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Earnings Preview

There is an air of disappointment in the market about the ongoing Q1 earnings season. Some of it is justified. After all, what else should investors think when companies like IBM (IBM) and GE (GE) come up short? Results from the Technology sector have been underwhelming and the revenues overall have been on the weak side.

That said, the reality is that Q1 results aren’t materially weaker than what we saw in the 2012 Q4 earnings season. The market seemed satisfied, if not exactly thrilled, with Q4 results, as its strong momentum in January and February this year shows.

What this means is that the excessive hand-wringing may not solely be due to Q1 results, but rather what these results tell us about the coming quarters. Consensus expectations for the first half of 2013 appear quite reasonable, with total earnings for companies in the S&P 500 expected to increase by only +1.2% from the same period in 2012. But estimates for the back half of the year represent a significant growth ramp up -- +10.8% over the 2012 period.

Consensus estimates then extrapolate the expected second-half 2013 growth recovery into 2014, resulting in further gains of +11.7%. Recent economic data from home and abroad is likely prompting a reassessment of these earnings growth expectations. The earnings miss from IBM and GE’s reference to Europe bring home this issue.

We are hardly being premature in drawing these conclusions from the Q1 results we have seen thus far. After all, the 104 S&P 500 companies that have reported results already (as of Friday, April 19th) represent 1/3rd of the total market capitalization of the index. We will get a deluge of earnings reports this week, with a total of 665 companies coming out with Q1 results, including 162 S&P 500 members. This includes a host of industry leaders from Apple (AAPL) and Amazon (AMZN) to DuPont (DD), Caterpillar (CAT) and Ford (F).

The Q1 Earnings Scorecard

The Scorecard for the 104 companies that have reported results show total earnings growth of +4.6%, with 69.2% of the companies beating earnings expectations with a median surprise of +3.2%. Revenues are up +3.4%, with only 35.6% of the companies coming ahead of top-line expectations, with a median surprise of (negative) -0.3%.

The earnings growth rate and earnings ‘beat ratio’ (% of companies coming out with positive surprises) for these 104 is better than what these same companies reported in 2012 Q4. But the revenue growth rate and ‘beat ratio’ is lower, with the beat ratio particularly weak in the current period.

Technology results have been on the weak side thus far. We will find out more this week as Apple and Amazon report results, but the Tech companies that have reported already account for 46% of the sector’s total market capitalization. Only 64.3% of the Tech companies have beaten Q1 earnings expectations thus far, weaker than the earnings ‘beat ratio’ for the S&P 500 as a whole of 69.2% and the 78.6% ‘beat ratio’ for the same group of companies in Q4.

The revenue side is even weaker, with only 35.7% of Tech companies coming ahead of top-line expectations, roughly in-line with the S&P 500 as whole, but materially weaker than the group’s revenue ‘beat ratio’ in Q4.

The aggregate earnings picture for the 396 S&P 500 reports still to come is for earnings decline of -4.3%, which compares to +2.1% earnings growth for the same group of companies in the preceding quarter. The composite growth rate for Q1, where we combine the results of the 102 companies that are out with the 398 still to come, is for a drop of -0.8% in total earnings on flat revenues.

Earnings will be the focus all week, though we have a fair number of economic reports on the docket as well. The most important of the economic reports is the first read on the Q1 GDP that comes out on Friday. Most of the monthly economic data for March showed that the economy lost momentum that month after the strong gains in the first two months of the quarter.

Unfortunately, the GDP report on Friday will be mostly reflecting what happened in January and February, with subsequent revisions adjusting for the March slowdown. As such, odds are high that we could get a very strong number – higher than the +3% currently expected. GDP aside, we will get the March Durable Goods and New Home Sales data as well.

Monday - 4/22

  • We will get the March Existing Home Sales numbers after the market opens, with expectations of improvement from February’s 4.98 million level.
  • Caterpillar (CAT) and Halliburton (HAL) are the key earnings reports in the morning, while Texas Instruments (TXN) and Netflix (NFLX) will report after the close.
  • Citigroup (C) and Charles Schwab (SCHW) are the only major reports today, both before the open.

Tuesday - 4/23

  • We will get the March New Home Sales data after the market opens, with expectations of 421K vs. 411K in February.
  • Apple is the major earnings report coming out after the close. The key reports in the morning session are from DuPont (DD), Coach (COH), Travelers (TRV) and Discover Financial (DFS). In addition to Apple, we will have reports from AT&T (T) and Yum Brands (YUM) after the close.  
  • Zacks ESP, our proprietary leading indicator of earnings surprises, is showing Travelers coming out with an earnings beat.

Wednesday - 4/24

  • We will get the March Durable Goods orders report in the morning, with expectations of a decline after the strong gain in February. March economic data has been overwhelmingly weak, and this report is expected to further confirm that trend.
  • Boeing (BA), Ford (F), Eli Lilly (LLY), Procter & Gamble (PG), T Rowe Price (TROW) and Sprint (S) are the major reports in the morning, while Qualcomm (QCOM) is the major report after the close on a very busy earnings day.
  • Eli Lilly’s Zacks Rank #3 (Hold) and ESP of +3.85% shows that the company is expected to come out with a positive surprise.

Thursday - 4/25

  • Jobless Claims is the only major economic report this morning.
  • A very busy day on the earnings front, with Exxon (XOM), 3M (MMM), ConocoPhillips (COP), Diamond Offshore (DO), UPS (UPS), Dow Chemical (DOW), Southwest Air (LUV) and Pulte (PHM) will report in the morning, while Amazon (AMZN) and Starbucks (SBUX) will report after the close.
  • Zacks ESP is showing Amazon, Dow Chemical and Diamond Offshore coming out with positive earnings surprises.

Friday - 4/26

  • We will get the first read on the Q1 GDP, with consensus expectations of +3% gain after the +0.4% growth in 2012 Q4.
  • Chevron (CHV), Total (TOT), D.R. Horton (DHI) and National Oilwell Varco (NOV) are the key reports today, all in the morning.


Here is a list of the 665 companies reporting this week, including 162 S&P 500 members:

Company Ticker Current Qtr Year-Ago Qtr Last EPS Surprise % Report Day Time
ACE LIMITED ACE 1.92 2.05 10 Monday AMC
AMERIPRISE FINL AMP 1.57 1.45 15.54 Monday AMC
B/E AEROSPACE BEAV 0.8 0.7 1.39 Monday BTO
BANCORPSOUTH BXS 0.22 0.25 -25 Monday AMC
BANK OF HAWAII BOH 0.87 0.95 1.12 Monday BTO
BANK OF MARIN BMRC 0.75 0.91 -2.63 Monday BTO
BANNER CORP BANR 0.57 0.4 9.52 Monday AMC
BBCN BANCORP BBCN 0.26 0.28 7.69 Monday AMC
BROOKFLD CDA OP BOXC 0.39 1.67 4.78 Monday AMC
CATERPILLAR INC CAT 1.34 2.37 -13.1 Monday BTO
CDN NATL RY CO CNI 1.23 1.18 -0.7 Monday AMC
CHECK PT SOFTW CHKP 0.73 0.7 2.41 Monday BTO
COMP TASK CTGX 0.24 0.2 -4 Monday AMC
CRANE CO CR 1.05 0.88 -5.15 Monday AMC
EAGLE BCP INC EGBN 0.44 0.36 0 Monday AMC
EQUITY LIFESTYL ELS 1.4 1.29 0 Monday AMC
FIRST DEFIANCE FDEF 0.53 0.37 15.56 Monday AMC
FIRST INTST MT FIBK 0.35 0.26 5.71 Monday AMC
HALLIBURTON CO HAL 0.58 0.89 3.28 Monday BTO
HASBRO INC HAS 0.03 0.04 0 Monday BTO
HEALTHSTREAM HSTM 0.06 0.05 -12.5 Monday AMC
HEXCEL CORP HXL 0.41 0.39 -5.26 Monday AMC
ICU MEDICAL INC ICUI 0.45 0.53 3.8 Monday AMC
IDEX CORP IEX 0.71 0.66 2.99 Monday AMC
ILLUMINA INC ILMN 0.38 0.34 2.44 Monday AMC
LENNOX INTL INC LII 0.27 0.01 0 Monday BTO
MB FINANCL INC MBFI 0.42 0.33 6.98 Monday AMC
NETFLIX INC NFLX 0.18 -0.08 208.33 Monday AMC
NVR INC NVR 7.57 3.9 8.22 Monday BTO
NXP SEMICONDUCT NXPI 0.49 0.19 6.38 Monday AMC
PACKAGING CORP PKG 0.56 0.42 -1.61 Monday AMC
PENN RE INV TR PEI 0.42 0.43 0 Monday AMC
PLX TECH INC PLXT 0.05 -0.13 -33.33 Monday AMC
PROVIDENT NY BP PBNY 0.14 0.15 14.29 Monday AMC
RENT-A-CENTER RCII 0.85 0.87 -2.41 Monday AMC
ROGERS COMM CLB RCI 0.79 0.67 20.55 Monday AMC
SANMINA CORP SANM 0.21 0.27 -17.24 Monday AMC
SILICOM LIMITED SILC 0.36 0.28 15 Monday BTO
SIX FLAGS ENTMT SIX -1.53 -2.11 198 Monday BTO
STMICROELECTRON STM -0.17 -0.14 -22.22 Monday AMC
SWIFT TRANSPORT SWFT 0.17 0.14 46.15 Monday AMC
TENNANT CO TNC 0.35 0.28 6.9 Monday BTO
TEXAS INSTRS TXN 0.31 0.32 9.09 Monday AMC
TRUSTCO BK -NY TRST 0.1 0.1 -9.09 Monday AMC
ULTRA CLEAN HLD UCTT 0.04 0.2 100 Monday AMC
UTD STATIONERS USTR 0.57 0.45 17.39 Monday AMC
VOLTERRA SEMI VLTR 0.15 0.23 5.88 Monday AMC
WASH TR BANCORP WASH 0.54 0.51 -1.79 Monday BTO
WILSHIRE BCP WIBC 0.15 0.25 16.67 Monday AMC
WOODWARD INC WWD 0.61 0.55 -15.22 Monday AMC
ZIONS BANCORP ZION 0.39 0.14 7.32 Monday AMC
ACADIA RLTY TR AKR 0.3 0.21 3.57 Tuesday AMC
AIR PRODS & CHE APD 1.37 1.31 0.78 Tuesday BTO
AK STEEL HLDG AKS -0.12 -0.11 14.29 Tuesday BTO
ALLIANCE FIBER AFOP 0.21 0.1 -4.35 Tuesday AMC
AMER CAMPUS CTY ACC 0.64 0.55 9.26 Tuesday AMC
AMGEN INC AMGN 1.75 1.59 -2.8 Tuesday AMC
AMSURG CORP AMSG 0.52 0.5 -3.92 Tuesday AMC
ANAREN INC ANEN 0.33 0.15 8.7 Tuesday AMC
ANIXTER INTL AXE 1.36 1.37 0.76 Tuesday BTO
APPLE INC AAPL 10.18 12.3 2.75 Tuesday AMC
ARCH COAL INC ACI -0.32 -0.04 -200 Tuesday BTO
ARM HOLDNGS ADR ARMH 0.17 0.13 -12.5 Tuesday BTO
ASSOC ESTATES AEC 0.32 0.25 6.06 Tuesday AMC
ASTEC INDS INC ASTE 0.53 0.53 -37.84 Tuesday BTO
AT&T INC T 0.64 0.6 -6.38 Tuesday AMC
BARD C R INC BCR 1.43 1.61 1.8 Tuesday AMC
BERKLEY (WR) CP WRB 0.74 0.73 28 Tuesday AMC
BRINKER INTL EAT 0.69 0.6 0 Tuesday BTO
BROADCOM CORP-A BRCM 0.35 0.37 5.66 Tuesday AMC
CAPELLA EDUCATN CPLA 0.62 0.82 -1.35 Tuesday BTO
CELESTICA INC CLS 0.1 0.2 46.67 Tuesday BTO
CENTENE CORP CNC 0.41 0.45 42.42 Tuesday BTO
CIT GROUP CIT 0.89 -2.22 60.94 Tuesday BTO
COACH INC COH 0.81 0.77 -4.65 Tuesday BTO
COMMNTY BK SYS CBU 0.51 0.48 -3.7 Tuesday AMC
CREE INC CREE 0.25 0.11 15 Tuesday AMC
CTS CORP CTS 0.12 0.14 -21.74 Tuesday AMC
DELTA AIR LINES DAL 0.07 -0.05 0 Tuesday BTO
DEVRY INC DV 0.83 1 55.36 Tuesday AMC
DICE HOLDINGS DHX 0.12 0.13 7.14 Tuesday BTO
DISCOVER FIN SV DFS 1.11 1.18 -5.31 Tuesday BTO
DU PONT (EI) DE DD 1.54 1.61 22.22 Tuesday BTO
EDWARDS LIFESCI EW 0.76 0.53 16.88 Tuesday AMC
ENCANA CORP ECA 0.04 0.41 -3.12 Tuesday N/A
ENTEGRIS INC ENTG 0.1 0.14 -18.18 Tuesday BTO
ETHAN ALLEN INT ETH 0.27 0.14 5.41 Tuesday AMC
EVEREST RE LTD RE 4.16 4.48 175.86 Tuesday AMC
EXACTECH INC EXAC 0.29 0.25 7.41 Tuesday AMC
FIRST COMW FINL FCF 0.11 0.11 -18.18 Tuesday BTO
FIRSTMERIT CORP FMER 0.3 0.28 6.06 Tuesday BTO
FLAGSTAR BANCP FBC 0.98 -0.2 38.27 Tuesday AMC
FMC TECH INC FTI 0.46 0.41 0 Tuesday AMC
FNB CORP FNB 0.21 0.19 4.55 Tuesday AMC
FOREST LABS A FRX 0.19 0.78 -61.54 Tuesday BTO
GANNETT INC GCI 0.34 0.34 1.14 Tuesday BTO
GENTEX CORP GNTX 0.3 0.32 7.69 Tuesday BTO
GRUPO AEROP-ADR ASR 1.53 1.4 56.88 Tuesday N/A
HANESBRANDS INC HBI 0.5 -0.27 7 Tuesday AMC
HARMONIC INC HLIT -0.03 -0.01 25 Tuesday AMC
HAWAIIAN HLDGS HA -0.2 0.06 -100 Tuesday AMC
HOMEAWAY INC AWAY 0.07 0.03 -28.57 Tuesday AMC
HUDSON VLY HLDG HVB 0.16 0.92 -20 Tuesday AMC
IDEXX LABS INC IDXX 0.82 0.72 4.23 Tuesday BTO
II-VI INCORP IIVI 0.25 0.28 -4.76 Tuesday BTO
ILL TOOL WORKS ITW 0.96 0.97 -1.11 Tuesday BTO
INGERSOLL RAND IR 0.41 0.31 8.57 Tuesday BTO
IROBOT CORP IRBT 0.17 0.02 40 Tuesday AMC
IRONWOOD PHARMA IRWD -0.7 -0.34 18 Tuesday BTO
ITC HOLDINGS CP ITC 1.14 0.93 0.93 Tuesday AMC
JANUS CAP GRP JNS 0.16 0.15 35.71 Tuesday BTO
JOHNSON CONTROL JCI 0.42 0.53 1.96 Tuesday BTO
JUNIPER NETWRKS JNPR 0.15 0.06 26.67 Tuesday AMC
KAISER ALUMINUM KALU 0.84 1.09 -19.75 Tuesday AMC
LEXMARK INTL LXK 0.86 1.05 -32.97 Tuesday BTO
LIBERTY PPTY TR LRY 0.63 0.68 1.59 Tuesday BTO
LINCOLN ELECTRC LECO 0.78 0.76 6.76 Tuesday BTO
LOCKHEED MARTIN LMT 2.01 2.02 -0.56 Tuesday BTO
MANHATTAN ASOC MANH 0.61 0.55 8.62 Tuesday AMC
MOLEX INC MOLX 0.35 0.35 0 Tuesday BTO
NABORS IND NBR 0.29 0.65 3.45 Tuesday AMC
NEWFIELD EXPL NFX 0.48 0.91 -36.36 Tuesday AMC
NORFOLK SOUTHRN NSC 1.17 1.23 9.24 Tuesday AMC
OCEANEERING INT OII 0.6 0.47 2.78 Tuesday AMC
ORBITAL SCIENCE ORB 0.23 0.22 31.82 Tuesday BTO
OWENS & MINOR OMI 0.42 0.46 -12.77 Tuesday AMC
OWENS-ILLINOIS OI 0.56 0.73 8.11 Tuesday AMC
PACCAR INC PCAR 0.68 0.91 5.88 Tuesday BTO
PACIFIC BIOSCI PACB -0.36 -0.5 -5.41 Tuesday AMC
PANERA BREAD CO PNRA 1.65 1.4 0.57 Tuesday AMC
PENNYMAC MORTGE PMT 0.81 0.65 -2.35 Tuesday BTO
PENTAIR LTD PNR 0.56 0.64 6.82 Tuesday BTO
PEOPL BNCP-OHIO PEBO 0.43 0.63 -5.26 Tuesday N/A
POLARIS INDUS PII 1.01 0.85 0.81 Tuesday BTO
POLYCOM INC PLCM 0.01 0.12 0 Tuesday AMC
POTLATCH CORP PCH 0.26 0.13 9.68 Tuesday BTO
QUIDEL CORP QDEL 0.35 0.04 88.24 Tuesday AMC
RADIOSHACK CORP RSH -0.11 -0.08 300 Tuesday BTO
RAMCO-GERSHENSN RPT 0.28 0.26 8 Tuesday AMC
REGIONS FINL CP RF 0.2 0.14 10 Tuesday BTO
RENASANT CORP RNST 0.3 0.24 3.57 Tuesday AMC
REYNOLDS AMER RAI 0.69 0.63 4.11 Tuesday BTO
RF MICRO DEVICE RFMD 0.01 -0.04 0 Tuesday AMC
ROBT HALF INTL RHI 0.41 0.34 2.44 Tuesday AMC
ROCK-TENN CO RKT 1.02 0.97 5.47 Tuesday AMC
ROCKY BRANDS RCKY 0.14 0.1 -34.62 Tuesday AMC
RUSH ENTRPRS-A RUSHA 0.34 0.4 2.86 Tuesday AMC
RYDER SYS R 0.78 0.59 6.36 Tuesday BTO
S&T BANCORP INC STBA 0.36 0.23 0 Tuesday BTO
SENSATA TECHNOL ST 0.46 0.49 2.17 Tuesday BTO
SL GREEN REALTY SLG 1.22 1.1 0.87 Tuesday AMC
SMITH (AO) CORP AOS 0.76 0.66 12.35 Tuesday BTO
SONIC AUTOMOTVE SAH 0.42 0.33 4 Tuesday BTO
SPARK NETWORKS LOV -0.07 -0.08 20 Tuesday N/A
SPECTRANETICS SPNC 0 0 0 Tuesday AMC
STANCORP FNL CP SFG 0.8 0.79 7.23 Tuesday AMC
SUPER MICRO COM SMCI 0.14 0.16 10 Tuesday AMC
SYNOVUS FINL CP SNV 0.02 0.02 0 Tuesday BTO
TAL EDUCATN-ADR XRS 0.05 0.1 600 Tuesday BTO
TECK RESOURCES TCK 0.41 0.86 19.61 Tuesday BTO
TORCHMARK CORP TMK 1.37 1.27 1.53 Tuesday AMC
TOTAL SYS SVC TSS 0.34 0.3 -3.03 Tuesday AMC
TRANSALTA CORP TAC 0.18 0.2 -25 Tuesday BTO
TRAVELERS COS TRV 1.98 2.01 500 Tuesday BTO
TRUSTMARK CP TRMK 0.41 0.47 -2.27 Tuesday AMC
TWIN DISC TWIN 0.09 0.81 107.14 Tuesday BTO
UMB FINL CORP UMBF 0.65 1.15 -22.39 Tuesday AMC
UNISYS UIS 0.57 0.46 67 Tuesday AMC
US AIRWAYS GRP LCC 0.24 -0.13 44.44 Tuesday BTO
USANA HLTH SCI USNA 1.12 0.9 4.96 Tuesday AMC
UTD TECHS CORP UTX 1.3 1.52 26.47 Tuesday BTO
VASCULAR SOLUTN VASC 0.16 0.12 5.88 Tuesday AMC
VMWARE INC-A VMW 0.46 0.47 -5.56 Tuesday AMC
VOCUS INC VOCS -0.04 -0.19 -66.67 Tuesday AMC
WADDELL&REED -A WDR 0.62 0.55 5.17 Tuesday BTO
WATERS CORP WAT 1.09 1 0.63 Tuesday BTO
XEROX CORP XRX 0.24 0.23 7.14 Tuesday BTO
YUM! BRANDS INC YUM 0.62 0.76 2.47 Tuesday AMC
ZIX CORP ZIXI 0.03 0.04 0 Tuesday AMC
ABB LTD-ADR ABB 0.33 0.3 -18.75 Wednesday BTO
AEGION CORP AEGN 0.09 0.18 -7.14 Wednesday AMC
AFLAC INC AFL 1.62 1.74 0 Wednesday AMC
AGENUS INC AGEN -0.19 0.29 11.54 Wednesday BTO
AKAMAI TECH AKAM 0.34 0.29 16.22 Wednesday AMC
ALLEGHENY TECH ATI 0.09 0.5 5.88 Wednesday BTO
ALLEGIANT TRAVL ALGT 1.49 1.13 5.56 Wednesday AMC
ALLIED WORLD AS AWH 2.07 2.39 16.23 Wednesday AMC
AMER RAILCAR ARII 0.91 0.56 46.15 Wednesday AMC
ANGIES LIST INC ANGI -0.17 -0.24 300 Wednesday AMC
ARRIS GROUP INC ARRS 0.21 0.15 -12 Wednesday AMC
ASBURY AUTO GRP ABG 0.67 0.57 10.77 Wednesday BTO
ASHLAND INC ASH 1.56 1.52 -17.65 Wednesday BTO
ASPEN INS HLDGS AHL 0.96 0.88 87.6 Wednesday AMC
ASSURANT INC AIZ 1.53 1.76 122.58 Wednesday AMC
ATMI INC ATMI 0.3 0.16 3.23 Wednesday BTO
AVERY DENNISON AVY 0.57 0.45 10.2 Wednesday BTO
AVG TECHNOLOGS AVG 0.32 0.28 0 Wednesday AMC
AVX CORP AVX 0.14 0.22 -20 Wednesday BTO
BALLY TECH INC BYI 0.85 0.67 5.26 Wednesday AMC
BANCORP BNK/THE TBBK 0.19 0.12 7.14 Wednesday AMC
BARRETT BUS SVS BBSI -0.38 -0.19 3.9 Wednesday AMC
BARRICK GOLD CP ABX 0.91 1.09 1.83 Wednesday BTO
BASIC EGY SVCS BAS -0.24 0.47 -42.11 Wednesday AMC
BOEING CO BA 1.47 1.11 7.56 Wednesday BTO
BOYD GAMING CP BYD -0.07 0.1 -138.46 Wednesday N/A
BRANDYWINE RT BDN 0.34 0.32 17.86 Wednesday AMC
BROOKLINE BC BRKL 0.15 0.15 6.25 Wednesday AMC
CABOT OIL & GAS COG 0.26 0.11 14.29 Wednesday AMC
CADENCE DESIGN CDNS 0.14 0.13 6.25 Wednesday AMC
CAI INTL INC CAP 0.76 0.66 0 Wednesday AMC
CAPSTEAD MTG CMO 0.31 0.44 -6.06 Wednesday AMC
CARLISLE COS IN CSL 0.85 0.94 6.49 Wednesday BTO
CDN PAC RLWY CP 1.18 0.83 -0.78 Wednesday BTO
CENOVUS ENERGY CVE 0.47 0.5 -14.29 Wednesday BTO
CHEESECAKE FACT CAKE 0.42 0.37 -1.92 Wednesday AMC
CHURCHILL DOWNS CHDN 0.11 0.08 -26.32 Wednesday AMC
CITRIX SYS INC CTXS 0.45 0.45 8.96 Wednesday AMC
CLEARWATER PAPR CLW 0.62 0.45 10.53 Wednesday AMC
CLICKSOFTWARE CKSW 0.03 0.02 -8.33 Wednesday BTO
CLIFFS NATURAL CLF 0.45 0.84 -25.45 Wednesday AMC
CNO FINL GRP CNO 0.21 0.15 8.7 Wednesday AMC
COCA-COLA FEMSA KOF 1.17 1.01 -7.78 Wednesday BTO
COHERENT INC COHR 0.65 0.6 -1.69 Wednesday AMC
COLUMBIA BK SYS COLB 0.3 0.23 13.33 Wednesday BTO
COMML VEHICLE CVGI 0.06 0.39 -440 Wednesday AMC
CORELOGIC INC CLGX 0.39 0.29 -3.12 Wednesday AMC
CORESITE REALTY COR 0.41 0.36 5 Wednesday BTO
CORNING INC GLW 0.26 0.3 3.03 Wednesday BTO
COSTAR GRP INC CSGP 0.34 0.25 2.9 Wednesday AMC
CROWN CASTLE CCI 0.05 0.17 57.14 Wednesday AMC
CULLEN FROST BK CFR 0.95 0.99 5.38 Wednesday BTO
DR PEPPER SNAPL DPS 0.47 0.46 -4.71 Wednesday BTO
DUKE REALTY CP DRE 0.26 0.24 0 Wednesday AMC
ELAN CP PLC ADR ELN 0.07 -0.03 -37.5 Wednesday BTO
EMC CORP -MASS EMC 0.31 0.31 6.98 Wednesday BTO
EQUIFAX INC EFX 0.87 0.7 4 Wednesday AMC
EQUINIX INC EQIX 0.75 0.72 25.81 Wednesday AMC
ERICSSON LM ADR ERIC 0.11 0.11 0 Wednesday BTO
EURONET WORLDWD EEFT 0.31 0.3 0 Wednesday BTO
EVERBANK FIN CP EVER 0.29 0.28 17.24 Wednesday AMC
EVERCORE PARTNR EVR 0.49 0.1 55.77 Wednesday BTO
F5 NETWORKS INC FFIV 0.82 0.88 -1.12 Wednesday AMC
FAIR ISAAC INC FICO 0.7 0.55 6.94 Wednesday AMC
FAMOUS DAVES DAVE 0.14 0.11 11.11 Wednesday AMC
FEDERAL MOGUL-A FDML -0.3 0.32 -380 Wednesday BTO
FIRST FIN BC-OH FFBC 0.25 0.29 0 Wednesday AMC
FIRST MIDWST BK FMBI 0.21 0.11 -5.26 Wednesday BTO
FLOWSERVE CORP FLS 1.94 1.64 0.35 Wednesday AMC
FOMENTO ECO-ADR FMX 0.95 0.51 39.6 Wednesday BTO
FORD MOTOR CO F 0.4 0.39 19.23 Wednesday BTO
FORRESTER RESH FORR 0.01 0.16 9.09 Wednesday N/A
FOX CHASE BANCP FXCB 0.11 0.1 23.08 Wednesday AMC
FUSION-IO INC FIO -0.15 -0.06 600 Wednesday AMC
GENL DYNAMICS GD 1.51 1.7 -26.84 Wednesday BTO
GLIMCHER REALTY GRT 0.15 0.12 0 Wednesday AMC
GRACE (WR) NEW GRA 0.8 0.88 4.72 Wednesday BTO
GRACO INC GGG 0.73 0.58 13.33 Wednesday AMC
HERITAGE FIN CP HFWA 0.17 0.27 5.26 Wednesday AMC
HESS CORP HES 1.58 1.49 -2.44 Wednesday BTO
HILL-ROM HLDGS HRC 0.5 0.59 6.82 Wednesday AMC
HORACE MANN EDS HMN 0.51 0.64 91.43 Wednesday AMC
INFINERA CORP INFN -0.16 -0.19 12.5 Wednesday AMC
INTERFACE INC A TILE 0.13 0.1 -23.81 Wednesday AMC
INTERMUNE INC ITMN -0.76 -0.74 -5.81 Wednesday AMC
INTERSIL CORP ISIL -0.08 -0.03 128.57 Wednesday AMC
INTL SHIPHLDG ISH 0.28 1.11 18.75 Wednesday AMC
IPC THE HOSPITL IPCM 0.55 0.5 6.25 Wednesday AMC
JARDEN CORP JAH 0.23 0.31 2.4 Wednesday AMC
KIRBY CORP KEX 0.91 0.99 9.3 Wednesday AMC
KNIGHT TRANSN KNX 0.19 0.13 4.76 Wednesday AMC
LAM RESEARCH LRCX 0.38 0.5 0 Wednesday AMC
LENDER PROC SVC LPS 0.65 0.59 10.45 Wednesday AMC
LILLY ELI & CO LLY 1.04 0.92 8.97 Wednesday BTO
LITHIA MOTORS LAD 0.72 0.6 10.45 Wednesday BTO
LOGITECH INTL LOGI -0.11 0.17 -70.59 Wednesday AMC
LORILLARD CO LO 0.63 0.58 3.95 Wednesday BTO
LSI CORP LSI 0.08 0.17 18.18 Wednesday AMC
LUMBER LIQUIDAT LL 0.44 0.29 19.05 Wednesday BTO
MARINE PRODUCTS MPX 0.04 0.04 -50 Wednesday BTO
MARKETAXESS HLD MKTX 0.37 0.35 2.86 Wednesday BTO
MATTSON TECH MTSN -0.13 -0.02 -7.14 Wednesday AMC
MEDICINES CO MDCO -0.14 0.14 162.96 Wednesday BTO
MELLANOX TECH MLNX -0.2 0.34 -14.55 Wednesday AMC
MERITAGE HOMES MTH 0.25 -0.14 50 Wednesday BTO
METHANEX CORP MEOH 0.68 0.23 -3.45 Wednesday N/A
MINE SAFETY APP MSA 0.64 0.64 3.64 Wednesday BTO
MKS INSTRUMENTS MKSI 0.03 0.43 -20 Wednesday AMC
MONTPELIER RE MRH 0.91 1.23 60.26 Wednesday AMC
MOTOROLA SOLUTN MSI 0.56 0.5 7.61 Wednesday BTO
MYERS INDS MYE 0.28 0.3 -7.14 Wednesday N/A
NASDAQ OMX GRP NDAQ 0.62 0.61 4.92 Wednesday BTO
NEW ORIENTAL ED EDU 0.11 0.14 -150 Wednesday BTO
NEW YORK CMNTY NYCB 0.26 0.27 -3.45 Wednesday BTO
NEWMARKET CORP NEU 4.88 5.03 -15.57 Wednesday AMC
NORANDA ALUMINM NOR -0.06 0.18 -1300 Wednesday BTO
NORTHROP GRUMMN NOC 1.73 1.88 18.39 Wednesday BTO
NOVARTIS AG-ADR NVS 1.25 0.95 0 Wednesday BTO
NUSTAR ENERGY NS 0.45 0.3 -19.35 Wednesday BTO
NUSTAR GP HLDGS NSH 0.38 0.26 -65.71 Wednesday BTO
O REILLY AUTO ORLY 1.34 1.14 5.56 Wednesday AMC
OIL STATES INTL OIS 1.86 2.2 -5.82 Wednesday AMC
OMNICARE INC OCR 0.86 0.81 1.18 Wednesday BTO
ON ASSIGNMENT ASGN 0.18 0.18 -25 Wednesday AMC
OPEN TEXT CORP OTEX 1.33 0.92 14.18 Wednesday AMC
ORCHIDS PAPER TIS 0.37 0.32 -11.76 Wednesday AMC
OWENS CORNING OC 0.23 0.09 -31.25 Wednesday BTO
PAC PREMIER BCP PPBI 0.26 0.25 28 Wednesday BTO
PACER INTL INC PACR 0.02 -0.01 60 Wednesday AMC
PACIFIC CONTL PCBK 0.14 0.15 0 Wednesday AMC
PDF SOLUTIONS PDFS 0.13 0.13 26.67 Wednesday AMC
PRAXAIR INC PX 1.38 1.38 0 Wednesday BTO
PROCTER & GAMBL PG 0.96 0.94 9.91 Wednesday BTO
PROLOGIS INC PLD 0.41 0.4 0 Wednesday BTO
PROSPERITY BCSH PB 0.84 0.77 1.19 Wednesday BTO
PTC INC PMTC 0.28 0.19 8.33 Wednesday AMC
PZENA INVESTMNT PZN 0.09 0.09 -22.22 Wednesday BTO
QUALCOMM INC QCOM 1.05 0.9 14 Wednesday AMC
RAYMOND JAS FIN RJF 0.75 0.62 0 Wednesday AMC
RIMAGE CORP RIMG -0.21 -0.14 64 Wednesday AMC
ROCKWELL AUTOMT ROK 1.3 1.16 -2.38 Wednesday BTO
ROLLINS INC ROL 0.17 0.16 -5.88 Wednesday BTO
RPC INC RES 0.24 0.37 8.33 Wednesday BTO
RYLAND GRP INC RYL 0.3 -0.06 12 Wednesday AMC
SELECT INS GRP SIGI 0.4 0.28 71.43 Wednesday AMC
SERVICENOW INC NOW -0.1 0.67 38.46 Wednesday AMC
SILGAN HOLDINGS SLGN 0.47 0.5 0 Wednesday BTO
SILICON LAB INC SLAB 0.38 0.3 12.5 Wednesday BTO
SJW CORP SJW 0.08 0.06 72.22 Wednesday AMC
SOUTHN COMPANY SO 0.51 0.42 12.82 Wednesday BTO
SOUTHWEST BC-OK OKSB 0.15 0.21 -77.27 Wednesday BTO
SPRINT NEXTEL S -0.34 -0.29 4.35 Wednesday BTO
STAMPS.COM INC STMP 0.33 0.26 5 Wednesday AMC
STEINER LEISURE STNR 0.73 0.95 9.46 Wednesday AMC
STERICYCLE INC SRCL 0.88 0.78 2.33 Wednesday AMC
STERLING FIN WA STSA 0.35 0.3 -1.89 Wednesday AMC
STREAMLINE HLTH STRM -0.52 0 -800 Wednesday AMC
STRYKER CORP SYK 1.01 0.99 0.88 Wednesday AMC
SUPERVALU INC SVU 0.19 0.38 -50 Wednesday BTO
SUSQUEHANNA BSH SUSQ 0.23 0.18 0 Wednesday AMC
SYMETRA FINL CP SYA 0.34 0.43 -29.41 Wednesday AMC
SYMMETRICOM INC SYMM 0 0.04 50 Wednesday AMC
T ROWE PRICE TROW 0.89 0.75 -1.12 Wednesday BTO
TAL INTL GRP TAL 1.05 0.92 9.47 Wednesday AMC
TC PIPELINES TCP 0.65 0.71 -11.11 Wednesday BTO
TE CONNECT-LTD TEL 0.71 0.68 1.56 Wednesday BTO
TELEDYNE TECH TDY 0.97 0.96 8.33 Wednesday BTO
TERADYNE INC TER 0.03 0.3 600 Wednesday AMC
TEREX CORP TEX 0.29 0.29 -51.28 Wednesday AMC
TEXAS CAP BCSHS TCBI 0.82 0.7 -1.2 Wednesday AMC
THERMO FISHER TMO 1.3 1.17 6.25 Wednesday BTO
TIMKEN CO TKR 0.8 1.58 25 Wednesday BTO
TITAN INTL INC TWI 0.43 0.78 -80.85 Wednesday AMC
TRACTOR SUPPLY TSCO 0.62 0.55 7.77 Wednesday AMC
TRIQUINT SEMICO TQNT -0.17 -0.01 50 Wednesday AMC
TRUEBLUE INC TBI 0 0.04 35.71 Wednesday AMC
TUPPERWARE BRND TUP 1.13 1.03 1.79 Wednesday BTO
TYLER TECH INC TYL 0.23 0.17 10.71 Wednesday AMC
UNITIL CORP UTL 0.87 0.83 3.13 Wednesday N/A
USG CORP USG 0.11 -0.24 -67.86 Wednesday BTO
VALE SA VALE 0.43 0.74 -26 Wednesday N/A
VALLEY NATL BCP VLY 0.18 0.17 0 Wednesday BTO
VARIAN MEDICAL VAR 1.01 0.96 3.49 Wednesday AMC
VIEWPOINT FINL VPFG 0.27 0.22 -10 Wednesday AMC
WABTECH WAB 1.38 1.22 2.29 Wednesday BTO
WASTE CONNCTION WCN 0.33 0.32 -2.63 Wednesday AMC
WASTE MGMT-NEW WM 0.41 0.38 -5 Wednesday BTO
WELLPOINT INC WLP 2.37 2.34 8.42 Wednesday BTO
WESBANCO INC WSBC 0.46 0.45 -2.13 Wednesday AMC
WESTERN DIGITAL WDC 1.78 2.52 14.84 Wednesday AMC
WHIRLPOOL CORP WHR 1.95 1.41 3.15 Wednesday BTO
WHITING PETROLM WLL 0.9 1.03 9.21 Wednesday AMC
WILLIAMS(C)ENGY CWEI 0.49 1.21 -34.04 Wednesday BTO
WYNDHAM WORLDWD WYN 0.66 0.6 5 Wednesday BTO
XENOPORT INC XNPT -0.43 -0.26 11.9 Wednesday AMC
XILINX INC XLNX 0.45 0.49 2.7 Wednesday AMC
ZYNGA INC ZNGA -0.07 0.06 75 Wednesday AMC
3M CO MMM 1.65 1.59 0 Thursday BTO
ABAXIS INC ABAX 0.27 0.21 10 Thursday AMC
AGNICO EAGLE AEM 0.4 0.44 -13.33 Thursday AMC
ALASKA AIR GRP ALK 0.54 0.39 -4.11 Thursday BTO
ALEXION PHARMA ALXN 0.52 0.38 14.89 Thursday BTO
ALTERA CORP ALTR 0.33 0.35 -5.13 Thursday AMC
ALTRIA GROUP MO 0.53 0.49 1.85 Thursday BTO
AMAZON.COM INC AMZN 0.1 0.28 -27.59 Thursday AMC
AMERISOURCEBRGN ABC 0.88 0.81 0 Thursday BTO
AMETEK INC AME 0.51 0.45 2.08 Thursday BTO
APPLD MICRO CIR AMCC -0.01 -0.21 20 Thursday AMC
APTARGROUP INC ATR 0.66 0.64 0 Thursday AMC
ASTRAZENECA PLC AZN 1.32 1.81 24.64 Thursday BTO
AVNET AVT 0.87 1.03 21.69 Thursday BTO
AXIS CAP HLDGS AXS 1.16 0.91 64.96 Thursday AMC
BAIDU INC BIDU 1.03 0.85 0 Thursday AMC
BALL CORP BLL 0.65 0.63 -3.03 Thursday BTO
BELO CORP BLC 0.15 0.14 5.71 Thursday BTO
BEMIS BMS 0.54 0.49 4 Thursday BTO
BENCHMARK ELETR BHE 0.19 0.25 10 Thursday BTO
BIOGEN IDEC INC BIIB 1.57 1.39 -4.11 Thursday BTO
BIOMARIN PHARMA BMRN -0.28 -0.21 -59.26 Thursday AMC
BJ'S RESTAURANT BJRI 0.28 0.3 0 Thursday AMC
BORG WARNER INC BWA 1.21 1.28 3.57 Thursday BTO
BOSTON SCIENTIF BSX 0.16 0.15 63.64 Thursday BTO
BRINKS CO THE BCO 0.3 0.58 -7.69 Thursday BTO
BRISTOL-MYERS BMY 0.41 0.64 9.3 Thursday BTO
BRUNSWICK CORP BC 0.62 0.45 122.22 Thursday BTO
BUILDERS FIRSTS BLDR -0.07 -0.11 -14.29 Thursday AMC
BUNGE LTD BG 1.02 0.69 -76.15 Thursday BTO
CABELAS INC CAB 0.59 0.4 4.17 Thursday BTO
CABOT MICROELEC CCMP 0.44 0.35 -4.65 Thursday BTO
CALAMP CORP CAMP 0.13 0.07 25 Thursday AMC
CALIX INC CALX -0.08 -0.08 20 Thursday AMC
CALLAWAY GOLF ELY 0.2 0.18 2 Thursday AMC
CAMERON INTL CAM 0.74 0.54 -1.04 Thursday BTO
CARBO CERAMICS CRR 0.91 1.31 2.3 Thursday BTO
CASH AM INTL CSH 1.34 1.34 12.61 Thursday BTO
CBRE GROUP INC CBG 0.17 0.14 12.24 Thursday AMC
CELADON GROUP CGI 0.26 0.25 0 Thursday AMC
CELGENE CORP CELG 1.24 0.99 2.54 Thursday BTO
CENTURY ALUM CO CENX -0.04 -0.13 42.86 Thursday AMC
CERNER CORP CERN 0.59 0.51 5 Thursday AMC
CHART INDUSTRIE GTLS 0.68 0.48 5.26 Thursday BTO
CHUBB CORP CB 1.73 1.7 134.78 Thursday AMC
CINCINNATI FINL CINF 0.66 0.48 122 Thursday AMC
CIRRUS LOGIC CRUS 0.6 0.33 15.67 Thursday AMC
CMS ENERGY CMS 0.46 0.37 4.17 Thursday BTO
COCA-COLA ENTRP CCE 0.38 0.36 4.65 Thursday BTO
COINSTAR INC CSTR 0.85 1.39 29.17 Thursday AMC
COLGATE PALMOLI CL 1.32 1.24 0.71 Thursday BTO
COLONIAL PPTYS CLP 0.34 0.3 -40.63 Thursday BTO
COLUMBIA SPORTS COLM 0.14 0.2 -4.17 Thursday AMC
COMPUTER PRGRMS CPSI 0.74 0.51 -4.6 Thursday AMC
CONMED CORP CNMD 0.45 0.43 4 Thursday BTO
CONOCOPHILLIPS COP 1.39 2.02 1.42 Thursday BTO
CONSOL ENERGY CNX 0.2 0.42 95.45 Thursday BTO
CONSTANT CONTAC CTCT -0.15 0.01 200 Thursday AMC
CRA INTL INC CRAI 0.33 0.09 19.44 Thursday BTO
CROSS(AT)-A ATX 0.15 0.12 -6.67 Thursday AMC
DANA HOLDING CP DAN 0.44 0.44 5.56 Thursday BTO
DECKERS OUTDOOR DECK -0.1 0.2 7.36