Although investors have bought into the thesis that cloud-computing firms are purveyors of disruptive, game-changing technologies, calls are mounting that, just as they have with social media stocks, that shares of cloud companies have entered bubble territory.
Still, there are some that believe cloud stocks, including some that reside in SKYY, have entered bubble territory. Then there is the case of file-sharing Dropbox, the not-yet-public company that is looking for a valuation of $8 billion, which would price the company at 40 times estimated 2013 revenue of $200 million, according to TechCrunch.
Assuming Dropbox goes public, and indications are that it will, it would likely enter ETFs such as the Renaissance IPO ETF (NYSEArca: IPO) prior to joining SKYY. However, Dropbox is viewed as a cloud-computing firm, so it would make for a logical addition to SKYY at some point. SKYY is down 3% to start this week, indicating that either investors are concerned about a cloud bubble, are not buying Dropbox being worth more than double Boston Beer (NYSE: SAM) or both. A report of strong sales growth could boost Netflix and the internet ETFs holding the stock.
Major domestic and international stock ETFs made modest headway Monday as investors eyed a heavy slate of corporate earnings and the GOP party convention in Cleveland.
Other tech exchange traded funds also gained ahead of reports from Netflix (NFLX) and IBM (IBM). Tech giant IBM reported second-quarter earnings that beat consensus. As part of a major shift in business priorities, Big Blue has shed computer hardware units, reshuffled its software businesses and realigned its workforce to focus on growth areas such as cloud computing, Big Data analytics, security and mobile computing. The Watson technology platform uses natural language processing and machine learning to reveal insights from large amounts of unstructured data. Interest has returned to the Big Data industry amid major acquisitions, notably Thoma Bravo's purchase of Qlik Technologies (QLIK), and Vista Equity Partners' of Marketo (MKTO), Chanin said. Netflix, which disclosed lackluster subscriber growth after the market close, is the fourth-largest stock in First Trust ISE Cloud Computing (SKYY).
Other ETFs with big stakes in Netflix include First Trust Dow Jones Internet (FDN) and PowerShares Nasdaq Internet (PNQI).


Netflix's Q2 earnings report confirmed fears about disappointing subscriber growth amid rising content costs and increased competition for the internet television network.
Meanwhile, SPDR Gold Shares (GLD) eked out a gain even as stocks rose today. The ETF tracks the price of gold and serves as a safe-haven asset. Stock investors were reassured by news that a coup attempt in Turkey over the weekend had failed. Here's a look at how major exchange traded funds, tracking various asset classes, performed today, with IBD RS Ratings. The RS (Relative Price Strength) Rating is a measure of a stock's price performance over the last 12 months, compared with all stocks and ETFs in the IBD database, on a scale of 1 to a best-possible 99. Robotic and artificial intelligence systems being developed by IBM and others are sophisticated and cheap enough to spread rapidly through the economy.
Get 4 free weeks of the IBD Digital edition plus access to IBD's exclusive market analysis, proprietary stock ratings and interactive tools. Get the most out of IBD's products and features by learning the CAN SLIM Investing System and staying in sync with the market trend. The recent momentum sell-off has exposed a plethora of offenders with ample attention paid to those in the Internet, social media and solar industries. Over the past three months, only four of SKYY’s top-10 holdings, a group that combines for nearly 37% of the ETF’s weight, have posted gains.
Several of SKYY’s top-10 holdings have posted double-digit losses over the past three months. Even though SKYY is down 5.3% since the start of the second quarter, investors have poured $10.
SKYY may not be a “bellwether” ETF, but it is the lone cloud-computing ETF, making its reaction to news of Dropbox thinking it is worth $8 billion interesting. Try 4 weeks of IBD Digital Premium and get instant access to exclusive stock lists, proprietary ratings and actionable stock analysis.


The ETF has a roughly 5% weighting in ARM Holdings, a top-10 holding in a 25-stock portfolio. The Big Data ETF has made a big move up in July after struggling in the first half of this year. You will find the latest news, market analysis, and education to help you become a more successful investor. Luckily for holders of the ETF, the fund does not own shares of Workday (NYSE: WDAY), which is down more than 23% over since Feb. The ETF has captured nearly $134 million of its $288.4 million in assets under management this year.
The troubling aspect is that valuations for many of these companies seem just as stretched as Internet stocks were back then.
Early Monday, PureFunds CEO Andrew Chanin was particularly looking for updates regarding their Watson franchise. The companies, however, have their champions,” writes Aaron Pressman for Yahoo’s Daily Ticker. We think investors may be paying too much for the growth inherent in these companies,” according to Janus Capital. Assuming Dropbox goes public, and indications are that it will, it would likely enter ETFs such as the Renaissance IPO ETF (IPO) prior to joining SKYY.However, Dropbox is viewed as a cloud-computing firm, so it would make for a logical addition to SKYY at some point.
SKYY may not be a “bellwether” ETF, but it is the lone cloud-computing ETF, making its reaction to news of Dropbox thinking it is worth $8 billion interesting.SKYY is down 3% to start this week, indicating that either investors are concerned about a cloud bubble, are not buying Dropbox being worth more than double Boston Beer (SAM) or both.



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