We will still have a handful Q4 earnings reports to come after this week, but for all practical purposes this is the last week of this earnings season. We have a total of 395 companies coming out with results this week, including 42 S&P 500 members. By the end of this week, we will have seen Q4 results from 97.4% of the S&P 500 members.
This week’s results are heavily weighted towards the retail sector, with results from a number of major retailers on the docket. This includes players like Lowe's (LOW), Home Depot (HD), Macy’s (M), Limited Brands (LTD), Target (TGT), Gap (GPS), Best Buy (BBY) and others. Priceline (PCLN) and Salesforce.com (CRM) will also be reporting results this week, as will be Heinz (HNZ).
The overall backdrop for the retail space has not been very favorable lately, as we saw in the Wal-Mart (WMT) results, with the payroll tax changes, delayed tax refunds and higher gasoline prices impacting sales. This isn’t a concern with the high end of the retail space, but Wal-Mart’s soft outlook for this year is relevant to Target and other discounters. Guidance from Nordstrom (JWN) and Abercrombie & Fitch (ANF) was also less than reassuring. It will be interesting to see if those trends will show up in Macy’s and Gap’s results.
The reality of the Q4 earnings season is that it has turned out to be not as bad as many of us suspected. Leaving aside anemic earnings growth, on most other metrics the fourth quarter reporting season is quite good. Not only are the ratio and magnitude of surprises better than the previous quarter and comparable to the last many, but the tone of management guidance has also been less worrisome than was the case in the third quarter reporting season.
Total earnings for the 445 S&P 500 companies that have come out with Q4 results, as of Friday February 22, are up +2% from the same period last year, with 66.7% beating expectations with a strong median surprise of +3.4%. Stripping out the unusual revenue growth at Prudential Financial (PRU) and Express Scripts (ESRX), total revenues are up +1.2%, with 61.8% of the companies beating revenue expectations, with a median revenue surprise of +0.7%.
Expectations for the coming quarters have started coming down, but they still represent a meaningful improvement from what we saw in 2012. Total earnings are expected to be down -3.7% in the first quarter, up +3.9% in the second quarter, +7.1% in the third quarter and +13.5% in the fourth quarter of 2013.
For the full-years 2013 and 2014, total earnings are expected to be up +6.7% in 2013 and 11.8% in 2014. The bottom-up ‘EPS’ estimates for the S&P 500 currently stand at $109.38 for 2013 and $122.28 for 2014 (Note: The Zacks bottom-up estimates are lower than other data vendors because we account for employee stock options, while others don’t).
Monday - 2/25
Tuesday - 2/26
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We will get the January New Home sales, February Consumer Confidence data, and December Case-Shiller home price index after the market opens. New Home sales are expected to come in at 384K vs. 369K in December, while Consumer Confidence is also expected to improve from the prior 58.6 reading.
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Home Depot (HD), Macy’s (M) and AutoZone (AZO) are the major companies reporting in the morning, while Priceline (PCLN) and First Solar (FSLR) report after the close.
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Zacks ESP is showing Macy’s coming out a positive earnings surprise.
Wednesday - 2/27
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We will get the January Durable Goods report come out in the morning, with expectations of a -5% ‘headline’ decline vs. the +4.3% ‘headline’ gain in December.
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Target (TGT), TJ Maxx (TJX), Dollar Tree (DLTR) and Joy Global (JOY) are the key reports in the morning, while Limited Brands (LTD) and JC Penney (JCP) report after the close.
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Zacks ESP is showing Dollar Tree and Limited Brands coming out with positive earnings surprises.
Thursday - 2/28
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We have a buy day on the economic calendar, with weekly Jobless Claims, the second read on the Q4 GDP, and the February Chicago PMI coming out in the morning. The advanced Q4 GDP read that showed a surprising negative growth rate is expected to get revised higher to +0.5%.
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Kohl’s (KSS) and Best Buy (BBY) are the major reports in the morning, while Salesforce.com (CRM) and Gap (GPS) are reporting after the close.
Friday-3/1
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A very day on the econ calendar, with January Personal Income & Outlays, February manufacturing ISM, and the final University of Michigan Sentiment survey coming out. We will also be getting the January Construction Spending and motor vehicle sales numbers for February.
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Personal Income is expected to weaken materially from the prior month’s level, with the payroll tax issue the major culprit. The ISM reading is expected to show a modest decline from January’s 53.1 level, but remain above the 50 reading.
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Pepco Holdings (POM) and Magna International (MGA) are the only notable earnings reports today.
Here is a list of the 395 companies reporting this week, including 42 S&P 500 members:
| Company | Ticker | Current Qtr | Year-Ago Qtr | Last EPS Surprise % | Report Day |
| 3D SYSTEMS CORP | DDD | 0.37 | 0.25 | 15.38 | Monday |
| AEGION CORP | AEGN | 0.42 | 0.38 | 6.38 | Monday |
| AMSURG CORP | AMSG | 0.51 | 0.46 | 0 | Monday |
| AQUA AMER INC | WTR | 0.24 | 0.2 | 2.86 | Monday |
| ARBITRON INC | ARB | 0.64 | 0.58 | 3.39 | Monday |
| ARIAD PHARMA | ARIA | -0.36 | -0.38 | -3.23 | Monday |
| AUTODESK INC | ADSK | 0.38 | 0.36 | -9.68 | Monday |
| AXT INC | AXTI | -0.01 | 0.08 | 0 | Monday |
| BRAVO BRIO RSTR | BBRG | 0.33 | 0.25 | -12.5 | Monday |
| CAESARS ENTERTN | CZR | -1.62 | -1.76 | 38.26 | Monday |
| CARRIAGE SVCS-A | CSV | 0.23 | 0.11 | 14.29 | Monday |
| CHEMTURA CORP | CHMT | 0.32 | 0.26 | -2.78 | Monday |
| COMMONWEALTH RE | CWH | 0.85 | 0.76 | 1.22 | Monday |
| COOPER TIRE | CTB | 0.85 | 0.51 | 34.48 | Monday |
| DEALERTRACK HLD | TRAK | 0.24 | 0.24 | -20 | Monday |
| DENDREON CORP | DNDN | -0.55 | 0.26 | -25.3 | Monday |
| DONALDSON CO | DCI | 0.38 | 0.35 | 5.88 | Monday |
| EAGLE ROCK EGY | EROC | 0.02 | 0.06 | -100 | Monday |
| ENDOCYTE INC | ECYT | -0.02 | -0.3 | -400 | Monday |
| FIRSTENERGY CP | FE | 0.79 | 0.77 | 3.77 | Monday |
| GENL CABLE CORP | BGC | 0.29 | 0.3 | -6.25 | Monday |
| GLOBAL GEOPHYS | GGS | 0.12 | 0.14 | 35.71 | Monday |
| GREATBATCH INC | GB | 0.5 | 0.39 | 4.55 | Monday |
| GRUPO AEROP-ADR | ASR | 1.09 | 1.01 | -5.36 | Monday |
| HALOZYME THERA | HALO | -0.15 | -0.18 | -28.57 | Monday |
| HAVERTY FURNIT | HVT | 0.23 | 0.12 | 25 | Monday |
| HEALTH CR REIT | HCN | 0.85 | 0.91 | 2.25 | Monday |
| HECLA MINING | HL | 0.04 | 0.06 | -75 | Monday |
| HERTZ GLBL HLDG | HTZ | 0.32 | 0.24 | 5 | Monday |
| IMPAX LABORATRS | IPXL | 0.2 | 0.33 | -4 | Monday |
| KAMAN CORP A | KAMN | 0.61 | 0.53 | -4.84 | Monday |
| KOSMOS ENERGY | KOS | 0.05 | 0.09 | -11.11 | Monday |
| LEGACY RESERVES | LGCY | 0.39 | 0.46 | -16.28 | Monday |
| LOWES COS | LOW | 0.23 | 0.29 | 14.29 | Monday |
| MERCADOLIBRE IN | MELI | 0.61 | 0.47 | 0 | Monday |
| MINDRAY MEDICAL | MR | 0.48 | 0.41 | -4.88 | Monday |
| NOAH HLDGS LTD | NOAH | 0.1 | 0.06 | 27.27 | Monday |
| OASIS PETROLEUM | OAS | 0.46 | 0.32 | 5.56 | Monday |
| ONEOK INC | OKE | 0.45 | 0.54 | -3.12 | Monday |
| ONEOK PARTNERS | OKS | 0.64 | 1.26 | 9.86 | Monday |
| QUICKSILVER RES | KWK | 0.01 | 0 | -300 | Monday |
| SALEM COMM | SALM | 0.12 | 0.06 | 55.56 | Monday |
| SHANDA GAME-ADR | GAME | 0.14 | 0.19 | 0 | Monday |
| SOLAR CAPITAL | SLRC | 0.6 | 0.57 | -1.64 | Monday |
| SOLAR SENIOR CP | SUNS | 0.35 | 0.27 | -11.11 | Monday |
| STIFEL FINL | SF | 0.58 | 0.43 | 27.66 | Monday |
| SYKES ENTRP INC | SYKE | 0.31 | 0.27 | 14.81 | Monday |
| TGC INDUSTRIES | TGE | 0.16 | 0.17 | -28.57 | Monday |
| THOMPSON CREEK | TC | -0.05 | 0 | 80 | Monday |
| URS CORP | URS | 0.99 | 0.89 | 9.4 | Monday |
| VIVUS INC | VVUS | -0.44 | -0.14 | -21.21 | Monday |
| ACCELRYS INC | ACCL | 0.05 | 0.18 | 28.57 | Tuesday |
| AKORN INC | AKRX | 0.11 | 0.1 | 16.67 | Tuesday |
| AMC NETWORKS- A | AMCX | 0.63 | 0.41 | 50 | Tuesday |
| AMER TOWER CORP | AMT | 0.41 | N/A | 5.26 | Tuesday |
| AMER WATER WORK | AWK | 0.35 | 0.34 | 4.88 | Tuesday |
| ASCENT CAP GRP | ASCMA | -0.35 | 1.12 | -537.5 | Tuesday |
| ASTEC INDS INC | ASTE | 0.39 | 0.41 | -28.57 | Tuesday |
| AUTOZONE INC | AZO | 4.73 | 4.15 | 0.19 | Tuesday |
| AUXILIUM PHARMA | AUXL | 1.71 | -0.25 | -250 | Tuesday |
| AVAGO TECHNOLOG | AVGO | 0.56 | 0.58 | 7.35 | Tuesday |
| AVID TECH INC | AVID | 0.11 | 0.3 | -200 | Tuesday |
| BANK MONTREAL | BMO | 1.46 | 1.42 | 16.9 | Tuesday |
| BIG 5 SPORTING | BGFV | 0.18 | 0.05 | 21.88 | Tuesday |
| BIO-RAD LABS -A | BIO | 1.34 | 2.14 | 0.85 | Tuesday |
| BOISE INC | BZ | 0.2 | 0.17 | 0 | Tuesday |
| CAMPUS CREST CM | CCG | 0.2 | 0.22 | 0 | Tuesday |
| CARRIZO OIL&GAS | CRZO | 0.35 | 0.2 | 15.79 | Tuesday |
| CASTLE (AM) &CO | CAS | -0.06 | 0.03 | -23.08 | Tuesday |
| CDI CORP | CDI | 0.23 | 0.22 | 28.57 | Tuesday |
| CHINA CORD BLD | CO | 0.05 | 0.09 | 25 | Tuesday |
| CHINA DISTANCE | DL | 0.03 | 0.01 | 10 | Tuesday |
| COBALT INTL EGY | CIE | -0.09 | -0.11 | 0 | Tuesday |
| COMPRESSCO PTNR | GSJK | 0.33 | 0.2 | 33.33 | Tuesday |
| CRACKER BARREL | CBRL | 1.24 | 1.2 | 2.86 | Tuesday |
| CRESTWOOD MIDST | CMLP | 0.22 | 0.25 | -5.56 | Tuesday |
| DESARROLLADORA | HXM | 1.5 | 0.72 | -54 | Tuesday |
| DIGITALGLOBE | DGI | 0.26 | 0.1 | 28.57 | Tuesday |
| DONNELLEY (RR) | RRD | 0.37 | 0.46 | 13.33 | Tuesday |
| DREAMWORKS ANIM | DWA | 0.11 | 0.29 | 190 | Tuesday |
| DYCOM INDS | DY | 0.1 | 0.1 | 5.88 | Tuesday |
| ECOLAB INC | ECL | 0.89 | 0.7 | 0 | Tuesday |
| EDISON INTL | EIX | 1.09 | 0.75 | -26.36 | Tuesday |
| EMCOR GROUP INC | EME | 0.6 | 0.57 | 18 | Tuesday |
| EPR PROPERTIES | EPR | 0.91 | 0.91 | 2.17 | Tuesday |
| ERIE INDEMNITY | ERIE | 0.55 | 0.47 | -12.77 | Tuesday |
| EW SCRIPPS CO | SSP | 0.51 | 0.11 | 144.44 | Tuesday |
| EXACTECH INC | EXAC | 0.27 | 0.18 | 11.76 | Tuesday |
| EXPEDITORS INTL | EXPD | 0.43 | 0.43 | -2.33 | Tuesday |
| EXTERRAN HLDGS | EXH | 0.02 | -0.14 | 118.18 | Tuesday |
| EXTERRAN PTNRS | EXLP | 0.18 | 0.11 | 50 | Tuesday |
| FIRST MAJESTIC | AG | 0.29 | 0.25 | 4.55 | Tuesday |
| FIRST SOLAR INC | FSLR | 1.75 | 1.26 | 15.45 | Tuesday |
| FRESENIUS MED | FMS | 0.52 | 0.51 | -9.28 | Tuesday |
| GIANT INTERACTV | GA | 0.19 | 0.17 | 11.11 | Tuesday |
| GIGOPTIX INC | GIG | 0.02 | -0.05 | N/A | Tuesday |
| GP STRATEGIES | GPX | 0.31 | 0.26 | 14.29 | Tuesday |
| GRAFTECH INTL | GTI | 0.21 | 0.31 | 22.22 | Tuesday |
| GRAN TIERRA EGY | GTE | 0.13 | 0.11 | 45.45 | Tuesday |
| GUIDEWIRE SFTWR | GWRE | -0.11 | 0.03 | 28.57 | Tuesday |
| GULFMARK OFFSHR | GLF | 0.28 | 0.89 | -43.84 | Tuesday |
| GULFPORT ENGY | GPOR | 0.22 | 0.59 | -28.21 | Tuesday |
| HEALTHSTREAM | HSTM | 0.08 | 0.07 | -12.5 | Tuesday |
| HEIDRICK & STRG | HSII | 0.17 | 0.42 | 0 | Tuesday |
| HOLLYFRONTIER | HFC | 2.27 | 1.1 | 21.99 | Tuesday |
| HOME DEPOT | HD | 0.64 | 0.5 | 5.71 | Tuesday |
| INFINITY PPTY | IPCC | -0.17 | 0.96 | -57.81 | Tuesday |
| ISTAR FINL INC | SFI | -0.88 | -0.45 | 100 | Tuesday |
| JAZZ PHARMACEUT | JAZZ | 1.27 | 0.96 | -0.83 | Tuesday |
| LEMAITRE VASCLR | LMAT | 0.05 | 0.03 | 0 | Tuesday |
| LIVE NATION ENT | LYV | -0.34 | -0.55 | 18.52 | Tuesday |
| MACYS INC | M | 1.97 | 1.7 | 24.14 | Tuesday |
| MAKO SURGICAL | MAKO | -0.09 | -0.14 | 6.25 | Tuesday |
| MARTHA STWT LIV | MSO | 0.03 | 0.03 | 18.18 | Tuesday |
| METROPCS COMMUN | PCS | 0.13 | 0.25 | 46.15 | Tuesday |
| NUVASIVE INC | NUVA | 0.11 | 0.15 | 50 | Tuesday |
| ORMAT TECH INC | ORA | 0.02 | 0.41 | 9.52 | Tuesday |
| PAPA JOHNS INTL | PZZA | 0.76 | 0.65 | 0 | Tuesday |
| PENN RE INV TR | PEI | 0.6 | 0.63 | 7.5 | Tuesday |
| PRICELINE.COM | PCLN | 6.17 | 4.91 | 5.75 | Tuesday |
| QUESTCOR PHARMA | QCOR | 0.87 | 0.48 | 26.03 | Tuesday |
| RADIOSHACK CORP | RSH | -0.03 | 0.12 | -94.12 | Tuesday |
| RANGE RESOURCES | RRC | 0.14 | 0.2 | 1200 | Tuesday |
| REX ENERGY CORP | REXX | 0.09 | 0.14 | 33.33 | Tuesday |
| RIMAGE CORP | RIMG | -0.25 | 0 | 30.77 | Tuesday |
| RITCHIE BROS | RBA | 0.24 | 0.25 | -18.18 | Tuesday |
| ROSETTA RESRCS | ROSE | 0.93 | 0.69 | 5.56 | Tuesday |
| SAKS INC | SKS | 0.15 | 0.17 | 0 | Tuesday |
| SEMPRA ENERGY | SRE | 0.97 | 1.21 | 33 | Tuesday |
| SPREADTRUM-ADR | SPRD | 0.47 | 0.75 | 0 | Tuesday |
| STEVEN MADDEN | SHOO | 0.71 | 0.55 | 4.44 | Tuesday |
| STONE ENERGY CP | SGY | 0.55 | 0.96 | -5.66 | Tuesday |
| SUMMIT HOTEL PR | INN | 0.12 | 0.11 | 4 | Tuesday |
| SUPERIOR ENERGY | SPN | 0.48 | 0.67 | 11.11 | Tuesday |
| TELEPHONE &DATA | TDS | 0.04 | 0.03 | -38.64 | Tuesday |
| TELETECH HLDGS | TTEC | 0.35 | 0.29 | 14.71 | Tuesday |
| TENET HEALTH | THC | 0.69 | 0.4 | -22.22 | Tuesday |
| TITAN INTL INC | TWI | 0.47 | 0.31 | 6.52 | Tuesday |
| TIVO INC | TIVO | -0.12 | -0.24 | 43.48 | Tuesday |
| TOWER GROUP INC | TWGP | -1.13 | 0.63 | 1.64 | Tuesday |
| TRIMAS CORP | TRS | 0.33 | 0.25 | 6.25 | Tuesday |
| TRINA SOLAR LTD | TSL | -0.87 | -0.93 | -1.64 | Tuesday |
| UNI-PIXEL INC | UNXL | -0.25 | -0.26 | 11.11 | Tuesday |
| UNS ENERGY CORP | UNS | 0.16 | 0.22 | 2.48 | Tuesday |
| US CELLULAR | USM | 0.01 | 0.15 | -9.84 | Tuesday |
| US SILICA HOLDI | SLCA | 0.31 | 0.3 | 9.09 | Tuesday |
| UTD NATURAL FDS | UNFI | 0.5 | 0.45 | 0 | Tuesday |
| UTD THERAPEUTIC | UTHR | 1.26 | 0.72 | 16.8 | Tuesday |
| VERISK ANALYTIC | VRSK | 0.54 | 0.5 | 8 | Tuesday |
| VICOR CORP | VICR | 0 | 0.02 | -100 | Tuesday |
| VITAMIN SHOPPE | VSI | 0.4 | 0.38 | 17.39 | Tuesday |
| VORNADO RLTY TR | VNO | 1.15 | 1.15 | -2.56 | Tuesday |
| W&T OFFSHORE | WTI | 0.24 | 0.69 | 5.56 | Tuesday |
| WEATHERFORD INT | WFT | 0.18 | 0.02 | -10.71 | Tuesday |
| WP CAREY INC | WPC | 0.96 | 0.88 | -5.75 | Tuesday |
| ZAGG INC | ZAGG | 0.28 | 0.27 | 43.75 | Tuesday |
| ACCRETIVE HLTH | AH | 0.05 | 0.13 | 200 | Wednesday |
| AEGEAN MARINE | ANW | 0.18 | 0.14 | 0 | Wednesday |
| AES CORP | AES | 0.31 | 0.2 | 2.86 | Wednesday |
| AFC ENTERPRISES | AFCE | 0.31 | 0.24 | 7.41 | Wednesday |
| AGREE RLTY CORP | ADC | 0.51 | 0.48 | 4 | Wednesday |
| AIR TRANSPT SVC | ATSG | 0.13 | 0.2 | 5.88 | Wednesday |
| AMER SOFTWARE A | AMSWA | 0.1 | 0.1 | 11.11 | Wednesday |
| AMERISAFE INC | AMSF | 0.4 | 0.32 | -2.78 | Wednesday |
| ANIKA THERAPEUT | ANIK | 0.23 | 0.21 | -31.25 | Wednesday |
| APOLLO COMMERCL | ARI | 0.29 | 0.36 | -100 | Wednesday |
| ARES CAP CP | ARCC | 0.41 | 0.48 | 2.44 | Wednesday |
| ASHFORD HOSPTLY | AHT | 0.38 | 0.42 | 0 | Wednesday |
| ASSURED GUARNTY | AGO | 0.71 | 0.95 | 25 | Wednesday |
| AUTONAVI HL-ADR | AMAP | 0.13 | 0.14 | 25 | Wednesday |
| BABCOCK&WILCOX | BWC | 0.42 | 0.52 | -15.91 | Wednesday |
| BROADSOFT INC | BSFT | 0.31 | 0.3 | 9.52 | Wednesday |
| BROADWIND ENRGY | BWEN | -0.09 | -0.4 | -30 | Wednesday |
| CAL DIVE INTL | DVR | -0.05 | -0.08 | 0 | Wednesday |
| CALIF WATER SVC | CWT | 0.09 | 0.04 | 20.34 | Wednesday |
| CAREER EDU CORP | CECO | -0.3 | 0.31 | 0 | Wednesday |
| CBEYOND INC | CBEY | -0.08 | -0.17 | 700 | Wednesday |
| CENTERPOINT EGY | CNP | 0.21 | 0.26 | 17.65 | Wednesday |
| CENTL EUR MEDIA | CETV | -0.24 | -0.06 | -33.33 | Wednesday |
| CHICAGO BRIDGE | CBI | 0.83 | 0.7 | 1.23 | Wednesday |
| CHINA YUCHAI | CYD | 1.21 | 1.53 | 135 | Wednesday |
| CHURCHILL DOWNS | CHDN | 0.19 | 0.25 | -2.86 | Wednesday |
| CINCINNATI BELL | CBB | 0.04 | 0.03 | -80 | Wednesday |
| COCA-COLA FEMSA | KOF | 1.78 | 1.29 | 11.57 | Wednesday |
| CODEXIS INC | CDXS | -0.31 | -0.15 | 62.5 | Wednesday |
| CONTL RESOURCES | CLR | 0.9 | 0.88 | 0 | Wednesday |
| COSTAR GRP INC | CSGP | 0.36 | 0.25 | 3.13 | Wednesday |
| CVR PARTNERS LP | UAN | 0.18 | 0.56 | 2.38 | Wednesday |
| DCP MIDSTREAM | DPM | 0.54 | 0.39 | -31.25 | Wednesday |
| DELTIC TIMBER | DEL | 0.27 | -0.02 | N/A | Wednesday |
| DINEEQUITY INC | DIN | 0.82 | 0.91 | 10.75 | Wednesday |
| DOLLAR TREE INC | DLTR | 0.99 | 0.8 | 4.08 | Wednesday |
| DXP ENTERPRISES | DXPE | 0.84 | 0.61 | 8.86 | Wednesday |
| DYNAMIC MATLS | BOOM | 0.22 | 0.27 | 21.74 | Wednesday |
| EDGEWATER TECH | EDGW | 0.05 | 0.03 | -44.44 | Wednesday |
| EMPLOYERS HLDGS | EIG | 0.08 | 0.46 | 150 | Wednesday |
| ENDOLOGIX INC | ELGX | -0.03 | -0.06 | 25 | Wednesday |
| ENTRAVISION COM | EVC | 0.09 | -0.02 | 33.33 | Wednesday |
| EPAM SYSTEMS | EPAM | 0.37 | 0.3 | -8.57 | Wednesday |
| EXAMWORKS GROUP | EXAM | -0.17 | -0.15 | 20 | Wednesday |
| EXCEL TRUST INC | EXL | 0.2 | 0.17 | 10.53 | Wednesday |
| FEDERAL MOGUL-A | FDML | 0.15 | 0.52 | -8 | Wednesday |
| FORTRESS INVEST | FIG | 0.13 | 0.09 | 9.09 | Wednesday |
| GEEKNET INC | GKNT | 1.1 | 0.95 | 31.11 | Wednesday |
| GREIF INC | GEF | 0.53 | 0.55 | 21.15 | Wednesday |
| GROUPON INC | GRPN | -0.02 | -0.08 | 100 | Wednesday |
| GT ADV TECH INC | GTAT | -0.09 | 0.12 | -200 | Wednesday |
| HANSEN MEDICAL | HNSN | -0.14 | -0.16 | 12.5 | Wednesday |
| HEARTWARE INTL | HTWR | -1.63 | -1.53 | -13.64 | Wednesday |
| HEINZ (HJ) CO | HNZ | 0.89 | 0.95 | 11.24 | Wednesday |
| HOSPITALITY PRP | HPT | 0.76 | 0.78 | -6.33 | Wednesday |
| HUNTINGTON INGL | HII | 0.89 | 1.19 | -7.5 | Wednesday |
| ICF INTL INC | ICFI | 0.47 | 0.44 | 2.13 | Wednesday |
| INSIGNIA SYS | ISIG | 0.01 | -0.03 | 160 | Wednesday |
| INSULET CORP | PODD | -0.22 | -0.3 | -13.04 | Wednesday |
| INTERVAL LEISUR | IILG | 0.21 | 0.16 | 0 | Wednesday |
| INTERXION HLDG | INXN | 0.18 | 0.21 | -6.25 | Wednesday |
| ITC HOLDINGS CP | ITC | 1.08 | 0.86 | 4.9 | Wednesday |
| ITT CORP | ITT | 0.38 | 0.36 | 12.82 | Wednesday |
| JIAYUAN.COM INT | DATE | 0.02 | -0.01 | 60 | Wednesday |
| JOY GLOBAL INC | JOY | 1.14 | 1.26 | 2.11 | Wednesday |
| KRATON PERFORM | KRA | 0.12 | -0.65 | 68.97 | Wednesday |
| LAMAR ADVER CO | LAMR | 0.11 | 0.07 | -7.14 | Wednesday |
| LIBERTY M INT-A | LINTA | 0.44 | 0.48 | 11.11 | Wednesday |
| LIMITED BRANDS | LTD | 1.73 | 1.5 | 4 | Wednesday |
| LO-JACK CORP | LOJN | 0.2 | 0.26 | N/A | Wednesday |
| LTX-CREDENCE CP | LTXC | -0.06 | -0.2 | -25 | Wednesday |
| MARCHEX INC | MCHX | -0.02 | 0.01 | 25 | Wednesday |
| MARKET LEADER | LEDR | -0.05 | -0.1 | 0 | Wednesday |
| MARKWEST EGY PT | MWE | 0.37 | 0.74 | -8.11 | Wednesday |
| MARTIN MIDSTRM | MMLP | 0.39 | 0.06 | 83.33 | Wednesday |
| MATTSON TECH | MTSN | -0.14 | -0.07 | 37.5 | Wednesday |
| MICROVISION INC | MVIS | -0.14 | -0.62 | 25 | Wednesday |
| MONSTER BEVERAG | MNST | 0.41 | 0.35 | -14.55 | Wednesday |
| MYLAN INC | MYL | 0.64 | 0.53 | 7.79 | Wednesday |
| NATL INTERST CP | NATL | 0.36 | 0.56 | 4.88 | Wednesday |
| NRG ENERGY INC | NRG | -0.29 | -0.48 | -52.83 | Wednesday |
| OGE ENERGY CORP | OGE | 0.34 | 0.35 | 2.19 | Wednesday |
| PACTERA TEC INT | PACT | 0.23 | 0.2 | 0 | Wednesday |
| PALL CORP | PLL | 0.67 | 0.76 | 3.03 | Wednesday |
| PDC ENERGY INC | PDCE | -0.1 | 0.11 | -128.57 | Wednesday |
| PENNEY (JC) INC | JCP | -0.13 | 0.21 | -1062.5 | Wednesday |
| SABRA HEALTHCR | SBRA | 0.37 | 0.37 | 2.63 | Wednesday |
| STAAR SURGICAL | STAA | 0.01 | 0.02 | 100 | Wednesday |
| STARWOOD PROPRT | STWD | 0.39 | 0.4 | -100 | Wednesday |
| STARZ-LIB CAP-A | STRZA | 0.5 | 0.47 | -59.52 | Wednesday |
| STEINER LEISURE | STNR | 0.74 | 0.83 | -5.56 | Wednesday |
| STILLWATER MNG | SWC | 0.06 | 0.21 | 450 | Wednesday |
| STRATEGIC HOTEL | BEE | 0.05 | 0.05 | -11.11 | Wednesday |
| STURM RUGER&CO | RGR | 0.73 | 0.54 | 7.32 | Wednesday |
| SUSSER HLDGS CP | SUSS | 0.09 | 0.26 | 28.95 | Wednesday |
| TARGET CORP | TGT | 1.47 | 1.49 | 13.92 | Wednesday |
| TJX COS INC NEW | TJX | 0.81 | 0.62 | 1.64 | Wednesday |
| TRANSALTA CORP | TAC | 0.28 | 0.2 | 4.35 | Wednesday |
| UNIVL DISPLAY | PANL | 0.13 | 0.08 | -400 | Wednesday |
| UTD INSURANCE | UIHC | 0.15 | 0.31 | N/A | Wednesday |
| VALE SA | VALE | 0.5 | 0.9 | -38.46 | Wednesday |
| WESTERN GAS PTR | WES | 0.44 | 0.35 | -21.43 | Wednesday |
| WHITING PETROLM | WLL | 0.75 | 1.05 | -2.67 | Wednesday |
| XPO LOGISTICS | XPO | -0.5 | -0.27 | 22.45 | Wednesday |
| XUEDA EDUC-ADR | XUE | -0.13 | -0.15 | -150 | Wednesday |
| ACI WORLDWIDE | ACIW | 1.14 | 0.7 | -6.45 | Thursday |
| AIR LEASE CORP | AL | 0.36 | 0.26 | 16.13 | Thursday |
| AIXTRON AG-ADR | AIXG | -0.11 | -0.15 | -1820 | Thursday |
| ALASKA COMM SYS | ALSK | 0.07 | 0.05 | 41.67 | Thursday |
| ALPHATEC HLDGS | ATEC | -0.01 | -0.06 | 200 | Thursday |
| AMER PUB EDUCAT | APEI | 0.67 | 0.71 | 20 | Thursday |
| AMER STATES WTR | AWR | 0.37 | 0.35 | 21.25 | Thursday |
| ANSYS INC | ANSS | 0.68 | 0.64 | 1.56 | Thursday |
| ARC DOC SOLUT | ARC | -0.01 | 0 | 0 | Thursday |
| ATLANTIC PWR CP | AT | -0.05 | -0.19 | -700 | Thursday |
| ATRICURE INC | ATRC | -0.1 | -0.13 | -33.33 | Thursday |
| AUTOBYTEL INC | ABTL | 0.04 | 0.05 | 25 | Thursday |
| BARNES & NOBLE | BKS | 0.5 | 0.71 | -33.33 | Thursday |
| BERRY PETROLEUM | BRY | 0.74 | 0.77 | -12.35 | Thursday |
| BEST BUY | BBY | 1.55 | 2.16 | -75 | Thursday |
| BODY CENTRAL CP | BODY | 0.11 | 0.38 | 0 | Thursday |
| BOULDER BRANDS | BDBD | 0.05 | 0.06 | -33.33 | Thursday |
| BREITBURN EGY | BBEP | 0.23 | 0.12 | 13.04 | Thursday |
| CABLEVISION SYS | CVC | 0.1 | 0.29 | 6.25 | Thursday |
| CARROLS RESTRNT | TAST | -0.12 | 0.09 | -200 | Thursday |
| CATAMARAN CORP | CTRX | 0.34 | 0.24 | 4.17 | Thursday |
| CDN IMPL BK | CM | 2.09 | 1.98 | 4.57 | Thursday |
| CERUS CORP | CERS | -0.08 | -0.09 | -25 | Thursday |
| CHART INDUSTRIE | GTLS | 0.76 | 0.51 | -12 | Thursday |
| CHICOS FAS INC | CHS | 0.2 | 0.15 | 13.64 | Thursday |
| CIRCOR INTL | CIR | 0.55 | 0.59 | 35.71 | Thursday |
| CLEAN EGY FUELS | CLNE | -0.16 | -0.26 | -18.18 | Thursday |
| CLOVIS ONCOLOGY | CLVS | -0.76 | -1.3 | -4.41 | Thursday |
| COMFORT SYSTEMS | FIX | 0.09 | 0.07 | 15.38 | Thursday |
| COPANO EGY LLC | CPNO | 0.13 | 0.11 | 100 | Thursday |
| COWEN GROUP INC | COWN | 0 | -0.29 | -300 | Thursday |
| CUMBERLAND PHAR | CPIX | 0.14 | 0.05 | 11.11 | Thursday |
| DARLING INTL | DAR | 0.3 | 0.25 | 0 | Thursday |
| DATA I/O | DAIO | -0.12 | 0 | N/A | Thursday |
| DECKERS OUTDOOR | DECK | 2.62 | 3.18 | 15.69 | Thursday |
| DEUTSCHE TELEKM | DTEGY | 0.23 | -0.03 | -5.26 | Thursday |
| DIAMONDROCK HOS | DRH | 0.25 | 0.24 | -5.26 | Thursday |
| DOMINOS PIZZA | DPZ | 0.6 | 0.52 | 4.88 | Thursday |
| EINSTEIN NOAH | BAGL | 0.34 | 0.39 | 0 | Thursday |
| EMERITUS CORP | ESC | -0.43 | -0.57 | -3.45 | Thursday |
| ENDO PHARMACEUT | ENDP | 1.56 | 1.4 | 2.4 | Thursday |
| ESTERLINE TECHN | ESL | 0.61 | 0.73 | 12.03 | Thursday |
| FOMENTO ECO-ADR | FMX | 1.51 | 1.08 | 1.98 | Thursday |
| FTI CONSULTING | FCN | 0.6 | 0.7 | 1.69 | Thursday |
| GAP INC | GPS | 0.71 | 0.44 | 0 | Thursday |
| GRANITE CONSTRU | GVA | 0.62 | 0.48 | 1.08 | Thursday |
| GREAT PLAINS EN | GXP | 0.01 | 0.01 | -1.04 | Thursday |
| HALCON RESOURCS | HK | 0.02 | -0.11 | 300 | Thursday |
| HERCULES TECH | HTGC | 0.23 | 0.25 | 0 | Thursday |
| IMMERSION CORP | IMMR | 0 | -0.01 | -57.14 | Thursday |
| INTEGRYS ENERGY | TEG | 0.94 | 1.01 | 44.74 | Thursday |
| INVENTURE FOODS | SNAK | 0.07 | 0.04 | 28.57 | Thursday |
| IRIDIUM COMMUN | IRDM | 0.21 | 0.11 | -8 | Thursday |
| IRON MOUNTAIN | IRM | 0.25 | 0.33 | -2.86 | Thursday |
| KODIAK OIL&GAS | KOG | 0.14 | 0.06 | 18.18 | Thursday |
| KOHLS CORP | KSS | 1.63 | 1.81 | 4.6 | Thursday |
| LIGHTBRIDGE CP | LTBR | -0.09 | -0.15 | 0 | Thursday |
| LKQ CORP | LKQ | 0.23 | 0.19 | -5 | Thursday |
| LSB INDS INC | LXU | 0.2 | 1.19 | -56.25 | Thursday |
| LUMOS NETWORKS | LMOS | 0.22 | 0.19 | 14.29 | Thursday |
| MAGELLAN HLTH | MGLN | 1.05 | 1.05 | 16.67 | Thursday |
| MASTEC INC | MTZ | 0.45 | 0.15 | 1.92 | Thursday |
| MATERION CORP | MTRN | 0.36 | 0.04 | 7.32 | Thursday |
| MCDERMOTT INTL | MDR | 0.23 | 0.05 | -12.5 | Thursday |
| MEDIVATION INC | MDVN | -0.51 | -0.16 | 33.33 | Thursday |
| MENTOR GRAPHICS | MENT | 0.52 | 0.58 | 28.57 | Thursday |
| METHODE ELECT-A | MEI | 0.02 | 0.04 | 8.33 | Thursday |
| MGIC INVSTMT CP | MTG | -1.69 | -1.19 | -111.86 | Thursday |
| MOLYCORP INC | MCP | -0.24 | 0.4 | -600 | Thursday |
| MONARCH CASINO | MCRI | 0.11 | 0.03 | 25 | Thursday |
| MORGANS HOTEL | MHGC | -0.22 | -0.37 | -103.45 | Thursday |
| NASH FINCH CO | NAFC | 0.48 | 0.97 | 94.37 | Thursday |
| NATUS MEDICAL | BABY | 0.26 | 0.14 | -30.77 | Thursday |
| NEKTAR THERAP | NKTR | -0.45 | -0.33 | 2.56 | Thursday |
| NEW GOLD INC | NGD | 0.15 | 0.09 | -25 | Thursday |
| NEWCASTLE INV | NCT | 0.32 | 0.3 | -100 | Thursday |
| NII HLDGS-CL B | NIHD | -1.06 | -0.05 | -60 | Thursday |
| NORTHRN OIL&GAS | NOG | 0.26 | 0.21 | 3.85 | Thursday |
| NTELOS HOLDINGS | NTLS | 0.29 | 0.2 | -29.03 | Thursday |
| NXSTAGE MEDICAL | NXTM | -0.05 | -0.08 | 42.86 | Thursday |
| OCWEN FINL CORP | OCN | 0.51 | 0.24 | -7.5 | Thursday |
| OMNIVISION TECH | OVTI | 0.26 | 0 | 35.71 | Thursday |
| OPTIMER PHARMAC | OPTR | -0.38 | 0.28 | 12.5 | Thursday |
| ORION MARINE GP | ORN | -0.06 | -0.19 | 40 | Thursday |
| PALO ALTO NETWK | PANW | -0.02 | N/A | -266.67 | Thursday |
| PETROQUEST ENGY | PQ | 0.05 | 0.04 | -350 | Thursday |
| POWER SOL INTL | PSIX | 0.2 | 0.06 | 5.26 | Thursday |
| PROCERA NETWRKS | PKT | 0.14 | 0.12 | 55.56 | Thursday |
| RED LION HOTELS | RLH | -0.14 | -0.08 | 33.33 | Thursday |
| REPUBLIC AIRWAY | RJET | 0.34 | 0.35 | 18.6 | Thursday |
| RHINO RESOURCES | RNO | 0.29 | 0.45 | 19.23 | Thursday |
| ROSE ROCK MIDST | RRMS | 0.36 | 0.06 | 5.56 | Thursday |
| ROSETTA STONE | RST | 0.09 | -0.24 | 38.46 | Thursday |
| ROUNDYS INC | RNDY | 0.18 | 0.3 | -23.08 | Thursday |
| ROWAN COS PLC | RDC | 0.49 | 0.32 | -18.75 | Thursday |
| ROYAL BANK CDA | RY | 1.34 | 1.24 | -0.79 | Thursday |
| SALESFORCE.COM | CRM | -0.03 | 0.09 | -290 | Thursday |
| SALIX PHARM-LTD | SLXP | 0.8 | 1.18 | 48.44 | Thursday |
| SANDRIDGE ENRGY | SD | 0 | 0.02 | 600 | Thursday |
| SEADRILL LTD | SDRL | 0.64 | 0.71 | -40.3 | Thursday |
| SEMGROUP CORP-A | SEMG | 0.27 | 0.01 | 9.09 | Thursday |
| SHENANDOAH TELE | SHEN | 0.24 | 0.16 | -68.42 | Thursday |
| SILVER STD RES | SSRI | 0.02 | 0.03 | -250 | Thursday |
| SONUS NETWORKS | SONS | 0 | 0.01 | 0 | Thursday |
| SOUTH JERSEY IN | SJI | 1.05 | 1.05 | 85.71 | Thursday |
| ST JOE CO | JOE | 0.01 | -0.06 | 1800 | Thursday |
| TELECOM ARGENTI | TEO | 0.67 | 0.65 | -17.72 | Thursday |
| TESCO CORP | TESO | 0.22 | 0.3 | -14.81 | Thursday |
| TETRA TECH DEL | TTI | 0.19 | 0.05 | -14.29 | Thursday |
| TORONTO DOM BNK | TD | 1.94 | 1.88 | 2.22 | Thursday |
| UNIVL HLTH SVCS | UHS | 0.91 | 0.91 | -7.07 | Thursday |
| VALEANT PHARMA | VRX | 1.25 | 0.9 | 1.83 | Thursday |
| VISTEON CORP | VC | 0.97 | 0.87 | -10.64 | Thursday |
| VITACOST.COM | VITC | -0.17 | -0.12 | -15.38 | Thursday |
| WESTAR ENERGY | WR | 0.2 | 0.16 | 4.76 | Thursday |
| WESTERN REFING | WNR | 1.27 | 0.48 | -32.19 | Thursday |
| WEYCO GROUP | WEYS | 0.55 | 0.5 | 14.29 | Thursday |
| WORLD WRESTLING | WWE | 0.02 | 0.02 | 75 | Thursday |
| WPX ENERGY INC | WPX | -0.04 | 0.22 | -360 | Thursday |
| AMERESCO INC-A | AMRC | 0.16 | 0.18 | -31.82 | Friday |
| CROSSTEX EGY LP | XTEX | -0.25 | -0.12 | -126.67 | Friday |
| CROSSTEX ENERGY | XTXI | -0.12 | -0.03 | 25 | Friday |
| EXELIS INC | XLS | 0.45 | 0.5 | 2.27 | Friday |
| EXLSERVICE HLDG | EXLS | 0.36 | 0.33 | 11.76 | Friday |
| FOSTER WHELR AG | FWLT | 0.47 | 0.39 | 24.44 | Friday |
| MAGNA INTL CL A | MGA | 1.14 | 1.12 | 9.71 | Friday |
| NORTHWEST NAT G | NWN | 1.1 | 1.09 | 6.45 | Friday |
| PEMBINA PIPELN | PBA | 0.27 | 0.26 | -39.47 | Friday |
| PEPCO HLDGS | POM | 0.2 | 0.15 | 11.9 | Friday |
| PNM RESOURCES | PNM | 0.11 | 0.22 | 11.29 | Friday |
| STONERIDGE INC | SRI | 0.14 | 0.32 | -83.33 | Friday |
| SUPERIOR INDS | SUP | 0.25 | 0.44 | 89.47 | Friday |
| VANGUARD NATURL | VNR | 0.34 | 0.76 | -10.53 | Friday |
| WESTMORELAND CO | WLB | 0.83 | -0.82 | 165.79 | Friday |
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We will still have a handful Q4 earnings reports to come after this week, but for all practical purposes this is the last week of this earnings season. We have a total of 395 companies coming out with results this week, including 42 S&P 500 members. By the end of this week, we will have seen Q4 results from 97.4% of the S&P 500 members.
This week’s results are heavily weighted towards the retail sector, with results from a number of major retailers on the docket. This includes players like Lowe's (LOW), Home Depot (HD), Macy’s (M), Limited Brands (LTD), Target (TGT), Gap (GPS), Best Buy (BBY) and others. Priceline (PCLN) and Salesforce.com (CRM) will also be reporting results this week, as will be Heinz (HNZ).
The overall backdrop for the retail space has not been very favorable lately, as we saw in the Wal-Mart (WMT) results, with the payroll tax changes, delayed tax refunds and higher gasoline prices impacting sales. This isn’t a concern with the high end of the retail space, but Wal-Mart’s soft outlook for this year is relevant to Target and other discounters. Guidance from Nordstrom (JWN) and Abercrombie & Fitch (ANF) was also less than reassuring. It will be interesting to see if those trends will show up in Macy’s and Gap’s results.
The reality of the Q4 earnings season is that it has turned out to be not as bad as many of us suspected. Leaving aside anemic earnings growth, on most other metrics the fourth quarter reporting season is quite good. Not only are the ratio and magnitude of surprises better than the previous quarter and comparable to the last many, but the tone of management guidance has also been less worrisome than was the case in the third quarter reporting season.
Total earnings for the 445 S&P 500 companies that have come out with Q4 results, as of Friday February 22, are up +2% from the same period last year, with 66.7% beating expectations with a strong median surprise of +3.4%. Stripping out the unusual revenue growth at Prudential Financial (PRU) and Express Scripts (ESRX), total revenues are up +1.2%, with 61.8% of the companies beating revenue expectations, with a median revenue surprise of +0.7%.
Expectations for the coming quarters have started coming down, but they still represent a meaningful improvement from what we saw in 2012. Total earnings are expected to be down -3.7% in the first quarter, up +3.9% in the second quarter, +7.1% in the third quarter and +13.5% in the fourth quarter of 2013.
For the full-years 2013 and 2014, total earnings are expected to be up +6.7% in 2013 and 11.8% in 2014. The bottom-up ‘EPS’ estimates for the S&P 500 currently stand at $109.38 for 2013 and $122.28 for 2014 (Note: The Zacks bottom-up estimates are lower than other data vendors because we account for employee stock options, while others don’t).
Monday - 2/25
Tuesday - 2/26
Wednesday - 2/27
Thursday - 2/28
Friday-3/1
Here is a list of the 395 companies reporting this week, including 42 S&P 500 members: