Top Performing Stocks for the Week Ended Oct 3

The four best performing stocks on the Zacks #1 Rank List last week were: Diamond Foods, Inc. (DMND - Analyst Report), SureWest Communications (SURW - Snapshot Report), Sun Healthcare Group, Inc. (SUNH - Snapshot Report) and Hanger Orthopedic Group, Inc. (HGR - Analyst Report).

Diamond Foods, Inc. (DMND - Analyst Report) was the top-performing Zacks #1 Rank last week as shares gained 14.6% during a wild period for the market. The company, which specializes in nuts and snack products under the brands Diamond®, Emerald® and Pop Secret®, was highlighted as an Aggressive Growth Stock of the Day at Zacks.com on Oct 1. Earnings estimates for this fiscal year, ending July 2009, are approximately 1.6% higher than 2 months ago.

In late September, DMND announced fiscal fourth-quarter results, including earnings per share of 16 cents that significantly improved upon the year-earlier performance. The result also beat Wall Street expectations by almost 23.1%. Net sales moved higher by 1% to $113.1 million. Earlier in the month, the company had acquired the Pop Secret microwave popcorn brand from General Mills. For fiscal 2009, DMND expects EPS between $1.20 and $1.27, excluding an early debt termination expense, and net sales between $585 million and $615 million. At the moment, analysts are expecting $1.25 for the fiscal year.

SureWest Communications (SURW - Snapshot Report), a leading integrated communications provider, gained a little more than 8.5% for the week ended Oct 3, which was enough to make the Zacks #1 Rank Top Performers List. Earnings estimates for this year and next are up sharply from 2 months ago.

In its second-quarter report from August, SURW announced better-than-expected earnings per share of 12 cents. Consolidated revenue was up 36%. The company stated that the quarter's results showed that its decision to focus on Broadband and advanced network services was the right move. SURW expects continued success from this strategy moving forward.

Sun Healthcare Group, Inc. (SUNH - Snapshot Report) updated is 2008 full-year guidance last week and now expects between 91 cents and 94 cents. Previously, the company expected 85 cents to 90 cents. According to the company, the new guidance reflects management's current expectations, the classification of 5 centers as discontinued and favorable interest rates on its variable rate debt.

The senior health care services company made the Zacks #1 Rank Top Performers List last week with a gain of 5.1%. Earnings estimates for this year are up 3.4% from 2 months ago. Furthermore, analysts expect next year's profit to improve approximately 23% from this year.

Hanger Orthopedic Group, Inc. (HGR - Analyst Report) will report its third-quarter results on Oct 27. In its second quarter, the company reported earnings per share of 25 cents, which beat the consensus by 25%. The result also improved upon last year's result of 17 cents. Net sales were up 13% to $181.2 million. The company has a solid record of meeting or surpassing Wall Street’s quarterly earnings expectations.

HGR, which provides orthotic and prosthetic patient care services, was able to make the top performers list during a very difficult week by simply moving slightly higher rather than lower. Over the past 3 months, earnings estimates for this year are up 6.5%. Expectations for next year are also up in that timeframe, while analysts continue to expect profit to improve from this year.

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