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Due to the coronavirus outbreak, a slew of companies are making negative earnings revisions and the carnage isn't limited to withdrawn guidance by some big name technology companies.
Some exchange traded funds have large concentrations of components that are making downward revisions. For example, the Amplify Advanced Battery Metals and Materials ETF (NYSE:BATT) downbeat earnings revision tally is close to 48%, according to the ETF Research Center.
“Estimate revisions are an important metric we monitor because they tell us how the analysts who follow companies the closest are changing their thinking,” says ETFRC. “Analysts being an optimistic bunch, they tend to overestimate a company's earnings at the start of each year, so negative estimate revisions as the year progresses are normal and widespread.”
Here are three other ETFs chock full of negative earnings guidance.
See Also: 3 Safe Harbor ETFs
Investors thinking the coronavirus would be a salve for biotechnology stocks and ETFs have learned a hard lesson and the First Trust NYSE Arca Biotechnology Index Fund (NYSE:FBT) has proved as much. FBT, one of the largest biotech ETFs, is lower by almost 6% over the past week, far worse than 4.15% shed by the NASDAQ Biotechnology Index over the same period.
The negative earnings revision tally for FBT is 35%, second only to BATT.
The only thing surprising about the inclusion of the Invesco Dynamic Energy Exploration & Production ETF (NYSE:PXE) on this list is that there are several ETFs in between it and the worst spot. The downbeat earnings revision tally for the moribund PXE is 17.2%, according to ETFRC.
The fund is down 17.73% over the past week and almost 35% year-to-date and entered Thursday 47.2% below its 52-week high. As the chart indicates, PXE is in a death spiral.
Death spiral part II with the First Trust Natural Gas ETF (NYSE:FCG), which is to say don't be fooled by the 4.34% yield on this fund. If the 14.4% negative earnings revisions doesn't scare an investor away, the 35% year-to-date decline should.
Following FCG's close at $7.83 on Wednesday, further losses from here make a reverse split a very real possibility.
