Top Performing Stocks for the Week Ended Oct 17

The five best performing stocks on the Zacks #1 Rank List last week were: AMR Corporation (AMR - Snapshot Report), Allegiant Travel Company (ALGT - Snapshot Report), El Paso Pipeline Partners, L.P. (EPB - Snapshot Report), Pengrowth Energy Trust (PGH - Snapshot Report) and Layne Christensen Company (LAYN - Snapshot Report).

Despite being hurt by higher fuel costs, shares of AMR Corporation (AMR - Snapshot Report) gained more than 41% last week. Analysts continue to expect a loss for this year, but it has been narrowing for several months now. That includes a narrowing of $2.43 over the past 2 months and 50 cents in just the past 7 days.

Excluding special items, AMR reported a loss of $1.39 per share for its third quarter, which was narrower than the consensus at $1.46. The company primarily attributed its loss to fuel prices, and outlined several additional steps to address its needs in the short- and long-terms. In addition, AMR announced a purchase agreement with Boeing.

Allegiant Travel Company (ALGT - Snapshot Report) made the Zacks #1 Rank Top Performers List for last week as shares jumped approximately 33%. Earnings estimates for this year are up more than 36% over the past 2 months and about 2.8% over the past 30 days. Furthermore, analysts currently expect next year's earnings to be about 135% better than this year.

ALGT is focused on linking travelers in small cities to world-class leisure destinations, such as Las Vegas, Phoenix, Fort Lauderdale, Orlando and Tampa/St. Petersburg.

El Paso Pipeline Partners, L.P. (EPB - Snapshot Report) gained 28.8% for the week ended Oct 17, giving the company a spot on the Zacks #1 Rank Top Performers List. Earnings estimates for this year have gained 7.8% over the past 2 months, while expectations for next year are up 11.8%. In addition, analysts currently expect next year's profit to improve about 14.5% over this year.

EPB, which was featured as a Momentum Stock of the Day at Zacks.com on Oct 21, will announce its third-quarter results in early November. For its second quarter, the company announced earnings per share of 29 cents, which bettered the consensus by 16%. In addition to its performance, the company is pleased with its continued progress on expansion projects.

Pengrowth Energy Trust (PGH - Snapshot Report) was a top-performing Zacks #1 Rank last week as shares advanced 28.3%. Its analyst earnings estimate for this year is up almost 42% from 1 month ago.

PGH will report its third-quarter results in early November. In its second quarter, the company announced earnings per share that bettered the year-ago result while beating the consensus.

Layne Christensen Company (LAYN - Snapshot Report) was featured as a Value Stock of the Day at Zacks.com on Oct 17. The company made the Zacks #1 Rank Top Performers List for last week as shares climbed 28.3%. LAYN provides sophisticated services and related products for the water, mineral and energy markets.

Earnings estimates for this fiscal year, ending January 2009, are up 9.2% over the past 2 months, including a gain of 1.6% in 30 days. Expectations for next fiscal year, ending January 2010, are higher by 4.5% from 2 months ago. For its fiscal second quarter, earnings per share of 78 cents topped the year-ago level of 60 cents and beat the consensus by 25.8%. Revenues jumped almost 24% to $269.6 million.