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Earnings Preview

Halftime Report for Q4 Earnings Season

With results from more than half of the S&P 500 members already known, we are in a good enough position to pass judgment on this reporting season. This week’s busy reporting docket, with almost 500 companies (including 93 S&P 500 members) coming out with Q4 results, is unlikely to change this initial assessment by much.  

While investors seem to be a bit more critical than other recent earnings cycles, the Q4 earnings season doesn’t appear to us to be no worse than what we saw over the last few quarters. In fact, this earnings season is turning out to be better than recent quarters in terms of earnings growth and positive earnings surprises. Where it’s no different from other recent quarters is in terms of lackluster top-line growth and continued negative guidance.

It appears that investors were looking for something better, particularly on the guidance front. The hope was that given the improving domestic economic scene and signs of stabilization in Europe, we will get relatively reassuring guidance from management teams. But we are not seeing that, with managements continuing to provide sub-par outlook for the coming quarter(s).

In other words, management teams are dishing out what they have been doing for more than a year now. And this is prompting estimates for the current quarter to come down, as the chart below shows.

 

Q3 Earnings Scorecard (as of Friday, 1/31/2013)

Total earnings for the 251 S&P 500 members that have reported already, combined accounting for 66.4% of the index’s total market capitalization,  are up +    11.4% from the same period last year, with a ‘beat ratio’ of 70.1% and a median surprise of +2.57%. Total revenues are up +1.6%, with a revenue ‘beat ratio’ of 59.4% and a median surprise of +0.96%.

More companies have beat earnings and revenue expectations than has been the case in recent quarters, as the chart below shows. Perhaps expectations had fallen a bit low ahead of the Q4 reporting season.

 
The earnings growth rate for these 251 companies is better than what we saw from this same group of companies in Q3 and the 4-quarer average, while the revenue growth rate is not much different from recent norm, as the chart below shows.

 

But a big contributor to the strong Q4 growth is easy comparisons for just three companies – Bank of America (BAC), Verizon (VZ - Analyst Report), and Travelers (TRV - Analyst Report). Exclude these three companies and total earnings growth for the S&P 500 companies that have reported drops to +5.9% from the ‘headline’ +11.4%, which is about where growth has been in recent quarters.

The Composite Growth Picture

The ‘composite’ picture for Q4, where we combine results from the 251 companies that have reported already with the 249 still to come, is for growth rate of +9.6%. This will be the highest quarterly growth pace of 2013, with easy comparisons playing a non-trivial role in propping up the growth pace. The +9.6% growth rate compares to +5.1% in Q3 and +4% in Q2.

Finance remains a big growth driver in Q4 – total earnings growth for the S&P 500 in Q4 drop to +6.5% once the sector is excluded. Energy continues to be a drag on aggregate growth, with total earnings for the sector expected to be down -8.9% in Q4 after declining -8.4% in Q3. Excluding the Energy sector, total Q4 earnings for the S&P 500 would be up +12.3% vs. +7.1% in Q3.  
Technology earnings are expected be up +6.0% after the +5.9% gain in Q3. While Google (GOOG) and Facebook (FB) did extremely well, the sector overall has had a fairly good earnings season as well. With Q4 results from 84.5% of the sector’s total market capitalization already out, total earnings for the sector are up +6.5% on +5.6% higher revenues. These growth rates aren’t materially different from what we saw from this same group of companies in Q3, but the beat ratios represent a notable improvement.

Of the Tech sector companies that have reported already (45 out of 65 Tech sector companies in the S&P 500 accounting for 84.5% of the sector’s total market cap have reported results), 84.4% have beat earnings expectations, up from Q3’s 68.9% earnings beat ratio and the 4-quarter average of 74.4%. Positive revenue surprises have been materially widespread relative to recent quarters as well, with Q4 revenue beat ratio currently tracking 73.3% vs. 57.8% in Q3 and the 4-quarter average of 55.6%.  

Lack of corporate capital spending has been an issue for the sector for some time and the consensus view is that we will see a turnaround on that front later this year. We haven’t heard anything yet that will add to our confidence in that expectation. But this optimistic view is a big contributor to the expected upturn in the Tech sector’s growth estimate later this year. Total earnings for the sector are expected to be up +9.5% this year and +10.4% in 2015, pronounced acceleration from the flat reading in 2013.

Guidance Still on the Weak Side

For obvious reasons, the market’s focus has been on management guidance for 2014. Companies typically provide guidance only for the following quarter, but they do tend to discuss their outlook for the coming year on the Q4 earnings calls.

While about half of the results are still to come, what we have seen thus far on the guidance front doesn’t show any improvement from what we have been seeing quarter after quarter for almost two years now. Despite the improving domestic economic backdrop and the stabilized European environment, companies are still predominantly guiding lower. The ongoing emerging market turmoil is only adding to this lack of visibility. We have seen this start to show up in negative estimate revisions for Q1 and beyond, as earlier referred to. But estimates will likely have come down more if current trends persist.  

Monday-2/03

  • We will get the January manufacturing ISM survey after the market opens, with expectations of a modest pullback from December’s 56.5 level.
  • Yum Brands (YUM - Analyst Report) is the most notable company reporting today after the close.

Tuesday -2/04

  • We will get the December Factory Orders report, with expectations of -1.9% decline after November’s +1.8% gain.
  • Eaton Corp (ETN), International Paper (IP - Analyst Report) and Michael Kors (KORS - Analyst Report) are the notable reports in the morning, while Hain Celestial (HAIN - Analyst Report) will report after the close.
  • Zacks Earnings ESP or Expected Earnings Surprise, our proprietary leading indicator of earnings surprises, is showing Eaton Corp and Michael Kors coming out with earnings beats.
  • Stocks with positive Earnings ESP and Zacks Rank of 1, 2 or 3 are highly likely to come out with positive earnings surprises. Eaton has a Zacks Rank #2 (Buy) and Earnings ESP of +1.9%, while Michael Kors has a Zacks Rank # 3 (Hold) and Earnings ESP of +1.2%.  
  • To get a better understanding of Zacks Earnings Surprise Predictor, please click here.  

Wednesday-2/05

  • We will get the January private sector jobs tally from ADP. Also on the docket is the sector ISM survey.
  • Time Warner (TWX - Analyst Report) and Ralph Lauren (RL - Analyst Report) are the key reports in the morning, while Disney (DIS) and Twitter (TWTR - Analyst Report) will report after the close.
  • Earnings ESP is showing Twitter and Time Warner coming out with positive earnings surprises. Zacks #3 Ranked Twitter has Earnings ESP of +10%, while Time Warner has Zacks Rank #3 (Hold) and Earnings ESP of +3.3%.

Thursday -2/06

  • In addition to weekly Jobless Claims, we will get the December Trade Deficit numbers and the Q4 productivity report.
  • The notable companies in the morning include General Motors (GM), Cummins (CMI) and Kellogg (K - Analyst Report), while LinkedIn (LNKD - Analyst Report) will report after the close.

Friday-2/07

  • Jobs are in focus today, with the January non-farm payroll report coming out in the morning. The expectation is for ‘headline’ job gains of 185K after the surprisingly weak December 74K tally. It will be interesting if we the December numbers will get revised upwards.
  • Cigna (CI) and Wyndham Worldwide (WYN - Analyst Report) are some of the notable reports today, all in the morning.


Here is a list of the 477 companies reporting this week, including 93 S&P 500 members.

Company Ticker Current Qtr Year-Ago Qtr Last EPS Surprise % Report Day Time
ANADARKO PETROL APC 0.93 0.91 -4.24 Monday AMC
CAREFUSION CORP CFN 0.54 0.54 10 Monday AMC
DUN &BRADST-NEW DNB 2.85 2.38 6.91 Monday AMC
EDWARDS LIFESCI EW 0.83 0.9 3.03 Monday AMC
GENL GRWTH PPTY GGP 0.35 0.31 7.41 Monday AMC
HARTFORD FIN SV HIG 0.9 0.54 24.1 Monday AMC
PRINCIPAL FINL PFG 0.93 0.82 3.45 Monday AMC
SYSCO CORP SYY 0.4 0.49 16.67 Monday BTO
TORCHMARK CORP TMK 1.46 1.33 0 Monday AMC
YUM! BRANDS INC YUM 0.8 0.83 -8.6 Monday AMC
ADV ENERGY INDS AEIS 0.48 0.16 29.41 Monday AMC
ADVENT SOFTWARE ADVS 0.2 0.2 0 Monday AMC
ALEXANDRIA REAL ARE 1.15 1.16 2.91 Monday AMC
ALLIANCE FIBER AFOP 0.32 0.11 0 Monday AMC
AMER CAP AGENCY AGNC 0.63 0.89 -27.38 Monday AMC
AMERIGAS PARTNR APU 1.12 0.93 -25.53 Monday AMC
ARLINGTON ASSET AI 1.02 1.22 -13.27 Monday AMC
BRE PROPERTIES BRE 0.65 0.61 1.56 Monday AMC
BROWN & BROWN BRO 0.35 0.29 -4.88 Monday AMC
CROWN HLDGS INC CCK 0.5 0.51 4.63 Monday AMC
FABRINET FN 0.38 0.36 20 Monday AMC
FIRST BNCRP P R FBP 0.11 0.07 -10 Monday AMC
GLADSTONE CAPTL GLAD 0.21 0.23 10 Monday AMC
HARMONY GOLD HMY N/A 0.18 -119.23 Monday N/A
HOLOGIC INC HOLX 0.31 0.38 5.41 Monday AMC
INPHI CORP IPHI -0.01 -0.07 25 Monday AMC
INTEGR DEVICE IDTI 0.1 0.02 33.33 Monday AMC
KILROY REALTY KRC 0.64 0.63 9.52 Monday AMC
LUMINEX CORP LMNX 0.08 0.12 -91.67 Monday AMC
NETLIST INC NLST -0.08 -0.14 0 Monday AMC
OFG BANCORP OFG 0.42 -0.12 -15 Monday AMC
OLD NATL BCP ONB 0.25 0.23 17.39 Monday BTO
OMEGA HLTHCARE OHI 0.6 0.58 1.61 Monday AMC
PARTNERRE LTD PRE 2.9 1.55 145.69 Monday AMC
PEREGRINE SEMI PSMI -0.07 0.15 20 Monday AMC
PHARMERICA CORP PMC 0.33 0.33 48.28 Monday AMC
POST PPTYS INC PPS 0.66 0.71 2.82 Monday AMC
POWER INTGRATIO POWI 0.5 0.34 11.32 Monday AMC
PROSPECT CAP CP PSEC 0.32 0.51 -3.03 Monday AMC
RANDGOLD RSRCS GOLD 0.73 1.31 60 Monday BTO
RUDOLPH TECH RTEC 0.02 0.17 300 Monday AMC
STANLEY FURN CO STLY -0.14 -0.21 -54.55 Monday AMC
SUNCOR ENERGY SU 0.83 0.65 13.75 Monday AMC
TAKE-TWO INTER TTWO 1.32 0.59 29.05 Monday AMC
UGI CORP UGI 1.08 0.9 10 Monday AMC
UNILIFE CORP UNIS -0.09 -0.19 0 Monday AMC
WESTELL TECH-A WSTL 0 -0.02 33.33 Monday AMC
AFLAC INC AFL 1.39 1.48 0 Tuesday AMC
AGL RESOURCES GAS 0.91 0.91 71.43 Tuesday AMC
AMERIPRISE FINL AMP 1.82 1.71 10.4 Tuesday AMC
ARCHER DANIELS ADM 0.84 0.6 -4.17 Tuesday BTO
BECTON DICKINSO BDX 1.29 1.35 7.48 Tuesday BTO
BOSTON SCIENTIF BSX 0.19 0.18 6.25 Tuesday BTO
CERNER CORP CERN 0.34 0.31 0 Tuesday AMC
CH ROBINSON WWD CHRW 0.68 0.68 -5.48 Tuesday AMC
CLOROX CO CLX 0.91 0.9 4 Tuesday BTO
CME GROUP INC CME 0.67 0.63 2.74 Tuesday BTO
DELPHI AUTO PLC DLPH 1.04 0.9 3.19 Tuesday BTO
EATON CORP PLC ETN 1.06 0.82 0 Tuesday BTO
EMERSON ELEC CO EMR 0.67 0.62 6.31 Tuesday BTO
EQUITY RESIDENT EQR 0.76 0.75 0 Tuesday AMC
FIDELITY NAT IN FIS 0.67 0.62 21.31 Tuesday BTO
GANNETT INC GCI 0.65 0.89 4.88 Tuesday BTO
GENWORTH FINL GNW 0.3 0.34 -7.69 Tuesday AMC
GILEAD SCIENCES GILD 0.49 0.48 6.38 Tuesday AMC
INTL PAPER IP 0.87 0.69 11.7 Tuesday BTO
MACERICH CO MAC 0.93 0.9 3.61 Tuesday AMC
MCGRAW HILL FIN MHFI 0.79 0.72 2.56 Tuesday BTO
MICHAEL KORS KORS 0.86 0.64 4.41 Tuesday BTO
RYDER SYS R 1.29 1.17 1.39 Tuesday BTO
SPECTRA ENERGY SE 0.38 0.32 20 Tuesday BTO
UNUM GROUP UNM 0.84 0.82 3.66 Tuesday AMC
XYLEM INC XYL 0.52 0.47 40 Tuesday BTO
ACTUATE CORP BIRT 0.09 0.07 -28.57 Tuesday AMC
AECOM TECH CORP ACM 0.36 0.36 -2.53 Tuesday BTO
AFFIL MANAGERS AMG 3.09 2.55 2.34 Tuesday BTO
AGCO CORP AGCO 1.33 0.99 -1.55 Tuesday BTO
ANIXTER INTL AXE 1.43 1.32 -6.75 Tuesday BTO
ARCH COAL INC ACI -0.36 -0.42 96.67 Tuesday BTO
ARM HOLDNGS ADR ARMH 0.21 0.14 -5.26 Tuesday BTO
ARRAY BIOPHARMA ARRY -0.17 -0.1 27.78 Tuesday BTO
ARROWHEAD RSRCH ARWR -0.18 -0.33 -4.55 Tuesday AMC
ASBURY AUTO GRP ABG 0.83 0.72 5.81 Tuesday BTO
ATMOS ENERGY CP ATO 0.83 0.74 9.09 Tuesday AMC
ATWOOD OCEANICS ATW 1.16 1.1 3.29 Tuesday AMC
AXCELIS TECH ACLS 0.01 -0.08 -33.33 Tuesday AMC
AXIS CAP HLDGS AXS 1.49 -0.41 48.72 Tuesday AMC
BANCO ITAU -ADR ITUB 0.36 0.35 12.12 Tuesday N/A
BENCHMARK ELETR BHE 0.36 0.33 41.94 Tuesday BTO
BG GRP PLC-ADR BRGYY 0.3 0.26 6.67 Tuesday N/A
BP PLC BP 0.91 1.25 20.62 Tuesday BTO
BUFFALO WLD WNG BWLD 1.06 0.89 10.47 Tuesday AMC
CARDICA INC CRDC -0.08 -0.11 0 Tuesday AMC
CBL&ASSOC PPTYS CBL 0.61 0.62 -3.7 Tuesday AMC
CENTENE CORP CNC 0.82 0.47 6.02 Tuesday BTO
CENTRAL GARDEN CENT -0.31 -0.32 -34.78 Tuesday AMC
CERV UNIDAS-ADR CCU 0.5 0.6 -7.14 Tuesday N/A
CHURCH & DWIGHT CHD 0.67 0.57 2.7 Tuesday BTO
COVANCE INC CVD 0.84 0.73 3.75 Tuesday AMC
CSG SYS INTL CSGS 0.5 0.62 2.33 Tuesday AMC
DAWSON GEOPHYS DWSN 0.07 0.36 -450 Tuesday BTO
DEVRY EDUCATION DV 0.75 0.87 -4.35 Tuesday AMC
DICE HOLDINGS DHX 0.12 0.15 -7.69 Tuesday BTO
EAGLE MATERIALS EXP 0.75 0.43 0 Tuesday AMC
ELECTRO SCI IND ESIO -0.17 -0.09 350 Tuesday AMC
ENTEGRIS INC ENTG 0.13 0.09 0 Tuesday BTO
FUJI HEAVY ADR FUJHY 2.09 0.47 14.02 Tuesday N/A
GENOMIC HEALTH GHDX -0.02 0.06 150 Tuesday AMC
HAIN CELESTIAL HAIN 0.88 0.72 1.96 Tuesday AMC
HCA HOLDINGS HCA 0.85 0.91 0 Tuesday BTO
HEADWATERS INC HW -0.01 -0.06 26.09 Tuesday BTO
HEALTHCARE SERV HCSG 0.21 0.19 0 Tuesday AMC
HILLENBRAND INC HI N/A 0.41 -40 Tuesday AMC
HITACHI HTHIY N/A 0.5 N/A Tuesday N/A
HNI CORP HNI 0.45 0.4 3.39 Tuesday AMC
HORACE MANN EDS HMN 0.56 0.67 1.72 Tuesday AMC
IDEXX LABS INC IDXX 0.81 0.74 3.61 Tuesday BTO
ITOCHU CORP ITOCY N/A 0.96 N/A Tuesday N/A
JACK HENRY ASSC JKHY 0.59 0.57 0 Tuesday AMC
K12 INC LRN 0.33 0.24 7.14 Tuesday BTO
KEYW HOLDING CP KEYW -0.04 0 60 Tuesday AMC
LACLEDE GRP INC LG 1.11 1.25 -183.33 Tuesday BTO
LIBERTY PPTY TR LRY 0.63 0.64 -6.56 Tuesday BTO
LIONBRIDGE TECH LIOX 0.05 0.08 200 Tuesday BTO
MAGNACHIP SEMI MX 0.36 0.76 5.63 Tuesday AMC
MANHATTAN ASOC MANH 0.21 0.16 30.77 Tuesday AMC
MDU RESOURCES MDU 0.41 0.4 6.52 Tuesday BTO
MITSUBIS CP-ADR MSBHY N/A 1.39 N/A Tuesday N/A
MUELLER WATER MWA 0 -0.03 14.29 Tuesday AMC
MULTI-COLOR LABL 0.53 0.42 12.96 Tuesday BTO
MYRIAD GENETICS MYGN 0.47 0.42 47.83 Tuesday AMC
NANOMETRICS INC NANO -0.02 -0.13 14.29 Tuesday AMC
OCLARO INC OCLR -0.27 -0.35 9.38 Tuesday AMC
OMNICELL INC OMCL 0.22 0.16 0 Tuesday AMC
PACIFIC BIOSCI PACB -0.28 -0.39 -10.71 Tuesday AMC
PAIN THERAPEUT PTIE -0.01 -0.04 -100 Tuesday AMC
PANASONIC CORP PCRFY N/A 0.29 N/A Tuesday N/A
PIKE ELECTRIC PIKE 0.08 0.67 -76.92 Tuesday AMC
PLATINUM UNDRWT PTP 1.23 0.92 33 Tuesday AMC
POWELL INDS POWL 0.68 0.62 62.26 Tuesday AMC
QUINSTREET INC QNST 0.02 0.06 -14.29 Tuesday AMC
RENAISSANCERE RNR 2.85 0.63 54.31 Tuesday AMC
SENSATA TECHNOL ST 0.55 0.47 0 Tuesday BTO
SIRIUS XM HLDGS SIRI 0.02 0.02 0 Tuesday BTO
SPANSION INC CODE 0.09 0.19 0 Tuesday AMC
SPECTRA EGY PTR SEP 0.58 0.4 20.51 Tuesday BTO
STERLING BANCP STL 0.14 0.16 16.67 Tuesday AMC
SUMITOMO CORP SSUMY N/A 0.41 N/A Tuesday N/A
SYNALLOY CORP SYNL -0.05 0.15 -35.48 Tuesday BTO
TECHNE CORP TECH 0.8 0.74 3.75 Tuesday BTO
THORATEC CORP THOR 0.29 0.34 37.93 Tuesday AMC
TIDEWATER INC TDW 1.12 0.61 33.72 Tuesday AMC
TOYOTA MOTOR CP TM 2.74 0.68 80.67 Tuesday N/A
TRANSDIGM GROUP TDG 1.28 1.38 127.78 Tuesday BTO
UBS AG UBS N/A 0.25 78.57 Tuesday BTO
UDR INC UDR 0.36 0.35 5.71 Tuesday BTO
ULTIMATE SOFTWR ULTI 0.21 0.22 15.79 Tuesday AMC
USANA HLTH SCI USNA 1.25 1.27 1.75 Tuesday AMC
VASCULAR SOLUTN VASC 0.19 0.18 11.76 Tuesday AMC
VISHAY INTERTEC VSH 0.19 0.11 -16.67 Tuesday BTO
VITESSE SEMICON VTSS -0.13 -0.2 9.09 Tuesday AMC
VOCUS INC VOCS -0.09 0.01 33.33 Tuesday AMC
WADDELL&REED -A WDR 0.82 0.61 11.11 Tuesday BTO
AKAMAI TECH AKAM 0.43 0.43 -7.89 Wednesday AMC
ALLERGAN INC AGN 1.34 1.15 1.65 Wednesday BTO
ALLSTATE CORP ALL 1.38 0.59 11.68 Wednesday AMC
ASSURANT INC AIZ 1.43 0.07 17.93 Wednesday AMC
AUTOMATIC DATA ADP 0.77 0.72 3.03 Wednesday BTO
CBRE GROUP INC CBG 0.66 0.55 -9.09 Wednesday AMC
CINCINNATI FINL CINF 0.69 1.11 27.27 Wednesday AMC
COCA-COLA ENTRP CCE 0.52 0.45 2.5 Wednesday BTO
COGNIZANT TECH CTSH 1.05 0.92 4.95 Wednesday BTO
DISNEY WALT DIS 0.9 0.79 1.32 Wednesday AMC
ESTEE LAUDER EL 1.06 1.16 2.7 Wednesday BTO
FISERV INC FISV 0.81 0.69 3.31 Wednesday AMC
FMC CORP FMC 0.95 0.81 -1.2 Wednesday AMC
HUMANA INC NEW HUM 0.93 1.19 6.94 Wednesday BTO
KIMCO REALTY CO KIM 0.33 0.31 0 Wednesday AMC
LINCOLN NATL-IN LNC 1.27 1.1 8.94 Wednesday AMC
MARATHON OIL CP MRO 0.74 0.55 11.54 Wednesday AMC
MERCK & CO INC MRK 0.89 0.83 4.55 Wednesday BTO
NASDAQ OMX GRP NDAQ 0.66 0.64 6.45 Wednesday BTO
O REILLY AUTO ORLY 1.32 1.14 2.42 Wednesday AMC
PRUDENTIAL FINL PRU 2.24 1.71 40 Wednesday AMC
RALPH LAUREN CP RL 2.51 2.4 1.36 Wednesday BTO
STERICYCLE INC SRCL 0.96 0.88 2.13 Wednesday AMC
TESORO CORP TSO 0.3 1.34 -10.2 Wednesday AMC
TIME WARNER INC TWX 1.15 1.17 13.48 Wednesday BTO
XL GROUP PLC XL 0.84 0.13 -1.85 Wednesday AMC
AFFYMETRIX INC AFFX 0.07 -0.02 150 Wednesday AMC
ALLIED WORLD AS AWH 2.37 -1.6 37.56 Wednesday AMC
ALPHA&OMEGA SEM AOSL -0.07 0.14 133.33 Wednesday AMC
AMER CAP MTGE MTGE 0.66 0.84 -8.97 Wednesday AMC
AMER SCI & ENG ASEI 0.64 0.73 27.66 Wednesday BTO
AMERCO INC UHAL 2.59 1.89 1.88 Wednesday AMC
ARAMARK HOLDING ARMK 0.42 N/A N/A Wednesday AMC
ARROW ELECTRONI ARW 1.62 1.23 -1.67 Wednesday BTO
ATMEL CORP ATML 0.07 0.03 0 Wednesday AMC
ATMI INC ATMI 0.3 0.32 -12.12 Wednesday BTO
AVANIR PHARM AVNR -0.08 -0.09 -242.86 Wednesday AMC
BADGER METER BMI 0.43 0.39 3.28 Wednesday AMC
BARRETT BUS SVS BBSI 1.12 0.8 13.08 Wednesday BTO
BIOMED RLTY TR BMR 0.33 0.36 0 Wednesday AMC
BOFI HLDG INC BOFI 0.9 0.75 0 Wednesday AMC
BRANDYWINE RT BDN 0.33 0.33 0 Wednesday AMC
BROOKFIELD INFR BIP 0.85 0.23 5.26 Wednesday BTO
CALLIDUS SOFTWR CALD -0.03 -0.17 0 Wednesday AMC
CASCADE BANCORP CACB 0.04 0.03 -25 Wednesday AMC
CASCADE MICRO CSCD 0.19 0.12 10 Wednesday AMC
CLEARWATER PAPR CLW 0.85 0.84 -40.43 Wednesday AMC
CLICKSOFTWARE CKSW -0.05 0.11 -1200 Wednesday BTO
CONVERGYS CORP CVG 0.28 0.25 7.41 Wednesday BTO
CON-WAY INC CNW 0.21 0.26 -6.45 Wednesday AMC
CORINTHIAN COL COCO 0.01 0.05 -28.57 Wednesday BTO
CREDICORP LTD BAP 2.39 2.51 -11.42 Wednesday AMC
DIGITAL RIVER DRIV 0.05 0.05 22.73 Wednesday AMC
EDUCATION MANAG EDMC 0.08 0.25 22.22 Wednesday AMC
EGAIN CORP EGAN 0 0.02 -900 Wednesday AMC
ELIZABETH ARDEN RDEN 1.07 1.58 46.67 Wednesday BTO
ENERSYS INC ENS 1.03 0.88 3.57 Wednesday AMC
ENTROPIC COMMUN ENTR -0.11 0.04 16.67 Wednesday AMC
EPLUS INC PLUS N/A 1.11 N/A Wednesday AMC
EVEREST RE LTD RE 5 0.8 -10.45 Wednesday AMC
EVOLUTION PETRO EPM 0.06 0.06 -50 Wednesday AMC
EXPONENT INC EXPO 0.58 0.6 29.51 Wednesday N/A
EXTREME NETWRKS EXTR 0.13 0.01 100 Wednesday BTO
FBR & CO FBRC N/A 0.68 21.43 Wednesday BTO
FEI COMPANY FEIC 0.92 0.77 0 Wednesday AMC
FLEETCOR TECH FLT 1.01 0.77 10.64 Wednesday AMC
FORMFACTOR INC FORM -0.26 -0.32 -266.67 Wednesday AMC
GILDAN ACTVWEAR GIL 0.35 0.32 -1.19 Wednesday AMC
GLADSTONE INVES GAIN 0.17 0.15 33.33 Wednesday BTO
GLAXOSMITHKLINE GSK 1 1.04 2.22 Wednesday N/A
GLU MOBILE INC GLUU -0.01 -0.05 20 Wednesday AMC
GRACE (WR) NEW GRA 1.09 1.11 8.08 Wednesday BTO
GREEN MTN COFFE GMCR 0.88 0.75 20.27 Wednesday AMC
GROUP 1 AUTO GPI 1.07 0.99 -18.92 Wednesday BTO
HANOVER INSURAN THG 1.1 -1.65 27.1 Wednesday AMC
HEARTLAND PAYMT HPY 0.48 0.38 10.71 Wednesday BTO
IAC/INTERACTIV IACI 0.81 0.49 43.37 Wednesday BTO
IROBOT CORP IRBT 0.11 -0.21 8.33 Wednesday AMC
KAMADA LTD KMDA 0.06 0.11 100 Wednesday BTO
KNIGHTSBRIDGE VLCCF 0.08 0.05 300 Wednesday N/A
KNOLL INC KNL 0.23 0.37 -14.29 Wednesday BTO
LAZARD LTD LAZ 0.6 0.61 31.43 Wednesday BTO
LENNOX INTL INC LII 0.73 0.56 3.17 Wednesday BTO
LEVEL 3 COMM LVLT 0.05 -0.16 200 Wednesday BTO
LITTELFUSE INC LFUS 1.02 0.81 1.67 Wednesday BTO
MAGELLAN MDSTRM MMP 0.82 0.69 -6.9 Wednesday BTO
MDC HLDGS MDC 0.62 0.59 14.06 Wednesday BTO
MERITAGE HOMES MTH 1.02 0.63 22.22 Wednesday BTO
METTLER-TOLEDO MTD 3.74 3.47 0.39 Wednesday AMC
MID-AMER APT CM MAA 0.84 1.13 1.63 Wednesday AMC
MITSUI MITSY N/A 10.1 N/A Wednesday N/A
NICE SYSTEM-ADR NICE 0.66 0.6 0 Wednesday BTO
NUSTAR ENERGY NS 0.36 0.25 3.7 Wednesday BTO
NUSTAR GP HLDGS NSH 0.34 0.12 -12.12 Wednesday BTO
NXP SEMICONDUCT NXPI 0.86 0.5 2.67 Wednesday AMC
ORASURE TECH OSUR -0.08 -0.05 70 Wednesday AMC
ORCHIDS PAPER TIS 0.46 0.3 9.3 Wednesday AMC
PANDORA MEDIA P 0.01 -0.09 -100 Wednesday AMC
PDF SOLUTIONS PDFS 0.19 0.19 31.25 Wednesday AMC
PENNANTPARK INV PNNT 0.27 0.28 0 Wednesday AMC
PENNYMAC MORTGE PMT 0.58 0.83 -13.64 Wednesday AMC
PETROLOGISTICS PDH 0.26 0.25 5.13 Wednesday AMC
PLAINS ALL AMER PAA 0.61 0.98 13.64 Wednesday AMC
PLANAR SYSTEMS PLNR -0.01 0.02 300 Wednesday AMC
QUICKLOGIC CORP QUIK -0.05 -0.06 0 Wednesday AMC
RADIAN GRP INC RDN -0.04 -1.38 -233.33 Wednesday BTO
REALD INC RLD -0.09 -0.08 50 Wednesday AMC
REALNETWORKS RNWK N/A -0.17 0 Wednesday AMC
ROADRUNNER TRAN RRTS 0.32 0.29 -5.26 Wednesday AMC
SAPIENS INTL NV SPNS 0.08 0.09 N/A Wednesday AMC
SELECT COMFORT SCSS 0.15 0.22 -14.29 Wednesday AMC
SHUTTERFLY INC SFLY 1.09 1.5 61.29 Wednesday AMC
SIERRA WIRELESS SWIR 0.03 0.15 900 Wednesday AMC
SOLARWINDS INC SWI 0.29 0.32 16.13 Wednesday AMC
SOLERA HOLDINGS SLH 0.55 0.6 -1.96 Wednesday AMC
SPEED COMMERCE SPDC 0.08 0.03 100 Wednesday BTO
STANDARD PAC SPF 0.14 0.08 -16.67 Wednesday AMC
STERIS CORP STE 0.69 0.58 0 Wednesday BTO
SYNCHRONOSS TEC SNCR 0.28 0.18 -16.67 Wednesday AMC
SYNGENTA AG-ADR SYT N/A N/A N/A Wednesday N/A
TAKEDA PHARMACT TKPYY N/A 0.17 N/A Wednesday N/A
TESORO LOGISTIC TLLP 0.44 0.53 -19.57 Wednesday AMC
TESSERA TEC INC TSRA 0.08 -0.32 -405.56 Wednesday BTO
TRIQUINT SEMICO TQNT 0.09 -0.01 140 Wednesday AMC
TTM TECHNOLOGIE TTMI 0.16 0.23 -7.69 Wednesday AMC
TWITTER INC TWTR -0.1 N/A N/A Wednesday AMC
TWO HARBORS INV TWO 0.22 0.28 -20.83 Wednesday AMC
TYLER TECH INC TYL 0.36 0.31 5.88 Wednesday AMC
UNVL STAINLESS USAP -0.05 0.24 0 Wednesday BTO
WABASH NATIONAL WNC 0.22 0.32 -4 Wednesday AMC
WESCO AIRCRAFT WAIR 0.31 0.25 3.13 Wednesday AMC
WEX INC WEX 1.09 1.07 7.5 Wednesday BTO
WGL HLDGS INC WGL 1.01 1.14 -61.76 Wednesday AMC
YELP INC YELP -0.02 -0.06 -300 Wednesday AMC
AETNA INC-NEW AET 1.38 0.94 -1.96 Thursday BTO
ALLIANCE DATA ADS 2.18 1.72 -0.4 Thursday BTO
APARTMENT INVT AIV 0.56 0.52 0 Thursday AMC
CUMMINS INC CMI 1.98 1.93 -7.62 Thursday BTO
DIAMOND OFFSHOR DO 0.78 1.41 3.39 Thursday BTO
EXELON CORP EXC 0.53 0.64 18.18 Thursday BTO
EXPEDIA INC EXPE 0.75 0.55 6.35 Thursday AMC
GENERAL MOTORS GM 0.88 0.48 5.49 Thursday BTO
KELLOGG CO K 0.82 0.67 5.56 Thursday BTO
NEWS CORP NEW-A NWSA 0.21 0.17 -25 Thursday N/A
NOBLE ENERGY NBL 0.66 0.82 1.04 Thursday BTO
NORTHEAST UTIL NU 0.58 0.56 -4.17 Thursday BTO
PERRIGO CO PLC PRGO 1.6 1.36 8.57 Thursday BTO
PHILIP MORRIS PM 1.37 1.24 0.7 Thursday N/A
PPL CORP PPL 0.51 0.49 -4.35 Thursday BTO
REPUBLIC SVCS RSG 0.46 0.37 10 Thursday AMC
SEALED AIR CORP SEE 0.37 0.34 14.71 Thursday BTO
SIGMA ALDRICH SIAL 1.01 0.96 5 Thursday BTO
SNAP-ON INC SNA 1.55 1.43 2.14 Thursday BTO
TERADATA CORP TDC 0.79 0.74 1.56 Thursday BTO
TWENTY-FST CF-A FOXA 0.34 0.44 -2.94 Thursday BTO
VERISIGN INC VRSN 0.54 0.54 3.77 Thursday AMC
VULCAN MATLS CO VMC -0.03 -0.2 28 Thursday BTO
WISC ENERGY CP WEC 0.58 0.43 7.14 Thursday BTO
AARONS INC AAN 0.29 0.48 0 Thursday AMC
ACTIVISION BLZD ATVI 0.7 0.75 600 Thursday AMC
ADEPT TECH INC ADEP -0.01 -0.35 -400 Thursday AMC
ADVANCE AUTO PT AAP 0.79 0.88 4.23 Thursday BTO
ADVISORY BOARD ABCO 0.22 0.22 0 Thursday AMC
ALERE INC ALR 0.56 0.51 45.95 Thursday BTO
AOL INC AOL 0.48 0.43 25 Thursday BTO
APOLLO INV CP AINV 0.21 0.21 0 Thursday BTO
APTARGROUP INC ATR 0.65 0.55 -1.41 Thursday AMC
ASPEN INS HLDGS AHL 1.12 -0.15 31.25 Thursday AMC
ASTRAZENECA PLC AZN 1.28 1.72 -5.47 Thursday BTO
ATHENAHEALTH IN ATHN 0.28 0.18 6.67 Thursday AMC
AUDIENCE INC ADNC -0.21 0.1 50 Thursday AMC
BALLY TECH INC BYI 1.02 0.8 6.67 Thursday AMC
BCE INC BCE 0.65 0.65 -5.26 Thursday BTO
BEBE STORES INC BEBE -0.15 -0.06 25 Thursday AMC
BELDEN INC BDC 0.9 0.78 2.15 Thursday BTO
BLACK HILLS COR BKH 0.66 0.68 6.82 Thursday AMC
BLUE NILE INC NILE 0.42 0.39 -11.76 Thursday BTO
BRISTOW GROUP BRS 1.17 1.17 22.12 Thursday AMC
BROADRIDGE FINL BR 0.28 0.17 95 Thursday BTO
BROOKS AUTOMATN BRKS 0.07 -0.06 225 Thursday AMC
CARDTRONICS INC CATM 0.43 0.37 15.91 Thursday AMC
CARLISLE COS IN CSL 0.88 0.82 -0.84 Thursday BTO
CEMEX SA ADR CX -0.11 -0.41 -1200 Thursday N/A
CREDIT SUISSE CS N/A 0.19 -54.76 Thursday N/A
CTS CORP CTS 0.25 0.18 9.09 Thursday AMC
CYTOKINETCS INC CYTK -0.2 -0.42 -377.78 Thursday AMC
DANSKE BANK-ADR DNSKY N/A 0.11 N/A Thursday N/A
DASSAULT SY-ADR DASTY 1.36 1.03 -5.93 Thursday N/A
DCT INDUSTRIAL DCT 0.11 0.11 9.09 Thursday AMC
DUNKIN BRANDS DNKN 0.4 0.34 -4.65 Thursday BTO
ECHELON CORP ELON -0.11 -0.1 27.27 Thursday AMC
ECHO GLOBAL LOG ECHO 0.17 0.15 -9.52 Thursday AMC
EMPIRE DISTRICT EDE 0.24 0.23 -8.2 Thursday N/A
ENDURANCE SPLTY ENH 1.54 -1.8 70.27 Thursday AMC
ESCO TECH INC ESE 0.27 0.05 -10.61 Thursday AMC
FAIRWAY GROUP FWM -0.11 -4.44 -61.54 Thursday BTO
FBL FINL GRP-A FFG 0.89 0.93 17.24 Thursday AMC
FIFTH STREET FI FSC 0.25 0.27 -11.54 Thursday BTO
FLOWERS FOODS FLO 0.18 0.19 -14.29 Thursday BTO
GARTNER INC -A IT 0.69 0.63 5.13 Thursday BTO
GENPACT LTD G 0.21 0.22 40.91 Thursday AMC
GOLUB CAPITAL GBDC 0.31 0.33 -6.06 Thursday BTO
GRAPHIC PKG HLD GPK 0.1 0.09 -7.69 Thursday BTO
GREEN PLN RENEW GPRE 0.41 0.21 86.67 Thursday BTO
HERCULES OFFSHR HERO 0.08 0.03 37.5 Thursday BTO
HI-CRUSH PTNRS HCLP 0.62 0.35 -24.64 Thursday BTO
HITTITE MICROWV HITT 0.56 0.57 7.14 Thursday AMC
HOME LOAN SERVC HLSS 0.5 0.39 0 Thursday BTO
HOME PPTYS INC HME 1.11 1.09 -0.91 Thursday AMC
IMPERVA INC IMPV -0.03 -0.03 21.05 Thursday AMC
INGREDION INC INGR 1.35 1.47 -12 Thursday BTO
INTERMOLECULAR IMI -0.09 0.01 16.67 Thursday AMC
KEMPER CORP KMPR 0.57 -0.06 56.82 Thursday AMC
KKR & CO LP KKR 0.83 0.48 50 Thursday BTO
LANNETT INC LCI 0.39 0.1 4.76 Thursday AMC
LATTICE SEMICON LSCC 0.03 -0.02 40 Thursday AMC
LIN MEDIA LLC LIN 0.28 0.57 -58.82 Thursday BTO
LINKEDIN CORP-A LNKD 0.09 0.1 -100 Thursday AMC
LIONS GATE ETMT LGF 0.53 0.37 214.29 Thursday AMC
MAXIMUS INC MMS 0.43 0.31 4.08 Thursday BTO
MAXLINEAR INC-A MXL -0.03 -0.11 -200 Thursday AMC
MEDICAL PPTYS MPW 0.26 0.25 0 Thursday BTO
MEDIDATA SOLUTN MDSO 0.09 0.14 35.29 Thursday BTO
MEDLEY CAPITAL MCC 0.38 0.39 10.81 Thursday AMC
MITEK SYSTEMS MITK -0.06 -0.05 44.44 Thursday AMC
MONOLITHIC PWR MPWR 0.18 0.01 -13.64 Thursday AMC
MONSTER WWD INC MWW 0.07 0.08 -11.11 Thursday BTO
MONTPELIER RE MRH 0.95 -0.31 35.14 Thursday AMC
MSCI INC-A MSCI 0.54 0.52 -1.85 Thursday BTO
MULTI-FINELINE MFLX -0.42 0.35 -83.33 Thursday AMC
NET 1 UEPS TECH UEPS 0.3 0.15 30.77 Thursday AMC
NETGEAR INC NTGR 0.47 0.46 0 Thursday AMC
NEW GOLD INC NGD 0.04 0.12 0 Thursday BTO
NEWS CORP-B NWS N/A N/A N/A Thursday N/A
NIC INC EGOV 0.13 0.13 18.18 Thursday AMC
NIPPON TELE-ADR NTT N/A 0.68 N/A Thursday N/A
NJ RESOURCES NJR 0.89 0.85 50 Thursday BTO
NOVADAQ TEC INC NVDQ -0.03 -0.01 50 Thursday BTO
NU SKIN ENTERP NUS 1.91 0.97 26.76 Thursday BTO
NUANCE COMM INC NUAN 0.08 0.22 28.57 Thursday AMC
NY TIMES A NYT 0.16 0.32 75 Thursday BTO
OCH-ZIFF CAPTL OZM 0.78 0.77 35 Thursday BTO
OLD DOMINION FL ODFL 0.59 0.46 1.45 Thursday BTO
ON SEMICON CORP ONNN 0.14 0.08 6.25 Thursday AMC
OPENTABLE INC OPEN 0.4 0.34 27.59 Thursday AMC
OUTERWALL INC OUTR 1.23 0.93 10.23 Thursday AMC
PATTERSON-UTI PTEN 0.22 0.4 64.52 Thursday BTO
PENN NATL GAMNG PENN 0.12 0.28 -6.52 Thursday BTO
PENNANTPARK FRC PFLT 0.28 0.3 0 Thursday AMC
PIXELWORKS INC PXLW 0.02 -0.18 14.29 Thursday AMC
POST HOLDINGS POST 0.19 0.3 -5.88 Thursday AMC
PRESTIGE BRANDS PBH 0.38 0.37 9.3 Thursday BTO
RAND LOGISTICS RLOG 0.1 0.15 -93.55 Thursday BTO
RBC BEARINGS ROLL 0.66 0.53 1.52 Thursday BTO
RENTRAK CORP RENT -0.13 -0.15 66.67 Thursday AMC
RESOLUTE FOREST RFP 0.21 0.32 56.52 Thursday BTO
ROFIN-SINAR RSTI 0.09 0.32 16.67 Thursday BTO
SALLY BEAUTY CO SBH 0.36 0.32 -2.56 Thursday BTO
SANOFI-AVENTIS SNY 0.88 0.78 -7.92 Thursday N/A
SCIQUEST INC SQI 0.03 0 0 Thursday AMC
SCOTTS MIRCL-GR SMG -1.09 -1.12 52.63 Thursday BTO
SEQUANS COMM SQNS -0.18 -0.29 0 Thursday N/A
SERVICESOURCE SREV 0 -0.03 -25 Thursday AMC
SIMPSON MFG INC SSD 0.12 0 24.24 Thursday AMC
SMART TECHNOL-A SMT -0.02 -0.03 28.57 Thursday AMC
SMITH & NEPHEW SNN 1.12 1.08 -1.16 Thursday BTO
SONIC FOUNDRY SOFO -0.08 -0.04 -150 Thursday AMC
SONY CORP ADR SNE N/A -0.12 N/A Thursday BTO
SPIRIT AEROSYS SPR 0.66 0.43 30.51 Thursday BTO
SPS COMMERCE SPSC 0.05 0.07 33.33 Thursday AMC
SUBURB PROPANE SPH 1.17 1.04 -5.75 Thursday BTO
SWISSCOM AG ADR SCMWY 0.75 0.75 4.71 Thursday N/A
SWS GROUP INC SWS -0.02 0.05 33.33 Thursday BTO
TEMPUR SEALY TPX 0.63 0.6 5.8 Thursday AMC
TEVA PHARM ADR TEVA 1.4 1.32 0.79 Thursday BTO
THERAVANCE INC THRX -0.4 -0.33 44.3 Thursday AMC
THERMON GROUP THR 0.36 0.24 11.11 Thursday BTO
TOWERS WATSON TW 1.34 1.42 15.63 Thursday BTO
TRUEBLUE INC TBI 0.33 0.19 0 Thursday BTO
TWENTY-FIRST CF FOX 0.34 0.44 -5.71 Thursday N/A
UBIQUITI NETWRK UBNT 0.44 0.2 15.38 Thursday AMC
USA TECH INC USAT 0.01 0.02 50 Thursday BTO
USG CORP USG 0.11 -0.47 0 Thursday BTO
VOLVO AB ADR B VOLVY 0.14 0.06 -25 Thursday N/A
WEB.COM GROUP WWWW 0.5 0.41 13.04 Thursday AMC
BEAM INC BEAM 0.72 0.67 0 Friday BTO
CIGNA CORP CI 1.48 1.57 16.67 Friday BTO
FLIR SYSTEMS FLIR 0.34 0.53 -3.03 Friday BTO
FMC TECH INC FTI 0.65 0.57 -15.52 Friday BTO
LABORATORY CP LH 1.67 1.54 0.56 Friday BTO
MOODYS CORP MCO 0.77 0.75 1.22 Friday BTO
WYNDHAM WORLDWD WYN 0.74 0.63 3.68 Friday BTO
AEROFLEX HOLDNG ARX 0.08 0.1 -20 Friday BTO
AMER AXLE & MFG AXL 0.51 -0.02 -16.36 Friday BTO
APOLLO GLOBAL-A APO 0.8 1.69 78.67 Friday BTO
ARCELOR MITTAL MT -0.16 -1.47 14.29 Friday BTO
BEACON ROOFING BECN 0.36 0.37 -9.68 Friday BTO
BUCKEYE PARTNRS BPL 0.85 0.96 -12.2 Friday BTO
CAMECO CORP CCJ 0.46 0.6 168.42 Friday AMC
CBOE HOLDINGS CBOE 0.48 0.45 4.44 Friday BTO
CORP OFFICE PTY OFC 0.48 0.51 2.08 Friday BTO
DOMTAR CORP UFS 1.53 1.31 0 Friday BTO
ENERGY XXI LTD EXXI 0.45 0.47 -17.46 Friday BTO
ENPRO INDUS INC NPO 0.44 0.59 -32.05 Friday BTO
FORUM ENRG TECH FET 0.4 0.28 4.76 Friday BTO
LIQUIDITY SVCS LQDT 0.16 0.33 -14.63 Friday BTO
MADISON SQUARE MSG 0.66 0.6 40.91 Friday BTO
MOSYS INC MOSY -0.13 -0.18 7.14 Friday BTO
NATL FUEL GAS NFG 0.87 0.81 10.53 Friday BTO
SIRONA DENTAL SIRO 0.92 0.83 -2.5 Friday BTO
SNYDERS-LANCE LNCE 0.36 0.29 3.23 Friday BTO
STATOIL ASA-ADR STO 0.66 0.86 28.81 Friday N/A
TC PIPELINES TCP 0.6 0.56 -14.71 Friday BTO
VIAD CORP VVI -0.17 -0.34 11.29 Friday BTO

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