sales. Note that the EPS estimate is unchanged over the past 60 days. And analysts have underestimated VeriFone's per-share earnings in the past ten quarters.

Looking back to the previous quarter, the electric payments company said it earned $198.8 million, with adjusted EPS of $0.53. Revenue rose 48.8% to $410.7 million. Both EPS and revenue results topped analysts' expectations. The company benefited from a huge tax gain in the quarter. And CEO Douglas Bergeron said: “We finished 2011 with another year of record revenues and record profit, and are now midway through our multi-year transformation to the world's leading services-driven payment technology provider.”

Looking ahead, analysts so far expect to see sequential and year-over-year growth of both EPS and revenues in the current quarter. In fact, the consensus forecast has sales up 60.0% in the second quarter, which ends in April.

The Company

San Jose, Calif.-based VeriFone Systems designs, markets and services electronic payment solutions, including countertop electronic payment systems, secure PIN pads and wireless system solutions. The company serves financial institutions, payment processors, petroleum companies, large retailers, taxi fleets, government organizations, health care companies, independent sales organizations and advertisers. VeriFone now has a market cap of $5.0 billion.

Competitors include NCR (NYSE: <a class="ticker" href="/stock/ncr#NYSE">NCR</a>), ACI Worldwide (NASDAQ: <a class="ticker" href="/stock/aciw#NASDAQ">ACIW</a>) and JDA Software (NASDAQ: <a class="ticker" href="/stock/jdas#NASDAQ">JDAS</a>). All three of these rivals beat fourth-quarter EPS and revenue estimates, though the SEC is investigating JDA's accounting and its stock may be dropped from the Nasdaq.

See also: <a href="http://www.benzinga.com/news/12/02/2385777/jda-software-files-form-12b-25-with-sec-to-file-10-k-late">JDA Software Files Form 12b-25 with SEC</a>

During the three months that ended in January, VeriFone completed the acquisition of Point, one of the largest providers of payment and gateway services and solutions for retailers in Northern Europe. Also, VeriFone saw its one millionth payment acceptance system installed in Russia.

See also: <a href="http://www.benzinga.com/news/11/11/2083471/verifone-acquires-global-bay-to-expand-retail-mobility-strategy">Verifone Acquires Global Bay to Expand Retail Mobility Strategy</a> and <a href="http://www.benzinga.com/news/11/12/2215337/verifone-enters-long-term-strategic-partnership-with-nbc-owned-stations">Verifone Enters Long-Term Strategic Partnership with NBC-Owned Stations</a>

Performance

Verifone's P/E and PEG ratios are less than the industry average. The company has a long-term earnings per share growth forecast of 23.5%. Its operating margin is better than the industry average, and the return on equity is 40.3%. Though short interest is 6.0% of the float, eight of the 12 analysts surveyed who follow the stock rate it a Buy or Strong Buy. None recommend selling shares. But their mean price target on the shares is only 3.2% higher than the share price at Friday's close.

Shares are trading 34.3% higher than at the beginning of the year, but still down 1.8% from a year ago, as well as 18.9% below the 52-week high of $58.88. The share price is well above the 50-day and 200-day moving averages. Over the past six months, the stock has narrowly outperformed competitors NCR and ACI Worldwide but more comfortably outpaced the broader markets.

<div id="action-items">ACTION ITEMS:

Bullish: Investors interested in exchange traded funds invested in VeriFone might want to consider the following trades:

<ul><li>First Trust Technology AlphaDEX (NYSE: <a class="ticker" href="/stock/fxl#NYSE">FXL</a>) is more than 14% higher year to date.</li>
<li>Vanguard Mid-Cap Growth ETF (NYSE: <a class="ticker" href="/stock/vot#NYSE">VOT</a>) is more than 14% higher year to date.</li>
<li>iShares Morningstar Mid Growth Index (NYSE: <a class="ticker" href="/stock/jkh#NYSE">JKH</a>) is more than 13% higher year to date.</li>
<li>iShares S&amp;P MidCap 400 Growth Index (NYSE: <a class="ticker" href="/stock/ijk#NYSE">IJK</a>) is more than 12% higher year to date.</li>
</ul>Bearish: Traders may prefer to consider these alternative positions in the same industry:

<ul><li>Virco Manufacturing (NASDAQ: <a class="ticker" href="/stock/virc#NASDAQ">VIRC</a>) is up more than 32% year to date.</li>
<li>Diebold (NYSE: <a class="ticker" href="/stock/dbd#NYSE">DBD</a>) is up more than 29% year to date.</li>
<li>Steelcase (NASDAQ: <a class="ticker" href="/stock/scs#NASDAQ">SCS</a>) is up more than 13% year to date.</li>
</ul>Neither Benzinga nor its staff recommend that you buy, sell, or hold any security. We do not offer investment advice, personalized or otherwise. Benzinga recommends that you conduct your own due diligence and consult a certified financial professional for personalized advice about your financial situation.</div>

ACIW

JDAS

VIRC

VeriFone Earnings Preview: Double-Digit EPS, Sales Growth Expected

Watson Pharmaceuticals (NYSE: <a class="ticker" href="/stock/wpi#NYSE">WPI</a>) is scheduled to report its second-quarter 2011 results Tuesday, July 26, before the markets open. Strong first-quarter results pushed the share price to a new all-time high; can second-quarter results do the same?

Analysts are looking for the drug maker to report per-share earnings of $1.00, which is up from $0.83 in the same period of last year. It is also up from the consensus EPS estimate of $0.96 some 60 days ago. The analysts' forecast also calls for the company to post revenues of $992.1 million, an increase of 13.3% from a year ago.

Note that Watson Pharmaceuticals has not fallen short of quarterly EPS estimates since 2006; per-share earnings topped consensus expectations by about 3% in the first quarter. Also, analysts so far are looking for sequential and year-over-year growth of both earnings and revenue in the current quarter.

The Company

New Jersey-based Watson Pharmaceuticals develops, manufactures, markets and distributes generic and brand pharmaceutical products focused on urology and women's health. It operates in three segments: Global Generics, Global Brands, and Distribution, and its products are distributed through national retail drug and food store chains, hospitals, clinics, mail order, government agencies and managed health care providers. The company was founded in 1983.

During the three months that ended in June, the company relocated its corporate headquarters from Corona, California, to Parsippany, New Jersey. It also acquired Specifar Pharmaceuticals, a Greek company, and launched generic versions of AMRIX and Concerta.

Performance

Watson Pharmaceuticals has a long-term earnings per share growth forecast of 12.5%. Its P/E ratio is less than the industry average, and it has a PEG ratio of 1.1. Net cash flow from operations doubled in the most recent reporting period from the previous one. The consensus recommendation has been to buy WPI for more than 90 days; 10 of 21 analysts now rate the stock a Buy or Strong Buy.

The share price has risen steadily over the past few years and is currently trading near an all-time high of $70.77. The stock is more than 36% higher than at the beginning of the year. The price remains above the 50-day and 200-day moving averages. Year to date, the stock has outperformed the generic drugs industry average, as well as the competitors such as Novartis (NYSE: <a class="ticker" href="/stock/nvs#NYSE">NVS</a>) and Teva Pharmaceutical (NASDAQ: <a class="ticker" href="/stock/teva#NASDAQ">TEVA</a>).

Action Items:

Bullish: Traders interested in exchange traded funds invested in Watson Pharmaceuticals might want to consider the following trades:

<ul><li>SPDR S&amp;P 500 Trust (NYSE: <a class="ticker" href="/stock/spy#NYSE">SPY</a>): up 21.4% in the past year</li>
<li>Health Care Select Sector SPDR Fund (NYSE: <a class="ticker" href="/stock/xlv#NYSE">XLV</a>): up 24.5% in the past year</li>
<li>Pharmaceutical HOLDRS Trust (NYSE: <a class="ticker" href="/stock/pph#NYSE">PPH</a>): up 20.0% in the past year</li>
<li>Vanguard Mid-Cap Growth Index (NYSE: <a class="ticker" href="/stock/vot#NYSE">VOT</a>): up 36.3% in the past year</li></ul>

Bearish: Traders looking for other high-performing drug maker stocks might want to consider these positions:

<ul><li>Pharmasset (NASDAQ: <a class="ticker" href="/stock/vrus#NASDAQ">VRUS</a>): up 214.4% year to date</li>
<li>Cubist Pharmaceuticals (NASDAQ: <a class="ticker" href="/stock/cbst#NASDAQ">CBST</a>): up 66.9% year to date</li>
<li>Alexion Pharmaceuticals (NASDAQ: <a class="ticker" href="/stock/alxn#NASDAQ">ALXN</a>): up 46.4% year to date</li>
<li>Shire (NASDAQ: <a class="ticker" href="/stock/shpgy#NASDAQ">SHPGY</a>): up 40.5% year to date</li></ul>

Neither Benzinga nor its staff recommend that you buy, sell, or hold any security. We do not offer investment advice, personalized or otherwise. Benzinga recommends that you conduct your own due diligence and consult a certified financial professional for personalized advice about your financial situation.

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Chipotle Mexican Grill (NYSE: <a class="ticker" href="/stock/cmg#NYSE">CMG</a>) is scheduled to share its second-quarter 2011 results tomorrow, July 19, after the markets close. The stock has been on a tear, with frequent new 52-week highs, a market cap that recently hit $10 billion, and generating a return of more than 200% in the past 18 months.

Analysts are looking for Chipotle to report per-share earnings of $1.68, which is up from the estimate of $1.67 just 60 days ago, as well as $1.46 per share earnings in the same period of last year. The consensus forecast also calls for revenues of $558.3 million, an increase of 19.6% from a year ago.

Note that Chipotle topped consensus earnings estimates in the past ten quarters, though the beat was by only two cents per share in the first quarter. And analysts so far are looking for sequential and year-over-year growth of both earnings and revenue for the current quarter.

The Company

Chipotle Mexican Grill is based in Denver and operates more than 1,075 quick-casual restaurants primarily in North America, but also in Toronto, Ontario, and London, United Kingdom. The menu focuses on burritos, tacos and salads prepared from fresh, high-quality ingredients that where possible are sustainably grown and naturally raised by local producers.

During the three months that ended in June, the company unveiled its new ShopHouse Southeast Asian Kitchen concept, saw its stock added to the S&amp;P MidCap 400 index, and launched its Wrap What You Love marketing initiative.

Performance

The long-term earnings per share growth forecast is 20.4% and the return on equity is 23.3%. Net cash flow from operations more than doubled in the past year. Despite hefty P/E and PEG ratios, as well as short interest at 15.2% of the float, 8 of 18 analysts following Chipotle rate the stock a Buy or Strong Buy.

The share price is 52.5% higher than at the beginning of the year, and up 137.3% from a year ago. The stock has outperformed the restaurants industry average and the broader markets year to date.

Action Items:

Bullish: Traders interested in exchange traded funds invested in Chipotle might want to consider the following trades:

<ul><li>PowerShares Dynamic Mid Cap Growth Portfolio (NYSE: <a class="ticker" href="/stock/pwj#NYSE">PWJ</a>): +28.9% in the past year</li>
<li>PowerShares Dynamic Leisure &amp; Entertainment Portfolio (NYSE: <a class="ticker" href="/stock/pej#NYSE">PEJ</a>): +40.6% in the past year</li>
<li>Vanguard Mid-Cap Growth Index Fund (NYSE: <a class="ticker" href="/stock/vot#NYSE">VOT</a>): +40.9% in the past year</li>
<li>Guggenheim Sector Rotation ETF (NYSE: <a class="ticker" href="/stock/xro#NYSE">XRO</a>): +29.8% in the past year</li></ul>

Bearish: Traders looking for a contrarian option might want to consider these alternative postions:

<ul><li>Direxion Daily Mid Cap Bear 3X Shares (NYSE: <a class="ticker" href="/stock/mwn#NYSE">MWN</a>): +274.4% in the past year</li>
<li>ProShares UltraShort MidCap 400 (NYSE: <a class="ticker" href="/stock/mzz#NYSE">MZZ</a>): +98.1% in the past year</li>
<li>ProShares UltraShort Russell MidCap Growth (NYSE: <a class="ticker" href="/stock/sdk#NYSE">SDK</a>): +92.4% in the past year</li></ul>

Neither Benzinga nor its staff recommend that you buy, sell, or hold any security. We do not offer investment advice, personalized or otherwise. Benzinga recommends that you conduct your own due diligence and consult a certified financial professional for personalized advice about your financial situation.

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Chipotle Mexican Grill Earnings Preview

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BENZINGA MONDIAL