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Earnings Preview

Q4 Earnings Season Winding Down

The Q4 earnings season isn’t over yet, with almost 400 companies releasing results this week, including 41 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 been good enough; it has certainly been no worse than other recent quarters. In fact, this earnings season is better than recent quarters in terms of earnings growth and positive surprises, both EPS and revenue surprises. Where it’s no different from other recent quarters is in terms of lackluster top-line growth and continued negative guidance.

In other words, we didn’t see any improvement on the guidance front, which has been weak for more than a year now. And this is prompting estimates for the current quarter to come down, as the chart below shows.




With companies in the retail sector starting to report fourth quarter results in greater numbers this week and beyond, we will likely see even more negative guidance. They don’t even need to try very hard to explain their dire straits – they can safely blame everything on the weather. Wal-Mart (WMT - Analyst Report) which reports on Thursday had already pre-announced its Q4 problems, but we will likely see a lot more negative guidance from other retailers in the coming days. Total earnings for the sector are expected to be down -4.6% in Q4, which is a material downgrade from the +1.1% growth expected at the start of the reporting season.

Q4 Earnings Scorecard (as of Friday, 2/14/2014)

Total earnings for the 401 S&P 500 members that have reported already, combined accounting for 86.2% of the index’s total market capitalization,  are up +11.1% from the same period last year, with a ‘beat ratio’ of 68.6% and a median surprise of +2.4%. Total revenues are barely in the positive column, up only +0.8%, with a revenue ‘beat ratio’ of 61.1% 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 401 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 - 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 +6.9% from the ‘headline’ +11.1%, 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 -8.9% drop in reported revenues. Excluding these two sectors, total revenue growth for the S&P 500 improves to +4.2%, which compares to +4% gain for the same group of companies in Q3 and the 4-quarter average of +2.5%. What this means is that top-line growth is weak, but it’s not as weak as the ‘headline’ +0.8% gain would make you believe.  

The Composite Growth Picture

The ‘composite’ picture for Q4, where we combine results from the 401 companies that have reported already with the 99 still to come, is for growth rate of +9.2%. 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 +9.2% 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 +6.1% once the sector is excluded. Energy continues to be a drag on aggregate growth, with total earnings for the sector expected to be down -10.3% in Q4 after declining -8.4% in Q3. Excluding the Energy sector, total Q4 earnings for the S&P 500 would be up +12.1% vs. +6.9% in Q3.  

Technology earnings are expected be up +4.5% after the +5.6% gain in Q3. While Google (GOOG) and Facebook (FB) did extremely well, the sector overall has had a good earnings season as well. With Q4 results from 93.7% of the sector’s total market capitalization already out, total earnings for the sector are up +5.6% on +5.2% 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 are notably better, indicating that expectations may have fallen a bit too low in the run up to the start of the reporting season.

Of the Tech sector companies that have reported already (57 out of 65 Tech sector companies in the S&P 500 accounting for 93.7% of the sector’s total market cap have reported results), 86.0% have beat earnings expectations, up from Q3’s 70.2% earnings beat ratio and the 4-quarter average of 75.4%. Positive revenue surprises have been materially widespread relative to recent quarters as well, with Q4 revenue beat ratio currently tracking 75.4% vs. 61.4% in Q3 and the 4-quarter average of 57.0%.  

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 +10.2% this year and +11.0% in 2015, pronounced acceleration from the flat reading in 2013.

For a more detailed look at the Q4 earnings season, please check our weekly Earnings Trends report.

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 saw on the guidance front didn’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 to come down more if current trends persist.  

Monday-2/17

  • Presidents Day, Market Closed.

Tuesday -2/18

  • We will get the February Empire State regional manufacturing survey before the market opens, while the homebuilder sentiment index will come out a little later. We will likely see weather play roles in both readings, as has been in the norm in all recent economic data.
  • Coca Cola (KO - Analyst Report) and Medtronic (MDT - Analyst Report) are among the notable reports in the morning, while Herbalife (HLF) and Panera Bread (PNRA - Analyst Report) will report after the close.  

Wednesday-2/19

  • The January Housing Starts numbers in the morning are expected to have lost ground, for the same reason that has been weighing on all data lately. The expectation is that Starts dropped to 963K in the month from December’s 999K level.
  • We will also get minutes of the last FOMC meeting in the afternoon where they continued with the Taper program.
  • Devon Energy (DVN) and Marriott International (MAR - Analyst Report) are among the companies reporting in the morning, while Tesla Motors (TSLA - Analyst Report) will be in the spotlight after the close.
  • Zacks Earnings ESP, or Expected Surprise Prediction, our proprietary leading indicator of earnings surprises, is showing Tesla coming out an earnings beat.
  • To get a better understanding of Zacks Earnings Surprise Predictor, please click here.

Thursday -2/20

  • A busy day on the economic calendar, as in addition to weekly Jobless Claims, we will get the January CPI and Leading Indicators and the February Philly Fed regional manufacturing survey.
  • Wal-Mart (WMT - Analyst Report) is the notable report in the morning, while Priceline (PCLN - Analyst Report), Groupon (GRPN) and Nordstrom (JWN - Analyst Report) are reports after the close.

Friday-2/21

  • The January Existing Home sales data coming out after the market’s open is expected to have eased from the prior month’s pace.
  • Charter Communication (CHTR), Dish Network (DISH) and Pilgrim Pride (PPC - Snapshot Report) are among the notable reports today, all in the morning.


Here is a list of the 381 companies reporting this week, including 41 S&P 500 members.
 

Company Ticker Current Qtr Year-Ago Qtr Last EPS Surprise % Report Day Time
ATLAS PIPLN PTR APL 0.12 0.18 -107.14 Monday AMC
CHEMED CORP CHE 1.34 1.52 13.91 Monday AMC
DIANA CONTAINER DCIX 0.01 0.01 50 Monday BTO
HOLLYSYS AUTOMT HOLI 0.27 0.23 -32.56 Monday BTO
KAISER ALUMINUM KALU 0.88 0.65 -8.16 Monday AMC
PARKWAY PPTY PKY 0.07 0.27 15.38 Monday AMC
SEMICON MFG-ADR SMI 0.02 0.06 140 Monday AMC
ANALOG DEVICES ADI 0.48 0.44 6.9 Tuesday AMC
CF INDUS HLDGS CF 4.46 7.27 1.3 Tuesday AMC
COCA COLA CO KO 0.46 0.45 0 Tuesday BTO
DENTSPLY INTL XRAY 0.6 0.56 1.79 Tuesday BTO
DUKE ENERGY CP DUK 0.94 0.7 -3.31 Tuesday BTO
FLUOR CORP-NEW FLR 0.98 1.58 1.94 Tuesday AMC
GENUINE PARTS GPC 0.92 0.93 -6.67 Tuesday BTO
MEDTRONIC MDT 0.91 0.93 1.11 Tuesday BTO
NABORS IND NBR 0.2 0.3 5.26 Tuesday AMC
NISOURCE INC NI 0.46 0.44 0 Tuesday BTO
WASTE MGMT-NEW WM 0.6 0.57 4.84 Tuesday BTO
ACCESS MIDSTRM ACMP 0.43 0.2 -33.33 Tuesday AMC
ACTIVE POWER ACPW -0.17 -0.02 -23.08 Tuesday BTO
AMER ASSETS TR AAT 0.39 0.38 2.63 Tuesday AMC
AMER WOODMARK AMWD 0.28 0.14 -12.82 Tuesday BTO
AMERICAS CAR-MT CRMT 0.72 0.84 -26.51 Tuesday AMC
AMREIT INC AMRE 0.26 0.24 9.09 Tuesday AMC
ANI PHARMACEUT ANIP 0.24 -0.96 N/A Tuesday BTO
BLACKSTONE MRTG BXMT 0.37 40.6 16 Tuesday AMC
BRIDGESTONE ADR BRDCY N/A 0.39 N/A Tuesday N/A
BRUKER CORP BRKR 0.28 0.28 -4.76 Tuesday AMC
CAPELLA EDUCATN CPLA 0.76 0.73 20 Tuesday BTO
CHATHAM LODGING CLDT 0.28 0.21 4.35 Tuesday AMC
CHOICE HTL INTL CHH 0.46 0.45 4.48 Tuesday BTO
COLUMBIA SPORTS COLM 0.89 1.15 9.79 Tuesday AMC
COMMNTY HLTH SY CYH 0.69 0.85 4.35 Tuesday AMC
CUMULUS MEDIA CMLS 0.1 0.16 -88.89 Tuesday BTO
DAKTRONICS INC DAKT 0.1 0.06 22.73 Tuesday BTO
DIANA SHIPPING DSX -0.06 0.06 33.33 Tuesday BTO
EDUCATION RLTY EDR 0.2 0.16 14.29 Tuesday BTO
ENPHASE ENERGY ENPH -0.04 -0.16 -27.27 Tuesday AMC
FRANKLIN ST PPT FSP 0.27 0.25 0 Tuesday AMC
FREIGHTCAR AMER RAIL 0.02 -0.08 -14.29 Tuesday AMC
FRESH DEL MONTE FDP -0.26 0 -77.5 Tuesday BTO
GILAT SATELLITE GILT 0 0.17 -500 Tuesday BTO
GLADSTONE COMML GOOD 0.38 0.38 -5 Tuesday AMC
GOVT PPTYS INCM GOV 0.52 0.53 -1.92 Tuesday BTO
GREENLIGHT CAP GLRE 2.42 -1.62 7.14 Tuesday AMC
HAWAIIAN ELEC HE 0.37 0.39 2.13 Tuesday AMC
HEALTHCARE TRST HTA 0.17 0.16 -5.88 Tuesday BTO
HEALTHSTREAM HSTM 0.07 0.07 0 Tuesday AMC
HEICO CORP HEI 0.34 0.28 7.32 Tuesday AMC
HERBALIFE LTD HLF 1.28 1.05 23.68 Tuesday AMC
INNERWORKINGS INWK -0.01 0.15 -66.67 Tuesday AMC
INNOPHOS HLDGS IPHS 0.63 0.62 -32.53 Tuesday AMC
KAR AUCTION SVC KAR 0.26 0.21 -22.22 Tuesday AMC
LA-Z-BOY INC LZB 0.35 0.28 15.38 Tuesday AMC
LCA-VISION INC LCAV -0.09 -0.24 20 Tuesday BTO
MANNKIND CORP MNKD -0.14 -0.23 -21.43 Tuesday AMC
MEADOWBROOK INS MIG 0.12 0 -23.08 Tuesday AMC
NATL HEALTH INV NHI 0.88 0.84 4.44 Tuesday BTO
NEENAH PAPER NP 0.56 0.6 -4.69 Tuesday AMC
NORWEGIAN CRUIS NCLH 0.17 0.01 -1.18 Tuesday BTO
NOVA MEASURING NVMI 0.11 0.02 14.29 Tuesday BTO
NPS PHARMA INC NPSP 0.02 -0.14 50 Tuesday AMC
OCEANEERING INT OII 0.84 0.74 2.13 Tuesday AMC
OI SA OIBR 0.02 0.12 266.67 Tuesday N/A
ORBOTECH LTD ORBK 0.31 0.07 29.17 Tuesday BTO
PALATIN TECH PTN -0.05 -0.02 0 Tuesday BTO
PANERA BREAD CO PNRA 1.95 1.75 0 Tuesday AMC
PENN RE INV TR PEI 0.58 0.6 0 Tuesday AMC
PHOTRONICS INC PLAB 0.05 0.04 28.57 Tuesday AMC
POTBELLY CORP PBPB 0.05 N/A 11.11 Tuesday AMC
PS BUSINESS PKS PSB 1.2 1.25 0 Tuesday AMC
RETAIL PROPERTS RPAI 0.25 0.22 12.5 Tuesday AMC
SM ENERGY CO SM 1.43 0.45 41.28 Tuesday AMC
SYKES ENTRP INC SYKE 0.41 0.39 39.29 Tuesday AMC
TEREX CORP TEX 0.49 0.19 32.76 Tuesday AMC
ULTRA CLEAN HLD UCTT 0.23 0 33.33 Tuesday AMC
UNITED FIRE GRP UFCS 0.51 -0.12 -22.22 Tuesday BTO
USA COMPRESSION USAC 0.19 N/A -61.54 Tuesday BTO
VASCO DATA SEC VDSI 0.08 0.05 71.43 Tuesday BTO
WAL-MART MX-ADR WMMVY 0.37 0.36 -11.54 Tuesday N/A
WATTS WATER TEC WTS 0.64 0.61 -10.77 Tuesday AMC
WOLVERINE WORLD WWW 0.2 0.24 10.48 Tuesday BTO
YAMANA GOLD INC AUY 0.08 0.26 28.57 Tuesday AMC
ZIX CORP ZIXI 0.06 0.04 0 Tuesday AMC
DEVON ENERGY DVN 1.09 0.78 8.4 Wednesday BTO
FLOWSERVE CORP FLS 1 0.94 7.14 Wednesday AMC
GARMIN LTD GRMN 0.61 0.66 15 Wednesday BTO
HEALTH CR REIT HCN 0.97 0.85 -10.42 Wednesday BTO
HOST HOTEL&RSRT HST 0.31 0.4 -3.85 Wednesday BTO
MARRIOTT INTL-A MAR 0.5 0.56 15.56 Wednesday AMC
SAFEWAY INC SWY 0.47 0.94 -37.5 Wednesday AMC
WILLIAMS COS WMB 0.21 0.25 35.71 Wednesday AMC
ACADIA HEALTHCR ACHC 0.29 0.19 11.11 Wednesday AMC
ALEXANDR&BALDWN ALEX 0.17 0.2 30 Wednesday AMC
ALTRA HOLDINGS AIMC 0.37 0.36 8.11 Wednesday BTO
AMER RAILCAR ARII 0.99 1.14 0 Wednesday AMC
ANGLOGOLD LTD AU 0.09 0.28 2200 Wednesday N/A
APOLLO RES MTGE AMTG 0.41 0.64 14.06 Wednesday AMC
ARRIS GROUP INC ARRS 0.42 0.22 28.57 Wednesday AMC
AVG TECHNOLOGS AVG 0.35 0.22 13.95 Wednesday AMC
AVIS BUDGET GRP CAR 0.12 -0.07 -3.9 Wednesday AMC
BASIC EGY SVCS BAS -0.26 -0.27 -20 Wednesday AMC
BJ'S RESTAURANT BJRI 0.06 0.27 -23.53 Wednesday AMC
BLACKHAWK NETWK HAWK 0.81 N/A 0 Wednesday AMC
BRIXMOR PPTY GP BRX 0.44 N/A N/A Wednesday AMC
CALGON CARBON CCC 0.19 0.19 0 Wednesday BTO
CALUMET SPECLTY CLMT 0.09 0.65 -411.11 Wednesday BTO
CARLSBERG A/S CABGY N/A 0.29 0 Wednesday N/A
CARLYLE GROUP CG 0.91 0.47 -20.31 Wednesday BTO
CHINA DISTANCE DL 0.07 0.04 22.73 Wednesday AMC
CIMAREX ENERGY XEC 1.41 1.18 5.88 Wednesday BTO
CINEMARK HLDGS CNK 0.39 0.34 23.21 Wednesday BTO
COEUR DALENE MI CDE -0.18 0.28 -26.32 Wednesday N/A
CONCHO RESOURCS CXO 0.96 0.96 1.92 Wednesday AMC
CORPBANCA -ADR BCA 0.48 0.4 -16.67 Wednesday AMC
COSTAR GRP INC CSGP 0.54 0.36 14.89 Wednesday AMC
CURTISS WRIGHT CW 0.96 0.95 -1.3 Wednesday AMC
DEALERTRACK HLD TRAK 0.2 0.23 17.24 Wednesday AMC
DENNY'S CORP DENN 0.08 0.07 0 Wednesday AMC
DIAMOND RESORTS DRII 0.17 N/A -300 Wednesday AMC
DIXIE GRP INC DXYN 0.05 -0.03 66.67 Wednesday BTO
DYNEX CAP INC DX 0.29 0.34 -3.57 Wednesday BTO
EARTHLINK HLDGS ELNK -0.19 0.03 54.55 Wednesday AMC
EATON VANCE EV 0.61 0.5 -9.84 Wednesday BTO
ENERGY TRAN EQT ETE 0.27 0.03 -18.75 Wednesday AMC
ENERGY TRAN PTR ETP 0.59 0.44 -15 Wednesday AMC
EPAM SYSTEMS EPAM 0.39 0.33 -2.86 Wednesday AMC
EQUINIX INC EQIX 0.78 0.78 28.07 Wednesday AMC
EQUITY ONE INC EQY 0.3 0.3 3.45 Wednesday AMC
ESSENT GROUP ESNT 0.2 N/A N/A Wednesday BTO
EXACTECH INC EXAC 0.31 0.29 9.52 Wednesday AMC
FRANKLIN ELEC FELE 0.3 0.29 0 Wednesday AMC
GEO GRP INC/THE GEO 0.67 N/A 2.86 Wednesday BTO
GOLDEN STAR RES GSS -0.01 0.03 125 Wednesday AMC
GOODRICH PETROL GDP -0.48 -0.19 21.74 Wednesday AMC
HEALTHCARE RLTY HR 0.34 0.31 -3.03 Wednesday AMC
HEALTHSOUTH CP HLS 0.44 0.45 4.88 Wednesday AMC
HECLA MINING HL 0.01 0.03 0 Wednesday BTO
HELIX EGY SOLUT HLX 0.32 0.92 31.03 Wednesday AMC
HOMEAWAY INC AWAY 0.07 0.05 20 Wednesday AMC
HORNBECK OFFSHR HOS 0.64 0.31 3.64 Wednesday AMC
HUDBAY MINERALS HBM -0.04 0.03 300 Wednesday N/A
HYSTER-YALE MAT HY 1.47 1.34 -5.41 Wednesday AMC
IAMGOLD CORP IAG 0.05 0.24 40 Wednesday AMC
ICAD INC ICAD -0.12 -0.15 21.43 Wednesday AMC
INNODATA ISOGEN INOD -0.02 0.05 100 Wednesday BTO
INTERFACE INC A TILE 0.22 0.16 0 Wednesday AMC
JACK IN THE BOX JACK 0.65 0.54 15.38 Wednesday AMC
KNOT OFFSHOR LP KNOP 0.3 N/A 164.29 Wednesday BTO
LAFARGE SA-ADR LFRGY N/A 0.15 -14.81 Wednesday N/A
LASALLE HTL PRP LHO 0.55 0 5.88 Wednesday AMC
LEGACY RESERVES LGCY 0.32 0.32 11.76 Wednesday AMC
LIFELOCK INC LOCK 0.16 0.07 14.29 Wednesday AMC
LITHIA MOTORS LAD 0.92 0.74 2.73 Wednesday BTO
LUMBER LIQUIDAT LL 0.72 0.5 8.96 Wednesday BTO
MACQUARIE INFRA MIC 0.33 0.78 -29.55 Wednesday AMC
MAIDEN HOLDINGS MHLD 0.28 -0.13 6.9 Wednesday AMC
MANTECH INTL -A MANT 0.41 0.55 -7.69 Wednesday AMC
MEDICINES CO MDCO 0.14 0.71 100 Wednesday BTO
MGM RESORTS INT MGM 0 -0.23 166.67 Wednesday BTO
MILLENNIAL MEDA MM -0.09 0.03 42.86 Wednesday AMC
MURPHY USA INC MUSA 0.71 N/A N/A Wednesday N/A
NAVIOS MARI HLD NM -0.07 -0.08 -9.09 Wednesday BTO
NEOGENOMICS INC NEO 0.02 0 100 Wednesday BTO
NORANDA ALUMINM NOR -0.2 -0.12 -3.45 Wednesday BTO
NORTH AMER EGY NOA -0.05 0.08 -50 Wednesday AMC
NORTHWESTERN CP NWE 0.78 0.78 -7.14 Wednesday BTO
OIL STATES INTL OIS 1.49 1.78 0 Wednesday AMC
OMNICARE INC OCR 0.9 0.86 1.11 Wednesday BTO
ON ASSIGNMENT ASGN 0.32 0.21 8.57 Wednesday AMC
PENN VIRGINIA PVA -0.05 -0.22 86.67 Wednesday AMC
PGT INC PGTI 0.1 0.06 8.33 Wednesday AMC
QTS REALTY TRST QTS 0.43 N/A N/A Wednesday AMC
QUESTAR STR 0.37 0.38 11.76 Wednesday AMC
REGENCY ENERGY RGP 0.1 -0.04 -50 Wednesday AMC
REX ENERGY CORP REXX 0.14 0.09 -47.06 Wednesday AMC
RUBICON TECHNOL RBCN -0.23 -0.05 -18.18 Wednesday AMC
SIX FLAGS ENTMT SIX -0.2 0.25 -20.78 Wednesday BTO
SONIC AUTOMOTVE SAH 0.59 0.52 -4.17 Wednesday BTO
SPIRIT AIRLINES SAVE 0.5 0.27 14.49 Wednesday BTO
SUNEDISON INC SUNE 0.12 0.08 100 Wednesday BTO
SUNOCO LOGISTIC SXL 0.71 1.1 -47.67 Wednesday AMC
SYNOPSYS INC SNPS 0.31 0.55 42.86 Wednesday AMC
TASEKO MINES LT TGB 0.01 -0.04 75 Wednesday N/A
TERNIUM SA-ADR TX 0.61 -1.29 -10.71 Wednesday BTO
TESARO INC TSRO -0.85 -0.66 -22.22 Wednesday AMC
TESLA MOTORS TSLA 0.04 -0.78 27.78 Wednesday AMC
TRINITY INDS IN TRN 1.41 0.9 8.62 Wednesday AMC
TURKCELL IL-ADR TKC N/A 0.29 N/A Wednesday N/A
ULTRAPAR PA-ADR UGP 0.29 0.29 -6.9 Wednesday N/A
UTD INSURANCE UIHC 0.29 0.09 0 Wednesday AMC
UTD ONLINE INC UNTD 0.33 0.77 12.5 Wednesday AMC
VECTREN CORP VVC 0.57 0.52 8.33 Wednesday AMC
VEECO INSTRS-DE VECO -0.37 -0.15 -8.33 Wednesday AMC
WABTECH WAB 0.79 0.67 1.33 Wednesday BTO
WILLIAMS PTNRS WPZ 0.4 0.42 100 Wednesday AMC
ZEBRA TECH CL A ZBRA 0.79 0.71 11.59 Wednesday BTO
ACTAVIS PLC ACT 3.06 1.59 -0.48 Thursday BTO
CABOT OIL & GAS COG 0.17 0.12 14.29 Thursday AMC
DENBURY RES INC DNR 0.31 0.36 7.14 Thursday BTO
DIRECTV DTV 1.28 1.55 11.88 Thursday BTO
ENSCO PLC ESV 1.61 1.37 2.42 Thursday BTO
EXPRESS SCRIPTS ESRX 1.12 1.05 0 Thursday AMC
HEWLETT PACKARD HPQ 0.85 0.82 1 Thursday AMC
HORMEL FOODS CP HRL 0.57 0.48 7.41 Thursday BTO
INTUIT INC INTU 0.04 0.17 10 Thursday AMC
MOHAWK INDS INC MHK 1.74 1.01 5.76 Thursday AMC
NEWMONT MINING NEM 0.42 1.11 43.75 Thursday AMC
NORDSTROM INC JWN 1.33 1.4 4.55 Thursday AMC
PATTERSON COS PDCO 0.57 0.52 0 Thursday BTO
PRICELINE.COM PCLN 7.66 6.41 6.59 Thursday AMC
PUBLIC STORAGE PSA 2.02 1.86 5.26 Thursday AMC
PUBLIC SV ENTRP PEG 0.47 0.41 0 Thursday BTO
SCANA CORP SCG 0.77 0.78 2.17 Thursday BTO
WAL-MART STORES WMT 1.6 1.67 0.88 Thursday BTO
51JOBS INC-ADR JOBS 0.76 0.65 -5.88 Thursday AMC
ACACIA RESEARCH ACTG -0.07 0.69 -300 Thursday AMC
AEGON N V AEG N/A 0.29 N/A Thursday N/A
AERCAP HLDGS NV AER 0.65 0.55 24.59 Thursday BTO
AGRIUM INC AGU 0.88 2.16 3.39 Thursday AMC
ALAMOS GOLD INC AGI 0.03 0.31 0 Thursday BTO
ALLSCRIPTS HLTH MDRX 0.04 0.08 -75 Thursday AMC
ALTISOURCE RESI RESI 0.26 N/A 35.71 Thursday BTO
AMN HLTHCR SVCS AHS 0.16 0.15 12.5 Thursday AMC
ANADIGICS CORP ANAD -0.12 -0.21 7.14 Thursday AMC
ARMADA HOFFLER AHH 0.2 N/A 0 Thursday BTO
ARUBA NETWORKS ARUN 0.01 0.05 -300 Thursday AMC
AUTOBYTEL INC ABTL 0.08 0.04 85.71 Thursday AMC
AVIV REIT INC AVIV 0.4 N/A 2.38 Thursday BTO
BAE SYSTEMS-ADR BAESY N/A N/A N/A Thursday N/A
BILL BARRETT CP BBG -0.04 0.2 0 Thursday AMC
BLUCORA INC BCOR 0.32 0.13 214.29 Thursday AMC
BRADY CORP CL A BRC 0.37 0.38 -12.5 Thursday BTO
BUILDERS FIRSTS BLDR 0.03 -0.08 200 Thursday AMC
CEDAR FAIR FUN -0.11 -0.2 17.79 Thursday BTO
CENTURY ALUM CO CENX -0.22 -0.08 6.06 Thursday AMC
CHESAPEAKE LODG CHSP 0.42 0.41 3.39 Thursday AMC
CINCINNATI BELL CBB 0.01 -0.01 400 Thursday BTO
CLEAR CHANL OUT CCO 0.06 0.05 200 Thursday BTO
COGENT COMM GRP CCOI 0.05 -0.01 -28.57 Thursday BTO
COLONY FINL INC CLNY 0.39 0.31 -8.57 Thursday AMC
COMMSCOPE HLDG COMM 0.27 N/A N/A Thursday AMC
CRYOLIFE INC CRY N/A 0.08 200 Thursday BTO
CURIS INC CRIS -0.07 -0.07 50 Thursday BTO
CVENT INC CVT -0.03 N/A 100 Thursday AMC
CVR ENERGY INC CVI 0.28 1.02 -90.24 Thursday BTO
CVR PARTNERS LP UAN 0.32 0.21 -3.57 Thursday BTO
CVR REFINING LP CVRR 0.36 N/A 18.37 Thursday BTO
CYBERONICS INC CYBX 0.49 0.47 2.04 Thursday BTO
CYRUSONE INC CONE 0.35 N/A 10 Thursday BTO
DANA HOLDING CP DAN 0.45 0.38 -12.96 Thursday BTO
DATALINK CORP DTLK 0.25 0.28 -57.89 Thursday AMC
DEXCOM INC DXCM -0.07 -0.14 38.46 Thursday AMC
EHEALTH INC EHTH -0.05 0.13 0 Thursday AMC
EMC INSURANCE EMCI 0.87 0.99 0 Thursday BTO
EMPLOYERS HLDGS EIG 0.25 0.06 90.91 Thursday BTO
ENVESTNET INC ENV 0.12 0.07 22.22 Thursday AMC
EXACT SCIENCES EXAS -0.19 -0.22 11.11 Thursday BTO
EXELIXIS INC EXEL -0.38 -0.24 5.26 Thursday AMC
EXTRA SPACE STG EXR 0.55 0.45 -11.54 Thursday AMC
FEDERAL MOGUL-A FDML 0.21 -0.42 75 Thursday BTO
FINANCIAL ENGIN FNGN 0.19 0.13 7.14 Thursday AMC
FIRST POTOMAC FPO 0.23 0.32 0 Thursday AMC
FLEETMATICS GRP FLTX 0.18 0.16 0 Thursday AMC
FTI CONSULTING FCN 0.41 0.67 50 Thursday BTO
GAMING AND LEIS GLPI 0.61 N/A N/A Thursday BTO
GIBRALTAR INDUS ROCK 0.05 0.05 24 Thursday BTO
GRAND CANYON ED LOPE 0.52 0.46 6.67 Thursday AMC
GROUPON INC GRPN -0.01 -0.05 100 Thursday AMC
GRUPO TELEVISA TV 0.37 0.41 -9.09 Thursday AMC
HANSEN MEDICAL HNSN -0.13 -0.15 7.14 Thursday AMC
HARSCO CORP HSC 0.2 0.3 0 Thursday BTO
HOLLY EGY PTNRS HEP 0.21 0.37 -16.67 Thursday BTO
HSN INC HSNI 1.07 1 9.38 Thursday BTO
ICG GROUP INC ICGE -0.12 -0.12 -650 Thursday BTO
ICON PLC ICLR 0.45 0.34 9.76 Thursday BTO
ICONIX BRAND GP ICON 0.58 0.41 15.69 Thursday BTO
IDACORP INC IDA 0.49 0.33 -10.63 Thursday BTO
IMAX CORP IMAX 0.3 0.19 -22.73 Thursday BTO
IMMERSION CORP IMMR 0.08 0.01 -20 Thursday AMC
IMPAX LABORATRS IPXL 0.06 0.3 516.67 Thursday AMC
INLAND RE CORP IRC 0.22 0.24 18.18 Thursday BTO
INTELSAT SA I 0.47 N/A 6.67 Thursday BTO
INTERDIGITL INC IDCC 0.3 0.57 1500 Thursday BTO
INTERNAP NETWRK INAP -0.08 0.01 -16.67 Thursday AMC
INVESCO MORTGAG IVR 0.49 0.77 -7.41 Thursday BTO
IPC THE HOSPITL IPCM 0.57 0.51 1.92 Thursday AMC
ISTAR FINL INC STAR -0.26 -0.77 26.42 Thursday BTO
KINDRED HLTHCR KND 0.14 0.46 -68.75 Thursday AMC
KVH INDUSTRIES KVHI 0.06 0.18 -10 Thursday BTO
LAWSON PRODUCTS LAWS N/A 0.05 131.25 Thursday BTO
LEXINGTON PPTY LXP 0.27 0.25 -3.85 Thursday BTO
LIFE TIME FITNS LTM 0.62 0.56 0 Thursday BTO
LO-JACK CORP LOJN N/A 0.11 -45 Thursday BTO
LTC PROPERTIES LTC 0.61 0.57 -5.26 Thursday N/A
MARVELL TECH GP MRVL 0.18 0.12 41.18 Thursday AMC
MATTSON TECH MTSN 0.04 -0.15 150 Thursday AMC
MAVENIR SYSTEMS MVNR -0.12 N/A N/A Thursday AMC
MAXWELL TECH MXWL -0.06 0.1 231.25 Thursday AMC
MDC PTNRS INC MDCA -0.64 -0.03 -728.57 Thursday AMC
MERGE HEALTHCAR MRGE N/A -0.15 N/A Thursday BTO
MONTAGE TECH GP MONT 0.24 N/A 140 Thursday BTO
MRC GLOBAL INC MRC 0.43 0.55 -9.09 Thursday AMC
MYERS INDS MYE 0.29 0.26 -3.85 Thursday BTO
NEW GOLD INC NGD 0.04 0.12 0 Thursday BTO
NORTH AM PALLAD PAL -0.04 -0.02 0 Thursday BTO
PAN AMER SILVER PAAS 0.07 0.37 60 Thursday BTO
PDC ENERGY INC PDCE 0.27 -0.16 -130.43 Thursday BTO
PEBBLEBROOK HTL PEB 0.36 0 0 Thursday AMC
PREMIERE GLOBAL PGI 0.16 0.14 -5.88 Thursday AMC
PROASSURANCE CP PRA 1.03 1.56 7.32 Thursday AMC
QLIK TECHNOLOGS QLIK 0.23 0.19 -150 Thursday AMC
RAIT FINL TRUST RAS 0.34 0.33 -11.11 Thursday BTO
RELIANCE STEEL RS 0.98 1.06 1.67 Thursday BTO
ROCKET FUEL INC FUEL -0.09 N/A -42.86 Thursday AMC
SELECT INCOME SIR 0.68 0.71 -2.94 Thursday BTO
SELECT MEDICAL SEM 0.2 0.28 -10.53 Thursday AMC
SHUTTERSTOCK SSTK 0.18 0 20 Thursday AMC
SILVER STD RES SSRI -0.02 0.3 -38.46 Thursday AMC
SJW CORP SJW 0.41 0.31 -15.38 Thursday AMC
SONUS NETWORKS SONS 0 0 100 Thursday BTO
STATE AUTO FINL STFC 0.24 0.38 26.92 Thursday BTO
SUN CMNTYS INC SUI 0.78 0.8 0 Thursday BTO
SUNSTONE HOTEL SHO 0.23 0.29 0 Thursday AMC
SYMMETRY MEDICL SMA 0.08 0.15 75 Thursday BTO
SYNERON MED LTD ELOS 0 0.07 114.29 Thursday BTO
TECHNIP NEW TKPPY 0.41 0.42 -8.51 Thursday BTO
TEEKAY CORP TK -0.02 0.04 -9.68 Thursday BTO
TEEKAY LNG PTNR TGP 0.56 0.56 19.3 Thursday BTO
TEEKAY OFFSHORE TOO 0.4 0.35 -70.97 Thursday BTO
TEEKAY TANKERS TNK -0.05 -0.09 37.5 Thursday BTO
TENARIS SA-ADR TS 0.69 0.61 -22.73 Thursday AMC
THOMPSON CREEK TC -0.09 -0.11 -33.33 Thursday AMC
TILE SHOP HLDGS TTS 0.03 0.09 -20 Thursday AMC
TIM HORTONS INC THI 0.73 0.69 -1.33 Thursday BTO
TITAN INTL INC TWI 0.15 0.09 -44 Thursday BTO
TORNIER NV TRNX -0.14 -0.02 -38.46 Thursday AMC
TORO CO TTC 0.38 0.53 300 Thursday BTO
TRANSALTA CORP TAC 0.19 0.21 7.69 Thursday BTO
TRANSCDA CORP TRP 0.59 0.45 7.14 Thursday N/A
TREMOR VIDEO TRMR -0.09 N/A -825 Thursday AMC
TRIMAS CORP TRS 0.36 0.33 3.23 Thursday BTO
UIL HOLDINGS CP UIL 0.58 0.56 6.9 Thursday AMC
ULTRA PETRO CP UPL 0.37 0.51 8.82 Thursday BTO
UNIVL ELECTRS UEIC 0.5 0.42 -1.79 Thursday AMC
VALMONT INDS VMI 2.65 2.43 -14.29 Thursday AMC
VOCERA COMM INC VCRA -0.11 0.04 -33.33 Thursday AMC
WAGEWORKS INC WAGE 0.12 0.11 -28.57 Thursday AMC
WALTER ENERGY WLT -0.79 -1.06 -63.11 Thursday BTO
WASHINGTON REIT WRE 0.4 0.47 0 Thursday AMC
WEBMD HEALTH CP WBMD 0.23 -0.08 11.11 Thursday AMC
WEST PHARM SVC WST 0.38 0.31 8.33 Thursday BTO
WESTLAKE CHEM WLK 2.22 1.42 14.93 Thursday BTO
WILLIAMS(C)ENGY CWEI 0.88 0.31 120 Thursday BTO
WORLD WRESTLING WWE -0.03 0.02 350 Thursday BTO
XENOPORT INC XNPT -0.44 -0.37 20.41 Thursday AMC
YANDEX NV-A YNDX N/A 0.28 84 Thursday BTO
AMEREN CORP AEE 0.12 0.14 1.63 Friday BTO
ECOLAB INC ECL 1.05 0.89 2.97 Friday BTO
PINNACLE WEST PNW 0.19 0.24 2.31 Friday BTO
QUANTA SERVICES PWR 0.41 0.49 7.32 Friday BTO
AXA SA -SP ADR AXAHY N/A N/A N/A Friday N/A
BARNES GRP B 0.53 0.55 -25 Friday BTO
BOISE CASCADE BCC 0.19 0.04 25.81 Friday BTO
CHARTER COMM-A CHTR 0.21 -0.41 -423.81 Friday BTO
DISH NETWORK CP DISH 0.4 0.46 61.9 Friday BTO
DONALDSON CO DCI 0.36 0.34 7.69 Friday BTO
DONEGAL GRP -A DGICA 0.27 0.2 -17.14 Friday BTO
ECHOSTAR CORP SATS -0.08 0.28 70 Friday BTO
ELDORADO GOLD EGO 0.05 0.16 -28.57 Friday BTO
ENERPLUS CORP ERF 0.12 0.29 -30.43 Friday BTO
GEEKNET INC GKNT 1.37 0.71 38.24 Friday BTO
GERDAU SA ADR GGB 0.11 0.04 33.33 Friday N/A
LIBBEY INC LBY N/A 0.34 -38.89 Friday BTO
PILGRIMS PRIDE PPC 0.5 0.09 1.64 Friday BTO
RUTHS HOSPITLTY RUTH 0.17 0.18 66.67 Friday BTO
STARZ-LIB CAP-A STRZA 0.45 N/A -2.27 Friday BTO
STRAYER EDUC STRA 0.98 1.47 500 Friday BTO
TELEFLEX INC TFX 1.27 1.14 16.67 Friday BTO
TRACTEBEL -ADR TBLEY 0.27 0.34 0 Friday BTO
WESTMORELAND CO WLB N/A -0.16 -119.28 Friday BTO

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Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers

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RPC INC RES 24.91 +8.35%
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DELTA AIR L… DAL 39.15 +3.90%
FLAMEL TECH… FLML 14.51 +3.50%
SOUTHWEST A… LUV 28.87 +2.92%