Town Sports International Holdings Inc. and Multi-Color Corporation

Zacks #1 Rank (Strong Buy) stock Town Sports International Holdings Inc. (CLUB - Snapshot Report) jumped 24.3% higher on Thursday to hit a new 52-week high. The company reported better than expected results for its second quarter after the close on Wednesday.

Town Sports owns and operates fitness clubs primarily in the Northeast and mid-Atlantic regions of the United States.

Earnings per share came in at 16 cents, crushing the Zacks Consensus Estimate of 11 cents. Revenue inched up 0.7% to $118.285 million, in-line with expectations.

The company gave bullish guidance for the third quarter of 2011, sending shares significantly higher. Expect earnings estimates to rise sharply over the next few days.

Not far behind was Multi-Color Corporation (LABL - Snapshot Report), which rose 24.0% after reporting excellent results for the first quarter of its fiscal year 2012.

Multi-Color Corporation produces printed labels for branded consumer products in the U.S.

Earnings per share came in at 66 cents, a 65% increase over the same quarter in 2010. Total revenue was up a stellar 36% to $100.6 million, well ahead of the Zacks Consensus Estimate of $95.0 million.

Earnings estimates will likely rise in the coming days as well.

Other notable top performing Zacks #1 Rank stocks from Thursday include: Green Mountain Coffee Roasters Inc. (GMCR - Analyst Report), which jumped 16.4%, Neogenomics Inc. (NGNM - Analyst Report), which rose 11.5%, and AVEO Pharmaceuticals, Inc. (AVEO - Snapshot Report), which was up 10.0%.

To see the full list of Zacks #1 Rank (Strong Buy) stocks click here.

Todd Bunton is the Growth & Income Stock Strategist for Zacks Investment Research.

Read the full analyst report on LABL

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