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Earnings Preview

Positive Surprises & Negative Guidance

The jobs report didn’t remove doubts about the economy, but investors don’t appear ready to give up; at least not yet. Whether the frigid weather has anything to do with the recent run of soft data or not, it has nevertheless been a pain in the neck. Hard to envision how the green shoots will sprout with all the snow sitting around.

We may not be 100% sure about what’s going in the economy, but there is little doubt about the corporate earnings picture. The Q4 earnings season is by no means over, with more than 400 companies releasing results this week, including 55 S&P 500 members. But the bulk of the reporting season is now behind us, giving us a good enough sense of how good, or otherwise, this reporting season has been.  

We are sticking with our overall take that the Q4 earnings season has turned out to be no worse than other recent quarters. In fact, this earnings season is better than recent quarters in terms of earnings growth and positive 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 didn’t get that, with managements continuing to provide sub-par outlooks 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.

 

Q4 Earnings Scorecard (as of Friday, 2/7/2014)

Total earnings for the 345 S&P 500 members that have reported already, combined accounting for 78.6% of the index’s total market capitalization,  are up +11.4% from the same period last year, with a ‘beat ratio’ of 69.6% and a median surprise of +2.5%. Total revenues are barely in the positive column, up only +0.2%, with a revenue ‘beat ratio’ of 62.6% and a median surprise of +0.8%.

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 345 companies is better than what we saw from this same group of companies in Q3 and the 4-quarer average. A big contributor to the strong Q4 earnings growth is easy comparisons for three companies – Bank of America (BAC), Verizon (VZ), and Travelers (TRV - Analyst Report). Exclude these three companies and total earnings growth for the S&P 500 companies that have reported drops to +6.7% from the ‘headline’ +11.4%, which is about where growth has been in recent quarters.

The revenue growth rate is notably weak, but that’s primarily because of the Finance and Energy sectors.

 
Prudential Financial (PRU - Analyst Report) had an unusually large top-line gain in the year-earlier quarter and is a big reason for the Finance sector’s -12% drop in reported revenues. Excluding these two sectors, total revenue growth for the S&P 500 improves to +4.4%, which compares to +4.6% gain for the same group of companies in Q3 and the 4-quarter average of +2.9%. What this means is that top-line growth is weak, but it’s as weak as the ‘headline’ +0.2% gain would make you believe.  

For a complete look at the 4Q Earnings Trends, please click here.

The Composite Growth Picture

The ‘composite’ picture for Q4, where we combine results from the 345 companies that have reported already with the 155 still to come, is for growth rate of +8.9%. 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 +8.9% growth rate compares to +5.0% 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 +5.9% once the sector is excluded. Energy continues to be a drag on aggregate growth, with total earnings for the sector expected to be down -9.8% in Q4 after declining -8.4% in Q3. Excluding the Energy sector, total Q4 earnings for the S&P 500 would be up +11.7% vs. +6.9% in Q3.  

Technology earnings are expected be up +4.6% after the +5.6% 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 86.6% of the sector’s total market capitalization already out, total earnings for the sector are up +6.6% on +5.8% 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 (50 out of 65 Tech sector companies in the S&P 500 accounting for 86.6% of the sector’s total market cap have reported results), 86.0% have beat earnings expectations, up from Q3’s 70.0% earnings beat ratio and the 4-quarter average of 74.5%. Positive revenue surprises have been materially widespread relative to recent quarters as well, with Q4 revenue beat ratio currently tracking 76.0% vs. 62.0% in Q3 and the 4-quarter average of 57.5%.  

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 +9.9% this year and +10.9% 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. 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.

What we have seen thus far on the guidance front doesn’t show any improvement from what we have been seeing for quite some time - companies are still 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-2/10

  • Not much on the economic calendar today.
  • China’s Sohu.com (SOHU - Analyst Report) will report Q4 results in the morning. Other notable earnings releases include Hasbro (HAS - Analyst Report), Masco (MAS - Analyst Report) and Loews Corp. (L - Analyst Report), all in the morning.
  • Zacks Earnings ESP or Expected Earnings Surprise, our proprietary leading indicator of earnings surprises, is showing conglomerate Loews Corp. coming out with an earnings beat.
  • Stocks with positive Earnings ESP and Zacks Rank of 1, 2 or 3 are highly likely to come out with positive earnings surprises. Loews Corp has a Zacks Rank #2 (Buy) and Earnings ESP of +10%
  • To get a better understanding of Zacks Earnings Surprise Predictor, please click here.

Tuesday -2/11

  • Nothing major on the economic calendar today, though we will get the December wholesale inventories report in the morning.
  • Ingersoll Rand (IR - Analyst Report) and Mosaic (MOS - Analyst Report) are the notable reports in the morning, while TripAdvisor (TRIP - Snapshot Report) and Fossil (FOSL) will report after the close.  
  • Earnings ESP is showing Ingersoll Rand coming with a positive earnings surprise. IR has Zacks Rank #3 (hold) and Earnings ESP of +6.2%.

Wednesday-2/12

  • Fairly light on the economic calendar, with January budget deficit as the only notable report.
  • Deere & Co (DE) and Dr. Pepper Snapple (DPS) will report in the morning, while Cisco (CSCO) and Whole Foods (WFM - Analyst Report) are the notable reports after the close.

Thursday -2/13

  • In addition to weekly Jobless Claims, we will get the January Retail Sales report in the morning. The expectation is that ‘headline’ retail sales declined -0.1% in January after December’s +0.2% gain.
  • The notable companies in the morning include Avon Products (AVP) and Pepsi (PEP - Analyst Report), while Agilent (A) and AIG (AIG) will report after the close.
  • Earnings ESP is showing Pepsi coming with a positive earnings surprise; the company has Zacks Rank #3 (Hold) and Earnings ESP of +2%.

Friday-2/14

  • We will get the preliminary University of Michigan Consumer Sentiment survey for February and the January Industrial Production data. The sentiment survey is expected to show modest improvement from the January level, while IP is expected to increase a smaller pace (+0.1%) than the prior month.
  • Campbell Soup (CPB) and JM Smucker (SJM - Analyst Report) are among the notable reports today, all in the morning.


Here is a list of the 428 companies reporting this week, including 55 S&P 500 members.

Company Ticker Current Qtr Year-Ago Qtr Last EPS Surprise % Report Day Time
HASBRO INC HAS 1.23 1.2 3.15 Monday BTO
LOEWS CORP L 0.7 0.18 9.09 Monday BTO
MASCO MAS 0.17 0.04 8 Monday AMC
PIONEER NAT RES PXD 1.02 0.83 -5.97 Monday AMC
1ST UTD BC/NO FUBC 0.08 0.05 -50 Monday AMC
ADV PHOTONIX -A API 0 -0.02 0 Monday AMC
ALBANY INTL A AIN 0.36 0.28 -26.32 Monday AMC
AMER CAP LTD ACAS 0.25 0.26 -126.09 Monday AMC
AMKOR TECH INC AMKR 0.15 0.14 50 Monday AMC
ANNIES INC BNNY 0.19 0.15 -3.45 Monday AMC
APPLIED DNA SCI APDN 0 -0.01 N/A Monday N/A
BOARDWALK PIPLN BWP 0.31 0.38 -16 Monday BTO
CAI INTL INC CAP 0.68 0.85 -15 Monday AMC
CAPSTONE TURBIN CPST -0.01 -0.01 0 Monday AMC
CHANGYOU.COM CYOU 0.4 1.41 0.74 Monday BTO
CNA FINL CORP CNA 0.85 -0.03 31.58 Monday BTO
COMPASS MINERLS CMP 1.81 1.02 -13.21 Monday AMC
COMSTOCK RESOUR CRK -0.23 -0.55 -33.33 Monday AMC
CYS INVESTMENTS CYS 0.34 0.21 9.52 Monday AMC
DANAOS CORP DAC 0.13 0.11 -7.69 Monday AMC
FIRST MARBLEHD FMD -0.95 -1.2 -16.67 Monday BTO
FLOTEK INDU INC FTK 0.18 -0.1 -5.88 Monday AMC
FORWARD AIR CRP FWRD 0.55 0.54 0 Monday AMC
GENERAL FINANCE GFN 0.04 0.08 -50 Monday BTO
HIGHWOODS PPTYS HIW 0.73 0.68 0 Monday AMC
IMMUNOMEDICS IMMU -0.11 -0.07 50 Monday AMC
INSPERITY INC NSP 0.23 0.47 -7.14 Monday BTO
KAPSTONE PAPER KS 0.49 0.14 14.29 Monday AMC
MA-COM TECH SOL MTSI 0.22 0.19 4.35 Monday AMC
MARKEL CORP MKL 5.99 5.78 -1.22 Monday AMC
MERCURY GENL CP MCY 0.53 -0.17 -17.19 Monday BTO
MERU NETWORKS MERU -0.1 -0.23 6.25 Monday AMC
MODEL N INC MODN -0.18 -0.09 325 Monday AMC
MOLINA HLTHCR MOH -0.01 0.54 -3.12 Monday AMC
MOMENTA PHARMA MNTA -0.45 -0.35 -4.17 Monday BTO
MOTORCAR PARTS MPAA 0.26 -0.53 33.33 Monday N/A
NUANCE COMM INC NUAN 0.08 0.22 112.5 Monday AMC
OTTER TAIL CORP OTTR 0.41 0.47 2.5 Monday AMC
OWENS & MINOR OMI 0.51 0.41 -4.08 Monday AMC
PRIMERICA INC PRI 0.78 0.69 2.63 Monday AMC
QUALYS INC QLYS 0.02 0.03 300 Monday AMC
RACKSPACE HOSTG RAX 0.14 0.21 -26.67 Monday AMC
REGAL BELOIT RBC 0.84 0.76 4.42 Monday AMC
SENSIENT TECH SXT 0.62 0.55 2.86 Monday BTO
SILVER SPRING SSNI -0.01 N/A -42.86 Monday AMC
SKILLED HLTHCR SKH 0.1 0.16 -40 Monday AMC
SOHU.COM INC SOHU -0.34 0.6 12.5 Monday BTO
SOUFUN HLDG-ADR SFUN 1.05 0.76 31.4 Monday BTO
SYNUTRA INTL SYUT 0.15 -0.1 120 Monday AMC
TATA MOTORS-ADR TTM 0.87 0.47 25 Monday N/A
TETRA TECH DEL TTI 0.17 0.15 12 Monday BTO
WASTE CONNCTION WCN 0.43 0.37 0 Monday AMC
WAUSAU PAPER CP WPP 0.01 -0.03 -128.57 Monday AMC
CVS CAREMARK CP CVS 1.11 1.13 6.86 Tuesday BTO
DAVITA HEALTHCR DVA 0.98 0.84 2.08 Tuesday AMC
ENTERGY CORP ETR 0.94 1.72 6.64 Tuesday BTO
FOSSIL GRP INC FOSL 2.45 2.27 14.49 Tuesday AMC
HCP INC HCP 0.74 0.72 2.6 Tuesday BTO
INGERSOLL RAND IR 0.61 0.76 5.45 Tuesday BTO
INTERCONTNTLEXC ICE 1.98 1.84 7.65 Tuesday BTO
MARSH &MCLENNAN MMC 0.56 0.52 0 Tuesday BTO
MOSAIC CO/THE MOS 0.44 1.05 -8.93 Tuesday BTO
OMNICOM GRP OMC 1.17 1.13 2.5 Tuesday BTO
PG&E CORP PCG 0.4 0.59 11.39 Tuesday BTO
REGENERON PHARM REGN 0.99 1.21 104.04 Tuesday BTO
REYNOLDS AMER RAI 0.81 0.76 0 Tuesday BTO
TRIPADVISOR INC TRIP 0.14 0.24 2.63 Tuesday AMC
WESTERN UNION WU 0.31 0.42 11.43 Tuesday AMC
ZOETIS INC ZTS 0.35 0.07 -2.86 Tuesday BTO
ACTELION LTD ALIOF 0.7 0.32 131.52 Tuesday BTO
ALLOT COMM LTD ALLT 0.05 0.09 -150 Tuesday BTO
ANDERSONS INC ANDE 1.58 0.8 49.18 Tuesday AMC
ARCH CAP GP LTD ACGL 0.99 -0.18 -6.98 Tuesday AMC
ARGO GROUP INTL AGII 0.78 -0.22 17.65 Tuesday AMC
BARCLAY PLC-ADR BCS 0.22 0.38 -24.49 Tuesday N/A
BLACK DIAMOND BDE 0.02 -0.05 -15.38 Tuesday AMC
BROOKFIELD RES BRP 0.73 0.52 0 Tuesday AMC
CAE INC CAE 0.17 0.18 0 Tuesday BTO
CALIX INC CALX -0.06 -0.04 150 Tuesday AMC
CBIZ INC CBZ -0.05 N/A 57.14 Tuesday BTO
CHARLES RVR LAB CRL 0.68 0.64 12.86 Tuesday AMC
CIBER INC CBR 0.02 0.02 -50 Tuesday BTO
CNO FINL GRP CNO 0.3 0.25 22.22 Tuesday AMC
COMSCORE INC SCOR 0.01 0.02 233.33 Tuesday BTO
CONTROL4 CORP CTRL 0.08 N/A 60 Tuesday AMC
CONVERSANT INC CNVR 0.53 0.5 -2.78 Tuesday AMC
CORNERSTONE OND CSOD -0.13 -0.14 -23.08 Tuesday AMC
CORP EXEC BRD CEB 0.77 0.65 9.59 Tuesday AMC
COVANTA HOLDING CVA 0.21 0.2 3.7 Tuesday AMC
CRITEO SA-ADR CRTO 0.06 N/A N/A Tuesday AMC
CUTERA INC CUTR -0.01 0.08 -450 Tuesday AMC
CYAN INC CYNI -0.26 -3.13 0 Tuesday AMC
DEAN FOODS CO DF 0.19 0.8 -7.69 Tuesday BTO
DEMANDWARE DWRE 0.05 0.1 20 Tuesday BTO
DIODES INC DIOD 0.21 0.13 3.13 Tuesday AMC
DOCTOR REDDYS RDY 0.42 0.4 44.44 Tuesday BTO
DOUGLAS EMMETT DEI 0.37 0.33 2.78 Tuesday AMC
ENERGEN CORP EGN 0.8 0.65 -22.95 Tuesday AMC
ENTERCOM COMMUN ETM 0.26 0.26 5.88 Tuesday BTO
FED RLTY INV FRT 1.18 1.11 0.87 Tuesday AMC
FIREEYE INC FEYE -0.45 N/A -13.74 Tuesday AMC
GENESEE & WYO GWR 1.16 0.79 -2.46 Tuesday BTO
GIGOPTIX INC GIG -0.04 -0.07 -450 Tuesday AMC
GUIDANCE SOFTWR GUID -0.17 0.11 10.53 Tuesday AMC
HCC INS HLDGS HCC 0.93 0.92 20.78 Tuesday AMC
HEALTH NET INC HNT 0.28 0.36 40.68 Tuesday BTO
HENRY SCHEIN IN HSIC 1.39 1.26 0.83 Tuesday BTO
HUNTSMAN CORP HUN 0.36 0.24 0 Tuesday BTO
INDEP BANK GRP IBTX 0.39 0.74 5.56 Tuesday BTO
JIVE SOFTWARE JIVE -0.31 -0.23 -8.33 Tuesday AMC
KFORCE INC KFRC 0.28 0.24 -3.57 Tuesday AMC
LIGAND PHARMA-B LGND 0.2 0.27 100 Tuesday BTO
LPL FINL HLDGS LPLA 0.55 0.47 3.85 Tuesday BTO
MAGNACHIP SEMI MX 0.36 0.76 5.63 Tuesday AMC
MARIN SOFTWARE MRIN -0.28 -0.28 12.9 Tuesday AMC
MERKETO INC MKTO -0.32 N/A 6.9 Tuesday AMC
MILLICOM INTL MIICF 1.38 0.87 -131.36 Tuesday N/A
MONEYGRAM INTL MGI 0.32 0.26 -3.12 Tuesday BTO
NATL RESEARCH NRCIB 0.16 0.53 -84.31 Tuesday AMC
NATL RETAIL PPT NNN 0.49 0.46 4.26 Tuesday BTO
NAVIOS MARI ACQ NNA 0.01 0.01 50 Tuesday BTO
NGL ENERGY PART NGL 0.52 0.75 -200 Tuesday BTO
PACKAGING CORP PKG 0.89 0.61 2.25 Tuesday AMC
PHH CORP PHH 0.07 0.69 -150 Tuesday AMC
PROTECTIVE LIFE PL 1.12 0.98 1.03 Tuesday AMC
PROTO LABS INC PRLB 0.35 0.28 0 Tuesday BTO
QUIDEL CORP QDEL 0.09 0.32 28.57 Tuesday AMC
RADISYS CORP RSYS -0.22 -0.01 -144.44 Tuesday AMC
RAMCO-GERSHENSN RPT 0.28 0.27 3.57 Tuesday AMC
REACHLOCAL INC RLOC 0.03 0.01 -200 Tuesday AMC
RPX CORP RPXC 0.13 0.18 0 Tuesday AMC
RUSH ENTRPRS-A RUSHA 0.39 0.36 5.71 Tuesday AMC
SAGENT PHARMA SGNT -0.01 0 433.33 Tuesday BTO
SANGAMO BIOSCI SGMO -0.09 -0.07 0 Tuesday AMC
SEATTLE GENETIC SGEN -0.24 -0.09 13.64 Tuesday AMC
SERVICE CORP IN SCI 0.23 0.22 -10 Tuesday AMC
SPARTAN MOTORS SPAR 0.05 0.01 -75 Tuesday BTO
SPRINT CORP S -0.32 -0.3 6.06 Tuesday BTO
SS&C TECHNOLOGS SSNC 0.5 0.39 4.17 Tuesday AMC
TANGER FACT OUT SKT 0.51 0.46 6.52 Tuesday AMC
TEAM HEALTH HLD TMH 0.44 0.39 2.13 Tuesday AMC
TEXTAINER GROUP TGH 0.81 1.03 -19.54 Tuesday BTO
TRIMBLE NAVIGAT TRMB 0.33 0.25 9.09 Tuesday AMC
TRIPLE-S MGMT-B GTS 0.6 0.53 -43.59 Tuesday BTO
VIASAT INC VSAT -0.06 -0.05 325 Tuesday AMC
WILLIS GP HLDGS WSH 0.48 0.45 -5 Tuesday AMC
APPLD MATLS INC AMAT 0.22 0.06 5.56 Wednesday AMC
CBS CORP CBS 0.76 0.64 0 Wednesday AMC
CENTURYLINK INC CTL 0.59 0.67 0 Wednesday AMC
CISCO SYSTEMS CSCO 0.41 0.47 2.13 Wednesday AMC
DEERE & CO DE 1.51 1.65 11.64 Wednesday BTO
DR PEPPER SNAPL DPS 0.85 0.81 6.02 Wednesday BTO
EQUIFAX INC EFX 0.91 0.78 2.27 Wednesday AMC
HOSPIRA INC HSP 0.5 0.55 13.33 Wednesday BTO
LORILLARD CO LO 0.85 0.79 2.47 Wednesday BTO
METLIFE INC MET 1.3 1.25 -1.47 Wednesday AMC
MONDELEZ INTL MDLZ 0.44 0.36 0 Wednesday AMC
NETAPP INC NTAP 0.56 0.51 8.33 Wednesday AMC
NVIDIA CORP NVDA 0.18 0.28 0 Wednesday AMC
WHOLE FOODS MKT WFM 0.44 0.39 3.23 Wednesday AMC
ACADIA RLTY TR AKR 0.32 0.29 3.23 Wednesday AMC
ACCO BRANDS CP ACCO 0.38 0.37 -24.24 Wednesday BTO
AGNICO EAGLE AEM 0.2 0.39 211.11 Wednesday AMC
ALBANY MOL RSCH AMRI 0.17 0.17 18.18 Wednesday BTO
ALLIANCEBERNSTN AB 0.43 0.4 5.26 Wednesday BTO
ALPHA NATRL RES ANR -0.61 -0.19 19.74 Wednesday BTO
AMER CAMPUS CTY ACC 0.64 0.59 -9.3 Wednesday AMC
AMER EQUITY INV AEL 0.5 0.47 77.78 Wednesday AMC
AMER MOVIL-ADR AMX 0.48 0.3 -10.2 Wednesday N/A
ANGIES LIST INC ANGI 0.13 0.04 -21.05 Wednesday AMC
API TECH CORP ATNY 0.01 -0.14 300 Wednesday AMC
ATLAS AIR WORLD AAWW 1.37 1.83 0 Wednesday BTO
BGC PARTNRS INC BGCP 0.12 0.1 -9.09 Wednesday BTO
BLACKBAUD INC BLKB 0.26 0.27 14.29 Wednesday AMC
C&J ENERGY SVCS CJES 0.24 0.65 -30.56 Wednesday AMC
CAESAR STONE SD CSTE 0.39 0.31 -4.17 Wednesday BTO
CBS CORP-A CBS.A N/A 0.64 5.56 Wednesday AMC
CHEESECAKE FACT CAKE 0.58 0.51 1.96 Wednesday AMC
COHU INC COHU -0.2 -0.12 -416.67 Wednesday N/A
COLUMBIA PPT TR CXP 0.51 N/A N/A Wednesday AMC
CORRECTIONS CRP CXW 0.52 N/A -24.59 Wednesday AMC
COTT CORP QUE COT 0.03 0.02 27.27 Wednesday BTO
CROWN CRAFTS CRWS 0.15 0.16 33.33 Wednesday BTO
CTRIP.COM INTL CTRP 0.24 0.22 48.15 Wednesday AMC
CYNOSURE INC-A CYNO 0.21 0.27 27.78 Wednesday BTO
DDR CORP DDR 0.29 0.27 0 Wednesday AMC
DIGITAL CINEMA DCIN -0.17 -0.21 -77.78 Wednesday AMC
EASTGROUP PPTYS EGP 0.84 0.78 1.22 Wednesday AMC
EURONET WORLDWD EEFT 0.5 0.42 20.83 Wednesday BTO
EVERTEC INC EVTC 0.42 N/A 0 Wednesday AMC
EXCEL TRUST INC EXL 0.21 0.2 14.29 Wednesday AMC
EZCHIP SEMI LTD EZCH 0.23 0.17 22.22 Wednesday BTO
FAMOUS DAVES DAVE 0.16 0.1 10.53 Wednesday AMC
FIDELITY NAT FI FNF 0.37 0.66 2.04 Wednesday AMC
FIRSTSERVICE CP FSRV 0.83 0.57 -3.12 Wednesday BTO
FORRESTER RESH FORR 0.07 0.24 44.44 Wednesday AMC
GENL CABLE CORP BGC 0.31 -0.32 -18.18 Wednesday AMC
HANGER ORTHOPED HGR 0.53 0.58 6.9 Wednesday AMC
HATTERAS FIN CP HTS 0.41 1.02 -20 Wednesday BTO
INCYTE CORP INCY -0.09 0.14 -7.69 Wednesday BTO
ING GROEP-ADR ING N/A 0.68 N/A Wednesday N/A
ING US INC VOYA 0.68 0.59 63.64 Wednesday BTO
INNOSPEC INC IOSP 0.99 0.94 -14.86 Wednesday AMC
INSIGHT ENTRPRS NSIT 0.53 0.49 14.71 Wednesday AMC
INTREPID POTASH IPI 0 0.26 -12.5 Wednesday AMC
ITRON INC ITRI 0.76 0.58 -4.41 Wednesday AMC
KINROSS GOLD KGC 0.03 0.21 33.33 Wednesday AMC
LEAPFROG ENTRPS LF 0.12 0.61 18.75 Wednesday AMC
LIVEPERSON INC LPSN 0 0.03 100 Wednesday AMC
LUXOFT HOLDING LXFT 0.44 N/A 18.92 Wednesday AMC
MANCHESTER UTD MANU 0.2 0.15 0 Wednesday BTO
MANNING&NAPIER MN 0.32 0.28 0 Wednesday AMC
MATTERSIGHT CP MATR -0.14 -0.3 5.56 Wednesday AMC
MIDCOAST EN PTN MEP 0.19 N/A N/A Wednesday BTO
MINE SAFETY APP MSA 0.58 0.57 -17.39 Wednesday BTO
MORNINGSTAR INC MORN 0.75 0.58 N/A Wednesday N/A
NANOSPHERE INC NSPH -0.13 -0.13 -6.67 Wednesday BTO
NATURAL RSRC LP NRP 0.32 0.58 -11.11 Wednesday AMC
NCI INC-CL A NCIT 0.1 0.15 10 Wednesday AMC
NETEASE INC NTES 1.41 1.23 -2.96 Wednesday AMC
NEWPORT CORP NEWP 0.28 0.33 225 Wednesday AMC
NEWSTAR FIN INC NEWS 0.14 0.12 -7.69 Wednesday BTO
NORSK HYDRO ADR NHYDY N/A 0.03 200 Wednesday N/A
OWENS CORNING OC 0.28 0.11 -17.19 Wednesday BTO
PINNACLE ENTRTN PNK 0.35 0.03 -65.63 Wednesday BTO
PZENA INVESTMNT PZN 0.12 0.07 10 Wednesday BTO
REGENCY CTRS CP REG 0.64 0.63 3.17 Wednesday AMC
ROGERS COMM CLB RCI 0.69 0.88 -2.13 Wednesday BTO
ROVI CORP ROVI 0.41 0.3 -17.14 Wednesday AMC
RUCKUS WIRELESS RKUS 0.01 0.04 0 Wednesday AMC
SINCLAIR BROADC SBGI 0.38 0.72 30.43 Wednesday BTO
SKECHERS USA-A SKX 0.17 0.08 -13.11 Wednesday AMC
SOCIETE GENL FR SCGLY N/A -0.09 -156.25 Wednesday N/A
SPX CORP SPW 1.81 1.57 1.59 Wednesday BTO
STAG INDUSTRIAL STAG 0.35 0.33 2.94 Wednesday AMC
SUN LIFE FINL SLF 0.67 0.75 4.76 Wednesday AMC
SUNPOWER CORP-A SPWR 0.28 0.1 37.5 Wednesday AMC
SUPPORT.COM INC SPRT 0.06 0.02 600 Wednesday AMC
TAL INTL GRP TAL 1.01 1.04 -6.36 Wednesday AMC
TALISMAN ENERGY TLM 0.05 -0.06 -233.33 Wednesday BTO
TANGOE INC TNGO 0.11 0.11 -20 Wednesday AMC
TAUBMAN CENTERS TCO 1.07 1 2.3 Wednesday AMC
TAYLOR MORRISON TMHC 0.54 0.6 13.16 Wednesday BTO
TECHTARGET TTGT 0.03 0.04 -100 Wednesday AMC
TELENOR ASA-ADS TELNY N/A 1.92 N/A Wednesday N/A
THOMSON REUTERS TRI 0.5 0.6 9.09 Wednesday BTO
THOMSON REUT-TS T.TRI 0.41 0.6 11.11 Wednesday N/A
TOTAL FINA SA TOT 1.54 1.76 0.62 Wednesday N/A
TUCOWS INC TCX 0.16 0.04 100 Wednesday AMC
TW TELECOM INC TWTC 0.11 0.11 -8.33 Wednesday BTO
UNIVL FST PRODS UFPI 0.18 -0.1 31.48 Wednesday AMC
US ECOLOGY INC ECOL 0.5 0.34 24.44 Wednesday AMC
VALSPAR CORP VAL 0.67 0.6 6.59 Wednesday BTO
VICAL INC VICL -0.09 -0.09 0 Wednesday BTO
VONAGE HOLDINGS VG 0.03 0.1 25 Wednesday BTO
VRINGO INC VRNG -0.13 -0.21 N/A Wednesday AMC
WELLCARE HEALTH WCG 1.16 1.32 2.63 Wednesday BTO
WIX.COM LTD WIX -0.23 N/A N/A Wednesday BTO
WORLD FUEL SVCS INT 0.67 0.69 11.59 Wednesday AMC
YARA INTL-ADR YARIY 0.78 1.37 0 Wednesday N/A
ZILLOW INC Z -0.05 0.02 38.89 Wednesday AMC
AGILENT TECH A 0.66 0.63 6.58 Thursday AMC
AMER INTL GRP AIG 0.96 0.2 3.23 Thursday AMC
APACHE CORP APA 1.82 2.27 6.91 Thursday BTO
AVON PRODS INC AVP 0.29 0.37 -26.32 Thursday BTO
BORG WARNER INC BWA 0.71 0.58 4.48 Thursday BTO
CLIFFS NATURAL CLF 0.78 0.41 -9.86 Thursday AMC
DISCOVERY COM-A DISCA 0.88 0.7 9.59 Thursday BTO
EQT CORP EQT 0.66 0.48 16 Thursday BTO
GOODYEAR TIRE GT 0.63 0.39 3.03 Thursday BTO
INTL F & F IFF 0.9 0.83 3.39 Thursday BTO
KRAFT FOODS GRP KRFT 0.61 0.57 -4.41 Thursday AMC
MOLSON COORS-B TAP 0.72 0.69 6.62 Thursday BTO
NIELSEN HOLDNGS NLSN 0.7 0.59 6.67 Thursday BTO
PEPSICO INC PEP 1.01 1.09 5.98 Thursday BTO
STARWOOD HOTELS HOT 0.7 0.7 12.7 Thursday BTO
ABB LTD-ADR ABB 0.23 0.26 -2.7 Thursday BTO
ACORDA THERAPT ACOR 0.18 0.09 80 Thursday BTO
ALCOBRA LTD ADHD -0.35 N/A N/A Thursday BTO
ALLISON TRANSMN ALSN 0.24 0.25 116.67 Thursday AMC
ALNYLAM PHARMA ALNY -0.48 -0.59 -26.32 Thursday AMC
AMER POWER GRP APGI N/A -0.02 N/A Thursday BTO
AMTRUST FIN SVC AFSI 0.8 0.7 12.16 Thursday BTO
ASTRONICS CORP ATRO 0.45 0.37 -2.5 Thursday BTO
BANKRATE INC RATE 0.16 0.04 -21.43 Thursday AMC
BARRICK GOLD CP ABX 0.42 1.11 16 Thursday BTO
BNP PARIBAS-ADR BNPQY N/A 0.42 -32.26 Thursday N/A
BRASKEM SA BAK -0.03 -0.2 -14 Thursday N/A
BROCADE COMM SY BRCD 0.18 0.17 50 Thursday AMC
BUNGE LTD BG 2.11 0.57 -9.29 Thursday BTO
BURGER KING WWD BKW 0.23 0.23 9.52 Thursday BTO
CABELAS INC CAB 1.41 1.25 -2.78 Thursday BTO
CAFEPRESS INC PRSS 0.22 0.25 33.33 Thursday AMC
CALPINE CORP CPN -0.07 -0.18 -7.58 Thursday BTO
CDW CORP CDW 0.44 N/A 75 Thursday BTO
CENOVUS ENERGY CVE 0.34 0.36 0 Thursday BTO
CERAGON NETWRKS CRNT -0.04 -0.1 -7.69 Thursday BTO
CHEGG INC CHGG -0.06 N/A N/A Thursday AMC
CLOUD PEAK EGY CLD 0.25 0.54 6.25 Thursday AMC
COGNEX CORP CGNX 0.23 0.19 4.55 Thursday AMC
CONMED CORP CNMD 0.49 0.52 -2.44 Thursday BTO
COPA HLDGS SA-A CPA 2.53 2.01 -1.13 Thursday BTO
CORESITE REALTY COR 0.49 0.42 2.17 Thursday BTO
CORGENIX MEDICL CONX 0 0 N/A Thursday AMC
COUSIN PROP INC CUZ 0.16 0.14 10 Thursday AMC
CRA INTL INC CRAI 0.3 0.43 19.23 Thursday BTO
CRAY INC CRAY 1.29 0.4 -135.29 Thursday AMC
DIEBOLD INC DBD 0.58 0.45 36.59 Thursday BTO
DISCOVERY COM-B DISCB 0.88 0.7 14.29 Thursday BTO
DISCOVERY COM-C DISCK 0.92 0.7 12.68 Thursday BTO
ELLIE MAE INC ELLI 0.04 0.15 -13.33 Thursday AMC
ENBRIDGE EGY PT EEP 0.26 0.18 -64 Thursday BTO
ENBRIDGE ENERGY EEQ 0.27 0.05 -50 Thursday BTO
ENCANA CORP ECA 0.18 0.31 33.33 Thursday BTO
ENERNOC INC ENOC -0.76 -0.89 6.21 Thursday AMC
ENERSIS S A ADR ENI N/A 0.45 N/A Thursday N/A
ENZYMOTEC LTD ENZY 0.12 N/A 18.18 Thursday BTO
EQT MIDSTRM PTR EQM 0.58 0.62 30.43 Thursday BTO
FIFTH ST SNR FR FSFR 0.18 N/A N/A Thursday BTO
FIRST AMER FINL FAF 0.5 0.81 3.28 Thursday BTO
FORESTAR GROUP FOR 0.28 0.29 -15.79 Thursday BTO
GENERAC HOLDING GNRC 0.89 0.87 27.71 Thursday BTO
GLATFELTER GLT 0.56 0.26 -5.17 Thursday BTO
GLIMCHER REALTY GRT 0.2 0.2 0 Thursday AMC
GOLD FIELDS-ADR GFI N/A 0.21 0 Thursday N/A
GOLDCORP INC GG 0.23 0.42 15 Thursday BTO
HEALTHWAYS INC HWAY 0.02 0.05 -54.55 Thursday AMC
HIGHER ONE HLDG ONE 0.12 0.15 9.09 Thursday BTO
HIMAX TECH-ADR HIMX 0.09 0.08 0 Thursday BTO
INCONTACT INC SAAS -0.04 -0.01 -25 Thursday AMC
INGRAM MICRO IM 0.8 0.73 1.92 Thursday AMC
J2 GLOBAL INC JCOM 0.69 0.66 7.14 Thursday AMC
JARDEN CORP JAH 1.31 0.85 5 Thursday BTO
JOES JEANS INC JOEZ 0 0.03 -50 Thursday AMC
KEY ENERGY SVCS KEG -0.06 0.09 -200 Thursday AMC
KONA GRILL INC KONA -0.07 0.1 60 Thursday AMC
KOPPERS HOLDNGS KOP 0.62 0.66 15.38 Thursday BTO
LEARNING TREE LTRE N/A -0.11 N/A Thursday AMC
LIMELIGHT NETWK LLNW -0.1 -0.09 0 Thursday AMC
LLOYDS BANK GRP LYG N/A -0.03 N/A Thursday N/A
LOCAL CORP LOCM -0.03 -0.07 -66.67 Thursday AMC
LOGMEIN INC LOGM 0.05 0.09 -33.33 Thursday AMC
LOUISIANA PAC LPX 0.05 0.18 -18.75 Thursday BTO
MANDALY DIGITL MNDL -0.09 -0.05 -66.67 Thursday AMC
MANULIFE FINL MFC 0.38 0.28 0 Thursday BTO
MASIMO CORP MASI 0.31 0.26 3.85 Thursday AMC
MCCLATCHY CO-A MNI N/A 0.39 N/A Thursday BTO
MELCO CROWN ENT MPEL 0.4 0.2 6.45 Thursday BTO
MERCER INTL SBI MERC 0.09 -0.08 -71.43 Thursday N/A
MONOTYPE IMAGNG TYPE 0.24 0.25 0 Thursday BTO
MOVE INC MOVE -0.01 0.04 500 Thursday AMC
NAVIGANT CONSLT NCI 0.22 0.31 13.64 Thursday BTO
NAVIGATORS GRP NAVG 0.88 0.59 110.53 Thursday AMC
NESTLE S A REG NSRGY N/A N/A N/A Thursday N/A
NETSOL TECH INC NTWK -0.18 0.28 -233.33 Thursday BTO
NEWPARK RESOUR NR 0.19 0.17 0 Thursday AMC
OAKTREE CAP GRP OAK 1.14 1.47 2 Thursday BTO
OCULUS INNOVATV OCLS -0.16 -0.21 -40 Thursday AMC
OM GROUP INC OMG 0.2 -0.13 51.61 Thursday BTO
ORBITAL SCIENCE ORB 0.28 0.29 13.04 Thursday BTO
ORBITZ WORLDWID OWW 0 0.06 -21.43 Thursday BTO
PBF ENERGY INC PBF 0.54 0.08 -220 Thursday BTO
PENSKE AUTO GRP PAG 0.66 0.57 4.29 Thursday BTO
PERCEPTRON INC PRCP 0.1 0.02 -450 Thursday BTO
PIONEER EGY SVC PES -0.09 0.06 100 Thursday BTO
POOL CORP POOL -0.11 -0.17 -6.85 Thursday BTO
PRECISION DRILL PDS 0.17 0.21 -41.18 Thursday BTO
PREMIER INC-A PINC 0.3 N/A 3.45 Thursday AMC
PRIMERO MINING PPP 0.03 0.05 80 Thursday BTO
PROGRESSV WASTE BIN 0.26 0.24 -10 Thursday BTO
PUBLICIS GP-ADR PUBGY N/A N/A N/A Thursday N/A
PVR PARTNERS LP PVR 0.1 -0.23 -355.56 Thursday BTO
QUINTILES TRANS Q 0.55 N/A 8 Thursday BTO
REALTY INCOME O 0.61 0.56 -1.64 Thursday BTO
REGAL ENTMNT GP RGC 0.27 0.28 22.58 Thursday AMC
RIO TINTO-ADR RIO N/A N/A N/A Thursday N/A
RTI SURGICAL RTIX -0.01 0.04 0 Thursday BTO
S&W SEED CO SANW -0.01 0.04 -100 Thursday AMC
SHIRE PLC-ADR SHPG 2.03 1.58 7.93 Thursday BTO
SKYWEST INC SKYW 0.15 0.27 11.11 Thursday BTO
SONOCO PRODUCTS SON 0.58 0.56 3.28 Thursday BTO
STAMPS.COM INC STMP 0.47 0.42 20.45 Thursday AMC
STEWART INFO SV STC 0.25 1.06 8.62 Thursday BTO
STUDENT TRANSPT STB 0.04 0.04 0 Thursday BTO
TARGA RESOURCES TRGP 0.5 N/A -11.36 Thursday BTO
TARGA RESOURCES NGLS 0.43 0.28 -6.25 Thursday BTO
TECK RESOURCES TCK 0.42 0.61 20 Thursday BTO
TELSTRA CRP-ADR TLSYY N/A N/A N/A Thursday N/A
TIM PARTICP-ADR TSU 0.4 0.54 -16.67 Thursday N/A
TREEHOUSE FOODS THS 0.91 0.86 6.49 Thursday BTO
TRULIA INC TRLA -0.1 -0.06 2900 Thursday AMC
UTD STATIONERS USTR 0.75 0.81 -0.98 Thursday AMC
VANDA PHARMACT VNDA -0.18 -0.23 54.05 Thursday BTO
VANTIV INC-A VNTV 0.41 0.36 -2.63 Thursday BTO
VCA ANTECH INC WOOF 0.32 0.24 4.44 Thursday AMC
WABCO HOLDINGS WBC 1.29 1.08 3.28 Thursday BTO
WALKER & DUNLOP WD 0.37 0.54 -10.71 Thursday BTO
WATSCO INC WSO 0.49 0.41 -8.33 Thursday BTO
WEIGHT WATCHERS WTW 0.6 0.96 27.38 Thursday AMC
WEINGARTEN RLTY WRI 0.48 0.47 2.08 Thursday AMC
WHITEWAVE FOODS WWAV 0.2 0.18 5.56 Thursday BTO
CAMPBELL SOUP CPB 0.73 0.7 -24.14 Friday BTO
DTE ENERGY CO DTE 0.98 0.85 -8.87 Friday BTO
INTERPUBLIC GRP IPG 0.59 0.56 -5.56 Friday BTO
SCRIPPS NETWRKS SNI 0.97 0.84 3.57 Friday BTO
SMUCKER JM SJM 1.67 1.47 -4.4 Friday BTO
V F CORP VFC 0.84 0.77 3.71 Friday BTO
VENTAS INC VTR 1.06 0.99 1.96 Friday BTO
ALLETE INC ALE 0.84 0.75 -13.7 Friday BTO
ARBOR RLTY TRST ABR 0.09 -0.02 0 Friday BTO
BANCO LATINOAME BLX 0.69 0.64 -3.28 Friday BTO
BROOKFIELD ASST BAM N/A 0.72 86.36 Friday BTO
COCA COLA HELNC CCH N/A 0.03 -8.16 Friday N/A
COTY INC-A COTY 0.29 N/A -10.34 Friday BTO
ENBRIDGE INC ENB 0.43 0.42 -11.11 Friday BTO
HYATT HOTELS CP H 0.2 0.2 4.55 Friday BTO
IPG PHOTONICS IPGP 0.76 0.67 -3.57 Friday BTO
ITT CORP ITT 0.47 0.39 12.5 Friday BTO
LIFEPOINT HOSP LPNT 0.8 0.77 3.03 Friday BTO
LINCOLN ELECTRC LECO 0.85 0.79 2.38 Friday BTO
MOBILE MINI INC MINI 0.31 0.33 -12.5 Friday BTO
PETROBRAS-ADR C PBR 0.37 0.58 -51.11 Friday N/A
PETROBRAS-ADR P PBR.A 0.34 0.58 -42.11 Friday AMC
PORTLAND GEN EL POR 0.48 0.38 -9.09 Friday BTO
RED ROBIN GOURM RRGB 0.59 0.59 18.52 Friday BTO
TRW AUTOMTV HLD TRW 1.63 1.55 2.7 Friday BTO
WILLIAM LYON HM WLH 0.42 -0.02 -33.33 Friday BTO

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RPC INC RES 24.91 +8.35%
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SOUTHWEST A… LUV 28.87 +2.92%