ETF Outlook for Thursday, May 8, 2014
First Trust NASDAQ Clean Edge Green Energy ETF (NYSE: QCLN)
Red-hot momentum stock Tesla Motors (NASDAQ: TSLA) reported earnings after the bell Wednesday that came in better than expected along with revenue above estimates. However, the stock is down about seven percent in the pre-market as the stock tests important support at the $184 area.
Several ETFs could be on the move Thursday due to the high exposure to the stock. QCLN has a 7.4 percent stake in Tesla and the stock is the third largest position in the portfolio. The Market Vectors Global Alternative Energy ETF (NYSE: GEX) also calls Tesla its third largest holding with a 9.1 percent allocation. Both ETFs have been moving lower in the last two months and should continue that trend on Thursday.
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