WABCO (WBC) and Fabrinet (FN)

The market returned to its winning ways on Friday with the Dow up nearly 44 points, or 0.36%. The S&P and NASDAQ were up 0.55% and 0.68%, respectively. The big news of the day came when Egyptian President Hosni Mubarak announced that he will, after all, resign.

Many people are citing the news out of Egypt for the market turning around from some morning weakness. However, when it comes to the Zacks #1 Rank Top Performers mentioned below, their strong sessions came straight from their own quarterly reports.

WABCO Holdings Inc. (WBC - Snapshot Report) was THE top-performing Zacks #1 Rank company on Friday, after announcing a sixth straight quarter with a positive earnings surprise.

Shares for this supplier of safety and control systems for commercial vehicles were up 8.37% today while volume soared past 2.2 million shares, compared to the daily average of about 685,000.

WBC took advantage of improving conditions in the commercial vehicle market throughout 2010. It ended the year with fourth-quarter earnings per share of $1.01 (96 cents GAAP), compared to 36 cents last year. The result easily surpassed the Zacks Consensus Estimate at 90 cents.

Sales jumped 41% to $627 million.

The good times aren't expected to stop in 2011 either. WABCO expects sales this year to advance between 18% and 23% from 2010. Earnings per share are expected at $3.75 to $4.15 ($3.87 to $4.27 GAAP).

Earnings estimates for WBC could be poised to advance in the coming days. At the moment, the Zacks Consensus Estimate for 2011 of $3.73 per share is below the lower end of WBC’s guidance. Meanwhile, that $3.73 outlook has advanced more than 10% in the past 2 months.

WBC is part of the auto/truck – original industry. There were 4 other names from this space on today's Zacks #1 Rank List: Commercial Vehicle Group, Inc. (CVGI - Snapshot Report), Dana Holding Corp. (DAN - Snapshot Report), Magna International Inc. (MGA - Analyst Report) and Strattec Security Corp. (STRT - Snapshot Report).

Fabrinet (FN - Snapshot Report) was another top-performing Zacks #1 Rank company as shares advanced 7.8%. Volume was north of 386,000 shares Friday, versus the daily average of around 184,000.

FN provides precision optical, electro-mechanical and electric manufacturing services to original equipment manufacturers of complex products, such as optical communication components, modules and sub-systems, industry laser and sensors.

Last week, Fabrinet announced fiscal second quarter earnings per share of 46 cents, which edged past the Zacks Consensus Estimate by a penny, or 2.22%. Revenue jumped 61% to $184.6 million, as the company enjoyed strength in all of its product areas.

The Zacks Consensus Estimate for this fiscal year, ending June 2011, is up nearly 4% in the past 30 days to $1.86 per share. For next fiscal year, the Zacks Consensus Estimate is at $2.06 per share, an advance of 4.6% in a month. This outlook also suggests year-over-year profit growth of about 11%.

Fabrinet is 1 of 4 names from the electronic – misc components industry on today's Zacks #1 Rank List. The other 3 names are Ceradyne, Inc. (CRDN - Snapshot Report), Rogers Corp. (ROG - Snapshot Report) and TTM Technologies, Inc. (TTMI - Snapshot Report).

Read the full analyst report on STRT

Read the full analyst report on CRDN

Read the full analyst report on MGA

Read the full analyst report on CVGI

Read the full analyst report on TTMI

Read the full analyst report on DAN

Read the full analyst report on ROG

Read the full analyst report on FN

Read the full analyst report on WBC