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The Q4 earnings season has turned out to be fairly good. Not only is growth on track to be the highest in two years, but total earnings for the quarter are also on track to be a new quarterly record.
Please recall that earnings growth turned positive only in 2016 Q3, having declined in each of the preceding 5 quarters, as the chart below of year-over-year earnings growth for the S&P 500 index shows.
Importantly, the positive Q4 growth isn’t a result of easy comparisons, but actually a function of strong gains in actual earnings. In fact, the overall tally of Q4 earnings for the S&P 500 index is on track to reach an all-time record for the index, surpassing the previous record achieved in 2014 Q4. The chart below shows the quarterly earnings totals for index, contrasting the highlighted Q4 tally with actual results from the last 8 quarters and expected tallies in the coming 4 quarters.
As you can see, this record isn’t expected to last very long, with growth expected to ramp up notably in the coming quarters.
One other positive for this earnings season is the relatively modest negative revisions to current-quarter (2017 Q1) estimates; they have come down, but not by as much as has historically been the case. The chart below shows evolution of Q1 estimates since the start of the period.
Q4 Scorecard (as of February 3, 2017)
We now have Q4 results from 275 S&P 500 members, or 55% of the index’s total membership. With 84 index members on deck to report results next week, we will have seen Q4 results from 71.8% of the index’s total membership by the end of next week.
Total earnings for these 275 index members are up +6.9% on +4.2% higher revenues, with 68% beating EPS estimates and 54.5% coming ahead of top-line expectations.
The table below provides the current Q4 scorecard
The charts below provide a comparison of the results thus far with what we have seen from this same group of 275 S&P 500 members in other recent periods.
As you can see, the Q4 growth pace is notably tracking above what we had seen from the same group of 275 index members in other recent periods. But positive surprises (right-hand chart above) are tracking on the low side relative to historical periods, particularly on the earnings front. The 68% proportion of Q4 companies beating EPS estimates compares to 76.7% in the preceding quarter, 74.5% as the 4-quarter average and 72.7% as the 12-quarter average. Positive revenue surprises are tracking below what we had seen from the same group of companies in Q3, but are roughly in-line with historical periods.
The chart below compares the proportion of companies reporting Q4 results that are beating both EPS and revenue estimates with what this same group of companies had reported in other recent periods.
Standout Sectors
Sectors with strong growth and better than expected results (earnings & revenues) include the Finance, Construction, Technology, and Basic Materials. Positive surprises for all of these sectors are tracking above the index level.
Finance: With results from 74.1% of the sector’s market cap in the S&P 500 index already out, total earnings for the sector are up +12.1% from the same period last year on +4.7% higher revenues, with +70.8% beating EPS estimates and +55.4% beating top-line estimates.
This is better growth performance than we have seen from the sector in other recent periods, as the comparison charts below show. Please note that positive surprises are as hard to come by in the Finance sector as they are elsewhere.
Strong Finance sector growth is a big driver of the aggregate growth performance for the S&P 500 index as a whole. Excluding the Finance sector, the Q4 growth pace still compares favorably with other recent periods, but a lot less so, as the right-hand chart below shows.
Technology: For the Technology sector, we now have Q4 results from 84% of the sector’s total market cap. Total earnings for these companies are up +7.4% from the same period last year on +5.4% higher revenues, with 71.1% beating EPS estimates and 78.9% beating revenue estimates.
This is better earnings growth than we have seen from this same group of Tech companies in Q3 or the preceding four quarters, but is about in-line with the 12-quarter average. Revenue growth, on the other hand, is tracking above historical periods. The revenue outperformance is visible in terms of positive surprises as well, with the proportion of Tech sector positive surprises notably tracking above Q3, the 4-quarter and 12-quarter averages, as you can see in the right-hand side chart. Earnings surprises (green bars in the right-hand chart) are tracking below historical periods, as is the case with other sectors as well.
Key Reports for the Week of February 6th
We have almost 500 companies reporting results this week, including 84 S&P 500 members. At the end of this week, we will have seen Q4 results from 359 S&P 500 members or 71.8% of the index’s total membership.
Monday – 2/6/2017: We have 56 companies reporting results today, including 10 S&P 500 members, with Hasbro (HAS - Free Report) and Tyson Foods (TSN - Free Report) as the notable reports today, both in the morning.
Tuesday – 2/07/2017: On a busy reporting docket, we have more than 220 companies coming out with quarterly results, including 27 S&P 500 members. General Motors (GM - Free Report) and Michael Kors are the notable reports in the morning, while Disney (DIS - Free Report) and Gilead Sciences (GILD - Free Report) will report after the market’s close.
GM shares are up +26.6% over the past 12 months vs. +18.1% gain for the S&P 500 index and +19.5% gain for the Zacks Auto sector (Ford is up only +8.7%). The company is expected to earn $1.13 in earnings on $42.2 billion in revenues vs. $1.39 in earnings on $39.6 billion in revenues in the year-earlier period.
Disney is expected to report $1.47 in earnings on $15.3 billion in revenues, which compare to $1.63 on $15.24 billion in revenues in the year-earlier period. Estimates have come down a bit, with the current $1.47 EPS estimate down $1.49 a week ago and $1.56 three months back.
Disney shares struggled last year on concerns about the long-term growth outlook for the ESPN franchise in the current chord cutting and streaming media environment, but that has turned around over the last few months. It was up +15.6% over the past 12months vs. +24.7% for the Zacks Media industry in that same time period. Over the last three months, however, Disney shares have outperformed the Zacks Media Industry, up +19.3% vs. +16.6%. Given the positive stock price momentum into this earnings release, the market seems to be looking for a perfect release from the company; anything less than perfect will likely see the stock losing ground in a major way.
Wednesday – 2/08/2017: We have more than 130 companies reporting results today, including 17 S&P 500 members. Whole Foods and Yum Brands (YUM - Free Report) are the notable reports today, both after the market’s close.
Whole Foods shares have been struggling for a while now, with the company finding it hard to face the competitive challenge from the traditional supermarkets and discounters. The stock was up +2% over the past 12 months vs. +18.1% for the S&P 500 index. The company is expected to earn $0.40 in EPS on $4.99 billion in revenues vs. $0.46 on $4.83 billion in revenues in the year-earlier period.
Thursday – 2/09/2017: On a busy reporting day with more than 300 companies reporting Q4 results, including 25 S&P 500 members (16 in the morning & 9 after the market’s close), the notable reports are from Coke (KO - Free Report) and Twitter in the morning and NVIDIA (NVDA - Free Report) and Expedia (EXPD - Free Report) after the close.
Semiconductor stocks have all been strong performers over the past year, but NVIDIA has literally been red hot. The stock is up +305.5% over the past 12 months vs. +57.3% for the Zacks Semiconductor industry and +19.2% for the Zacks Technology sector. Estimates have been stable over the past month, with the company expected to earn $0.84 on $2.08 billion in revenues vs. $0.35 on $1.4 billion in revenues in the year-earlier period.
Friday – 2/10/2017: A relatively light reporting docket, with 5 S&P 500 members reporting results.
Q4 Expectations As a Whole
For Q4 as a whole, combining the actual results from the 275 S&P 500 members that have reported with estimates for the still-to-come 225 companies, total earnings are expected to be up +6.8% from the same period last year on +3.9% higher revenues. This would follow the +3.7% growth in Q3 earnings on +2.2% higher revenues, the first instance of positive earnings growth for the index after five quarters of back-to-back declines. Comparisons for the Energy sector, a big driver of the earnings recession, turn positive in Q4, with the sector’s earnings growth turning positive for the first time after 8 quarters of declines.
The chart below shows the Q3 earnings growth contrasted with declines in the preceding 5 quarters. As you can see in the chart below, the growth pace is expected to ramp up in 2017.
The table below shows the summary picture Q4 contrasted with what was actually achieved in the preceding quarter.
Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>
Here is a list of the 470 companies reporting this week, including 84 S&P 500 members.
Company
Ticker
Current Qtr
Year-Ago Qtr
Last EPS Surprise %
Report Day
Time
LOEWS CORP
L
0.63
0.46
40.58%
Monday
BTO
NEWELL BRANDS
NWL
0.8
0.56
6.85%
Monday
BTO
HASBRO INC
HAS
1.28
1.39
16.67%
Monday
BTO
SYSCO CORP
SYY
0.54
0.48
13.56%
Monday
BTO
TYSON FOODS A
TSN
1.27
1.15
-22.58%
Monday
BTO
CNA FINL CORP
CNA
0.82
-0.19
36.90%
Monday
BTO
MERCURY GENL CP
MCY
0.55
0.52
26.42%
Monday
BTO
AMER SUPERCON
AMSC
-0.4
-0.22
34.57%
Monday
BTO
FIRST FOUNDATN
FFWM
0.13
0.19
16.00%
Monday
BTO
FIDELITY&GUARNT
FGL
0.61
0.53
16.95%
Monday
BTO
DIAMOND OFFSHOR
DO
0.12
0.89
42.86%
Monday
BTO
APOLLO INV CP
AINV
0.16
0.21
5.88%
Monday
BTO
SCORPIO BULKERS
SALT
-0.25
-0.8
-3.45%
Monday
BTO
KAMADA LTD
KMDA
-0.04
0.03
25.00%
Monday
BTO
BOARDWALK PIPLN
BWP
0.31
0.26
0.00%
Monday
BTO
HAEMONETICS CP
HAE
0.4
0.48
31.43%
Monday
BTO
NORDIC AMERICAN
NAT
0
0.34
46.67%
Monday
BTO
GENERAL FINANCE
GFN
-0.04
0
-14.29%
Monday
BTO
IRADIMED CORP
IRMD
0.04
0.19
44.44%
Monday
BTO
RANDGOLD RSRCS
GOLD
N/A
0.47
-38.94%
Monday
BTO
FMC CORP
FMC
0.89
0.77
15.52%
Monday
AMC
TWENTY-FST CF-A
FOXA
0.49
0.44
15.91%
Monday
AMC
TESORO CORP
TSO
-0.16
1.83
0.70%
Monday
AMC
MACERICH CO
MAC
1.16
1.12
0.00%
Monday
AMC
TWENTY-FIRST CF
FOX
0.49
0.44
21.62%
Monday
AMC
CBOE HOLDINGS
CBOE
0.6
0.59
1.75%
Monday
AMC
PREMIER INC-A
PINC
0.41
0.39
2.70%
Monday
AMC
MODINE MANUFACT
MOD
0.24
0.22
-108.33%
Monday
AMC
TESORO LOGISTIC
TLLP
0.57
0.49
-23.33%
Monday
AMC
EVEREST RE LTD
RE
3.98
8.17
43.20%
Monday
AMC
CREDICORP LTD
BAP
3.03
2.77
19.80%
Monday
AMC
ALLISON TRANSMN
ALSN
0.27
0.76
12.50%
Monday
AMC
HEALTHEQUITY
HQY
0.05
0.05
11.11%
Monday
AMC
CATALENT INC
CTLT
0.24
0.35
-7.69%
Monday
AMC
LUMINEX CORP
LMNX
0.12
0.48
-50.00%
Monday
AMC
TWO HARBORS INV
TWO
0.24
0.2
4.35%
Monday
AMC
INSTRUCTURE INC
INST
-0.53
-0.52
13.73%
Monday
AMC
KNOWLES CORP
KN
0.27
0.29
29.17%
Monday
AMC
YRC WORLDWD INC
YRCW
-0.09
0.18
-6.67%
Monday
AMC
BADGER METER
BMI
0.23
0.19
-9.09%
Monday
AMC
FABRINET
FN
0.68
0.41
-4.69%
Monday
AMC
GLADSTONE INVES
GAIN
0.18
0.15
-10.53%
Monday
AMC
MODEL N INC
MODN
-0.29
-0.26
0.00%
Monday
AMC
PHIBRO ANIMAL
PAHC
0.36
0.39
2.86%
Monday
AMC
DELTA APPAREL
DLA
-0.02
0.07
5.26%
Monday
AMC
HORACE MANN EDS
HMN
0.4
0.43
23.40%
Monday
AMC
OTTER TAIL CORP
OTTR
0.42
0.41
-17.78%
Monday
AMC
REGAL BELOIT
RBC
1.04
1.17
3.97%
Monday
AMC
KILROY REALTY
KRC
0.86
0.8
5.75%
Monday
AMC
JONES LANG LASL
JLL
3.92
4.53
-29.00%
Monday
AMC
ARTISAN PTNR AM
APAM
0.51
0.63
-10.71%
Monday
AMC
QUOTIENT LTD
QTNT
-0.56
-0.67
3.12%
Monday
AMC
PERCEPTRON INC
PRCP
-0.06
-0.17
-300.00%
Monday
AMC
SUZUKI MOTOR CP
SZKMY
1.79
N/A
N/A
Monday
N/A
TELECOM ITA-ADR
TI
N/A
N/A
N/A
Monday
N/A
GENERAL MOTORS
GM
1.13
1.39
19.44%
Tuesday
BTO
S&P GLOBAL INC
SPGI
1.2
1.04
5.93%
Tuesday
BTO
MICHAEL KORS
KORS
1.62
1.59
7.95%
Tuesday
BTO
NATL OILWELL VR
NOV
-0.29
0.4
-21.43%
Tuesday
BTO
AMETEK INC
AME
0.58
0.63
1.82%
Tuesday
BTO
CARDINAL HEALTH
CAH
1.24
1.3
2.48%
Tuesday
BTO
EMERSON ELEC CO
EMR
0.43
0.56
7.87%
Tuesday
BTO
INTERCONTNTLEXC
ICE
0.69
0.65
-0.31%
Tuesday
BTO
MOSAIC CO/THE
MOS
0.12
0.53
200.00%
Tuesday
BTO
ARCHER DANIELS
ADM
0.8
0.61
25.53%
Tuesday
BTO
FIDELITY NAT IN
FIS
1.14
0.93
2.04%
Tuesday
BTO
CHURCH & DWIGHT
CHD
0.42
0.41
0.00%
Tuesday
BTO
CENTENE CORP
CNC
1.12
0.95
-3.48%
Tuesday
BTO
OMNICOM GRP
OMC
1.45
1.35
2.91%
Tuesday
BTO
TRANSDIGM GROUP
TDG
2.27
1.97
0.98%
Tuesday
BTO
VULCAN MATLS CO
VMC
0.83
0.74
-9.82%
Tuesday
BTO
MALLINCKRODT PL
MNK
1.84
2.09
3.03%
Tuesday
BTO
ATKORE INTL GRP
ATKR
0.24
N/A
-33.33%
Tuesday
BTO
LENNOX INTL INC
LII
1.4
1.11
3.56%
Tuesday
BTO
MEDNAX INC
MD
1
1.07
1.90%
Tuesday
BTO
SPIRIT AIRLINES
SAVE
0.74
1.02
6.90%
Tuesday
BTO
WELLCARE HEALTH
WCG
0.53
0.6
46.85%
Tuesday
BTO
AECOM
ACM
0.53
0.68
-12.16%
Tuesday
BTO
ARROW ELECTRONI
ARW
2.01
1.94
3.31%
Tuesday
BTO
PENSKE AUTO GRP
PAG
0.87
0.81
1.98%
Tuesday
BTO
NGL ENERGY PART
NGL
0.4
0.03
-545.45%
Tuesday
BTO
SABRE CORP
SABR
0.28
0.24
-33.33%
Tuesday
BTO
GLATFELTER
GLT
0.36
0.52
-1.82%
Tuesday
BTO
AGCO CORP
AGCO
0.71
0.8
41.67%
Tuesday
BTO
LIBERTY PPTY TR
LPT
0.41
0.65
-1.49%
Tuesday
BTO
ARDMORE SHIPPIN
ASC
-0.1
0.21
-25.00%
Tuesday
BTO
OAKTREE CAP GRP
OAK
0.58
0.26
35.29%
Tuesday
BTO
BP PLC
BP
0.16
0.06
36.36%
Tuesday
BTO
CDW CORP
CDW
0.76
0.69
9.41%
Tuesday
BTO
VTTI EGY PTNRS
VTTI
0.19
N/A
N/A
Tuesday
BTO
ARAMARK HOLDING
ARMK
0.48
0.46
0.00%
Tuesday
BTO
STERIS PLC
STE
1.04
0.98
-1.11%
Tuesday
BTO
VISHAY INTERTEC
VSH
0.21
0.14
0.00%
Tuesday
BTO
ALLOT COMM LTD
ALLT
-0.05
-0.03
-100.00%
Tuesday
BTO
DHI GROUP INC
DHX
0.1
0.12
0.00%
Tuesday
BTO
GW PHARMA-ADR
GWPH
-1.35
-1.2
39.86%
Tuesday
BTO
USA TRUCK INC
USAK
0
0.38
-181.82%
Tuesday
BTO
TENNECO INC
TEN
1.42
1.39
2.68%
Tuesday
BTO
ASBURY AUTO GRP
ABG
1.43
1.31
-6.17%
Tuesday
BTO
BIO-TECHNE CP
TECH
0.79
0.82
4.00%
Tuesday
BTO
GRAPHIC PKG HLD
GPK
0.15
0.19
-4.76%
Tuesday
BTO
CYNOSURE INC-A
CYNO
0.41
0.42
3.57%
Tuesday
BTO
STATOIL ASA-ADR
STO
0.17
0.05
-212.50%
Tuesday
BTO
PIONEER NAT RES
PXD
0.31
-0.18
-23.53%
Tuesday
AMC
DISNEY WALT
DIS
1.47
1.63
-4.35%
Tuesday
AMC
O REILLY AUTO
ORLY
2.55
2.19
-0.68%
Tuesday
AMC
FORTIVE CORP
FTV
0.67
N/A
13.56%
Tuesday
AMC
MONDELEZ INTL
MDLZ
0.49
0.46
20.93%
Tuesday
AMC
GILEAD SCIENCES
GILD
2.31
3.27
-1.46%
Tuesday
AMC
AKAMAI TECH
AKAM
0.53
0.55
6.25%
Tuesday
AMC
ASSURANT INC
AIZ
0.4
0.97
-12.28%
Tuesday
AMC
CSRA INC
CSRA
0.45
0.48
21.74%
Tuesday
AMC
MICROCHIP TECH
MCHP
0.81
0.61
18.42%
Tuesday
AMC
INPHI CORP
IPHI
0.28
0.13
30.43%
Tuesday
AMC
EMCORE CORP
EMKR
0.1
0.04
100.00%
Tuesday
AMC
COHERENT INC
COHR
1.69
0.85
8.03%
Tuesday
AMC
TUCOWS INC
TCX
0.41
0.28
18.42%
Tuesday
AMC
DEXTERA SURGICL
DXTR
-0.37
-0.5
8.33%
Tuesday
AMC
NANOMETRICS INC
NANO
0.26
0
22.22%
Tuesday
AMC
BUFFALO WLD WNG
BWLD
1.23
1.32
0.00%
Tuesday
AMC
PANERA BREAD CO
PNRA
2
1.88
2.24%
Tuesday
AMC
CAMDEN PPTY TR
CPT
1.14
1.2
2.73%
Tuesday
AMC
MYRIAD GENETICS
MYGN
0.24
0.45
-11.54%
Tuesday
AMC
HIGHWOODS PPTYS
HIW
0.82
0.82
1.23%
Tuesday
AMC
DOUGLAS EMMETT
DEI
0.45
0.41
4.44%
Tuesday
AMC
PLAINS ALL AMER
PAA
0.49
0.24
29.03%
Tuesday
AMC
ULTIMATE SOFTWR
ULTI
0.38
0.31
-10.00%
Tuesday
AMC
PLAINS GP HLDGS
PAGP
0.67
0.29
-55.00%
Tuesday
AMC
CALLIDUS SOFTWR
CALD
-0.04
-0.01
0.00%
Tuesday
AMC
KFORCE INC
KFRC
0.32
0.43
4.76%
Tuesday
AMC
ATMOS ENERGY CP
ATO
1.03
0.93
29.03%
Tuesday
AMC
JACK HENRY ASSC
JKHY
0.74
0.74
12.86%
Tuesday
AMC
SPS COMMERCE
SPSC
0.15
0.18
46.15%
Tuesday
AMC
CNO FINL GRP
CNO
0.39
0.38
5.71%
Tuesday
AMC
CARETRUST REIT
CTRE
0.28
0.24
3.70%
Tuesday
AMC
HEALTHCARE SERV
HCSG
0.28
0.13
0.00%
Tuesday
AMC
NUANCE COMM INC
NUAN
0.21
0.23
8.00%
Tuesday
AMC
TWILIO INC-A
TWLO
-0.12
N/A
7.14%
Tuesday
AMC
ZILLOW GROUP
ZG
-0.03
-0.13
250.00%
Tuesday
AMC
MOBILE IRON INC
MOBL
-0.14
-0.18
27.27%
Tuesday
AMC
NETGEAR INC
NTGR
0.66
0.75
7.94%
Tuesday
AMC
SCANSOURCE INC
SCSC
0.71
0.88
4.62%
Tuesday
AMC
FARMER BROS CO
FARM
0.31
0.35
-16.00%
Tuesday
AMC
GENWORTH FINL
GNW
0.2
-0.17
-485.71%
Tuesday
AMC
LUMENTUM HLDGS
LITE
0.42
0.24
17.14%
Tuesday
AMC
NEW RELIC INC
NEWR
-0.3
-0.36
16.13%
Tuesday
AMC
REGIONAL MANAGE
RM
0.56
0.47
3.57%
Tuesday
AMC
TAKE-TWO INTER
TTWO
0.23
0.74
150.00%
Tuesday
AMC
A-MARK PRECIOUS
AMRK
0.33
0.19
800.00%
Tuesday
AMC
CONSOL TOMOKA
CTO
2.41
0.78
N/A
Tuesday
AMC
ELECTROMED INC
ELMD
0.03
0.13
-33.33%
Tuesday
AMC
JIVE SOFTWARE
JIVE
0.03
-0.1
50.00%
Tuesday
AMC
PDVWIRELESS INC
PDVW
-0.35
-0.36
-8.00%
Tuesday
AMC
POWELL INDS
POWL
N/A
0.18
1700.00%
Tuesday
AMC
PROS HOLDINGS
PRO
-0.31
-0.31
33.33%
Tuesday
AMC
USANA HLTH SCI
USNA
0.9
0.92
13.74%
Tuesday
AMC
ZILLOW GROUP-C
Z
0.14
-0.13
-76.92%
Tuesday
AMC
INTERNET INIT J
IIJI
N/A
0.08
N/A
Tuesday
AMC
WESCO AIRCRAFT
WAIR
0.26
0.25
0.00%
Tuesday
AMC
TIDEWATER INC
TDW
-1.17
-0.07
9.91%
Tuesday
AMC
EVOLUTION PETRO
EPM
0.07
0.01
20.00%
Tuesday
AMC
CONTAINER STORE
TCS
0.13
-0.04
75.00%
Tuesday
AMC
YUM CHINA HLDGS
YUMC
0.12
N/A
N/A
Tuesday
AMC
SPARTON CORP
SPA
0.25
0.25
-39.39%
Tuesday
N/A
SUMITOMO CORP
SSUMY
N/A
-0.45
N/A
Tuesday
N/A
ALASKA AIR GRP
ALK
1.41
1.46
7.32%
Wednesday
BTO
EXELON CORP
EXC
0.45
0.38
22.97%
Wednesday
BTO
JACOBS ENGIN GR
JEC
0.63
0.78
0.00%
Wednesday
BTO
TIME WARNER INC
TWX
1.19
1.06
34.56%
Wednesday
BTO
ALLERGAN PLC
AGN
3.76
3.41
-7.00%
Wednesday
BTO
HUMANA INC NEW
HUM
2.06
1.45
3.92%
Wednesday
BTO
COGNIZANT TECH
CTSH
0.77
0.74
8.00%
Wednesday
BTO
GOODYEAR TIRE
GT
0.86
0.93
0.86%
Wednesday
BTO
RBC BEARINGS
ROLL
0.71
0.74
1.30%
Wednesday
BTO
ABB LTD-ADR
ABB
0.27
0.35
10.34%
Wednesday
BTO
LOUISIANA PAC
LPX
0.19
0.01
-17.95%
Wednesday
BTO
ARCH COAL INC
ARCH
-0.28
N/A
N/A
Wednesday
BTO
JUST ENERGY GRP
JE
0.09
0.03
-111.76%
Wednesday
BTO
PZENA INVESTMNT
PZN
0.14
0.12
20.00%
Wednesday
BTO
A P MOLLAR-MRSK
AMKBY
N/A
-0.6
N/A
Wednesday
BTO
CARLSBERG A/S
CABGY
N/A
0.09
N/A
Wednesday
BTO
VOYA FINANCIAL
VOYA
0.79
0.91
-54.32%
Wednesday
BTO
ARCBEST CORP
ARCB
0.26
0.21
2.13%
Wednesday
BTO
AXALTA COAT SYS
AXTA
0.3
0.24
3.23%
Wednesday
BTO
CARLYLE GROUP
CG
0.42
0.24
-43.24%
Wednesday
BTO
SPX FLOW INC
FLOW
0.52
0.63
3.03%
Wednesday
BTO
GENESEE & WYO
GWR
0.88
0.85
1.06%
Wednesday
BTO
RADWARE LTD
RDWR
-0.01
0.12
0.00%
Wednesday
BTO
EURONET WORLDWD
EEFT
0.93
0.86
0.00%
Wednesday
BTO
GRACE (WR) NEW
GRA
0.93
1.4
5.26%
Wednesday
BTO
THERMON GROUP
THR
0.16
0.25
-28.57%
Wednesday
BTO
BROADRIDGE FINL
BR
0.38
0.38
-5.26%
Wednesday
BTO
ORBOTECH LTD
ORBK
0.76
0.51
3.17%
Wednesday
BTO
SANOFI-AVENTIS
SNY
0.64
0.72
16.28%
Wednesday
BTO
CAESARSTONE LTD
CSTE
0.41
0.53
-16.67%
Wednesday
BTO
WALKER & DUNLOP
WD
0.67
0.67
29.73%
Wednesday
BTO
BRINKS CO THE
BCO
0.71
0.55
1.59%
Wednesday
BTO
CAMTEK LIMITED
CAMT
0.08
0.08
-20.00%
Wednesday
BTO
HARGREAVES LNSD
HRGLY
N/A
N/A
N/A
Wednesday
BTO
MILLICOM INTL
MIICF
N/A
-0.33
N/A
Wednesday
BTO
RIO TINTO-ADR
RIO
N/A
N/A
N/A
Wednesday
BTO
OWENS CORNING
OC
0.61
0.66
10.10%
Wednesday
BTO
GRUBHUB INC
GRUB
0.2
0.17
26.67%
Wednesday
BTO
BANCO ITAU -ADR
ITUB
0.26
0.23
8.33%
Wednesday
BTO
NJ RESOURCES
NJR
0.59
0.56
-13.33%
Wednesday
BTO
MULTI-COLOR
LABL
0.75
0.68
2.06%
Wednesday
BTO
PERFORMANCE FG
PFGC
0.3
0.26
-13.04%
Wednesday
BTO
SAPPI LTD -ADR
SPPJY
N/A
0.13
N/A
Wednesday
BTO
SWISSCOM AG ADR
SCMWY
N/A
0.59
-2.74%
Wednesday
BTO
FISERV INC
FISV
1.16
1
0.88%
Wednesday
AMC
PRUDENTIAL FINL
PRU
2.31
1.94
6.40%
Wednesday
AMC
CINCINNATI FINL
CINF
0.78
1.1
1.18%
Wednesday
AMC
WHOLE FOODS MKT
WFM
0.4
0.46
16.67%
Wednesday
AMC
CENTURYLINK INC
CTL
0.56
0.8
1.82%
Wednesday
AMC
YUM! BRANDS INC
YUM
0.72
0.68
0.00%
Wednesday
AMC
DUN &BRADST-NEW
DNB
3.02
2.87
2.29%
Wednesday
AMC
EQUIFAX INC
EFX
1.38
1.14
5.88%
Wednesday
AMC
LEVEL 3 COMM
LVLT
0.44
0.52
-11.36%
Wednesday
AMC
SUNCOR ENERGY
SU
0.21
0.02
300.00%
Wednesday
AMC
CORECIVIC INC
CXW
0.62
0.58
0.00%
Wednesday
AMC
INSIGHT ENTRPRS
NSIT
0.68
0.57
16.98%
Wednesday
AMC
LIONS GATE ETMT
LGF.A
0.1
0.74
-45.83%
Wednesday
AMC
CALATLANTIC GRP
CAA
1.08
1.04
3.19%
Wednesday
AMC
PIEDMONT OFFICE
PDM
0.43
0.41
2.44%
Wednesday
AMC
ZENDESK INC
ZEN
-0.3
-0.25
10.71%
Wednesday
AMC
MOELIS & CO
MC
0.6
0.55
29.41%
Wednesday
AMC
WGL HLDGS INC
WGL
1.28
1.18
92.31%
Wednesday
AMC
AMER EQUITY INV
AEL
0.56
0.6
-108.77%
Wednesday
AMC
MINDBODY INC-A
MB
-0.12
-0.25
11.76%
Wednesday
AMC
PRIMERICA INC
PRI
1.19
1.01
7.96%
Wednesday
AMC
ASPEN INS HLDGS
AHL
-0.22
1.21
-24.22%
Wednesday
AMC
REGENCY CTRS CP
REG
0.84
0.79
0.00%
Wednesday
AMC
PENNANTPARK INV
PNNT
0.21
0.23
-16.00%
Wednesday
AMC
ALNYLAM PHARMA
ALNY
-1.35
-1.07
-1.68%
Wednesday
AMC
COUSIN PROP INC
CUZ
0.15
0.23
0.00%
Wednesday
AMC
FLEETCOR TECH
FLT
1.73
1.3
2.30%
Wednesday
AMC
GREEN PLAIN PTR
GPP
0.47
0.37
2.33%
Wednesday
AMC
GLU MOBILE INC
GLUU
-0.1
-0.02
25.00%
Wednesday
AMC
KAPSTONE PAPER
KS
0.25
0.16
-7.69%
Wednesday
AMC
COMPASS MINERLS
CMP
1.14
1.72
-6.90%
Wednesday
AMC
GREEN PLAINS
GPRE
0.36
-0.09
-25.93%
Wednesday
AMC
IMPERVA INC
IMPV
-0.36
-0.18
42.86%
Wednesday
AMC
LIVEPERSON INC
LPSN
-0.02
0.02
0.00%
Wednesday
AMC
OMEGA HLTHCARE
OHI
0.83
0.81
1.22%
Wednesday
AMC
RAYONIER INC
RYN
0.03
0.09
135.71%
Wednesday
AMC
TRUEBLUE INC
TBI
0.53
0.57
-6.67%
Wednesday
AMC
TRIMBLE INC
TRMB
0.26
0.23
7.41%
Wednesday
AMC
APPLIED GEN TEC
AGTC
0.03
0.17
300.00%
Wednesday
AMC
ALPHA&OMEGA SEM
AOSL
0.08
-0.05
180.00%
Wednesday
AMC
COEUR MINING
CDE
0.11
-0.28
110.00%
Wednesday
AMC
GOLUB CAPITAL
GBDC
0.32
0.29
0.00%
Wednesday
AMC
MAXLINEAR INC-A
MXL
0.26
0.39
6.25%
Wednesday
AMC
QUIDEL CORP
QDEL
0.09
0.07
233.33%
Wednesday
AMC
ORCHIDS PAPER
TIS
0.27
0.36
-30.00%
Wednesday
AMC
VARONIS SYSTEMS
VRNS
0.09
0.09
19.05%
Wednesday
AMC
BLACKBAUD INC
BLKB
0.44
0.3
-8.11%
Wednesday
AMC
CLEARWATER PAPR
CLW
0.85
0.76
-13.33%
Wednesday
AMC
CM FINANCE INC
CMFN
0.36
0.46
-6.45%
Wednesday
AMC
ECHO GLOBAL LOG
ECHO
0.09
0.18
-25.93%
Wednesday
AMC
ENERSYS INC
ENS
1.13
0.92
6.48%
Wednesday
AMC
ENANTA PHARMA
ENTA
-0.14
1.36
18.18%
Wednesday
AMC
FORRESTER RESH
FORR
0.18
0.15
-19.05%
Wednesday
AMC
HNI CORP
HNI
0.85
0.91
3.90%
Wednesday
AMC
MATTERSIGHT CP
MATR
-0.16
-0.18
-20.00%
Wednesday
AMC
ORASURE TECH
OSUR
0.05
0.08
37.50%
Wednesday
AMC
PAYCOM SOFTWARE
PAYC
0.09
0.09
23.08%
Wednesday
AMC
PCMI INC
PCMI
0.36
0.05
67.74%
Wednesday
AMC
RADIANT LOGIST
RLGT
0
0.06
-25.00%
Wednesday
AMC
TTM TECHNOLOGIE
TTMI
0.45
0.09
12.50%
Wednesday
AMC
TYLER TECH INC
TYL
0.74
0.47
1.28%
Wednesday
AMC
BENCHMARK ELETR
BHE
0.41
0.45
0.00%
Wednesday
AMC
FLUIDIGM CORP
FLDM
-0.45
-0.38
27.54%
Wednesday
AMC
FORMFACTOR INC
FORM
0.13
0.05
26.67%
Wednesday
AMC
GEOSPACE TEC CP
GEOS
-0.47
-0.85
-104.35%
Wednesday
AMC
GLADSTONE CAPTL
GLAD
0.21
0.21
0.00%
Wednesday
AMC
MONMOUTH RE CLA
MNR
0.19
0.17
0.00%
Wednesday
AMC
REALNETWORKS
RNWK
-0.23
-0.23
0.00%
Wednesday
AMC
WESTELL TECH-A
WSTL
-0.02
-0.08
0.00%
Wednesday
AMC
OCEANEERING INT
OII
-0.01
0.58
6.25%
Wednesday
AMC
SELECT COMFORT
SCSS
0.32
0.01
-1.75%
Wednesday
AMC
FORWARD AIR CRP
FWRD
0.55
0.76
0.00%
Wednesday
AMC
USA TECH INC
USAT
-0.01
0.02
0.00%
Wednesday
AMC
PROSPECT CAP CP
PSEC
0.23
0.28
-8.33%
Wednesday
AMC
IROBOT CORP
IRBT
0.39
0.65
66.67%
Wednesday
AMC
LIMELIGHT NETWK
LLNW
-0.02
-0.03
-50.00%
Wednesday
AMC
MTGE INVESTMENT
MTGE
0.43
0.52
11.63%
Wednesday
AMC
QUALYS INC
QLYS
0.09
0.14
44.44%
Wednesday
AMC
FLOTEK INDU INC
FTK
-0.04
-0.03
-66.67%
Wednesday
AMC
CRAY INC
CRAY
1.24
0.72
-69.70%
Wednesday
AMC
SYNCHRONOSS TEC
SNCR
0.11
0.44
0.00%
Wednesday
AMC
FUJI HEAVY ADR
FUJHY
0.37
0.51
16.67%
Wednesday
N/A
GLAXOSMITHKLINE
GSK
0.56
0.55
7.79%
Wednesday
N/A
DAIKIN INDS LTD
DKILY
N/A
N/A
N/A
Wednesday
N/A
SOFTBANK CP
SFTBY
N/A
N/A
N/A
Wednesday
N/A
SMURFIT KAPPA
SMFKY
N/A
N/A
N/A
Wednesday
N/A
TULLOW OIL PLC
TUWOY
N/A
N/A
N/A
Wednesday
N/A
CUMMINS INC
CMI
2.02
2.09
4.66%
Thursday
BTO
ROPER TECHNOLGS
ROP
1.82
1.82
1.85%
Thursday
BTO
ALLEGION PLC
ALLE
0.87
0.89
-2.11%
Thursday
BTO
CVS HEALTH CORP
CVS
1.67
1.53
4.46%
Thursday
BTO
WILLIS TWRS WAT
WLTW
1.61
1.09
0.97%
Thursday
BTO
VIACOM INC-B
VIAB
0.83
1.18
6.15%
Thursday
BTO
OCCIDENTAL PET
OXY
-0.01
-0.17
-15.38%
Thursday
BTO
KELLOGG CO
K
0.85
0.79
10.34%
Thursday
BTO
SEALED AIR CORP
SEE
0.75
0.76
1.43%
Thursday
BTO
COTY INC
COTY
0.36
0.38
-30.30%
Thursday
BTO
DTE ENERGY CO
DTE
0.84
1.01
27.27%
Thursday
BTO
BORG WARNER INC
BWA
0.84
0.75
1.30%
Thursday
BTO
MASCO
MAS
0.34
0.29
-6.82%
Thursday
BTO
COCA COLA CO
KO
0.36
0.38
2.08%
Thursday
BTO
TERADATA CORP
TDC
0.51
0.63
15.38%
Thursday
BTO
NIELSEN HOLDNGS
NLSN
0.77
0.8
2.78%
Thursday
BTO
PATTERSON-UTI
PTEN
-0.53
-0.4
1.69%
Thursday
BTO
BATS GLOBAL MKT
BATS
0.34
N/A
9.09%
Thursday
BTO
CLIFFS NATURAL
CLF
0.23
-0.14
-110.53%
Thursday
BTO
PRECISION DRILL
PDS
-0.14
-0.04
23.53%
Thursday
BTO
TIMKEN CO
TKR
0.45
0.59
6.52%
Thursday
BTO
MANULIFE FINL
MFC
0.36
0.31
8.82%
Thursday
BTO
PILGRIMS PRIDE
PPC
0.37
0.26
-26.42%
Thursday
BTO
RMR GROUP INC
RMR
0.44
1.07
4.55%
Thursday
BTO
MEDICAL PPTYS
MPW
0.3
0.35
-3.23%
Thursday
BTO
ARRAY BIOPHARMA
ARRY
-0.17
-0.17
-5.26%
Thursday
BTO
TREEHOUSE FOODS
THS
1.08
1.08
-9.09%
Thursday
BTO
TWITTER INC
TWTR
-0.11
-0.07
33.33%
Thursday
BTO
DANA INC
DAN
0.39
0.34
13.95%
Thursday
BTO
KKR & CO LP
KKR
0.42
0.08
18.33%
Thursday
BTO
MAXIMUS INC
MMS
0.62
0.4
5.48%
Thursday
BTO
ARMADA HOFFLER
AHH
0.24
0.24
8.33%
Thursday
BTO
DOMTAR CORP
UFS
0.89
1.11
20.21%
Thursday
BTO
GANNETT CO INC
GCI
0.37
0.53
-64.71%
Thursday
BTO
NEXEO SOLUTIONS
NXEO
0.16
N/A
N/A
Thursday
BTO
BEAZER HOMES
BZH
-0.02
-0.05
-21.43%
Thursday
BTO
FIRST AMER FINL
FAF
0.81
0.78
11.63%
Thursday
BTO
LIQUIDITY SVCS
LQDT
-0.31
-0.17
33.33%
Thursday
BTO
MEDIDATA SOLUTN
MDSO
0.12
0.16
23.08%
Thursday
BTO
MARKEL CORP
MKL
4.91
14.14
-27.08%
Thursday
BTO
MOTORCAR PARTS
MPAA
0.5
0.5
8.93%
Thursday
BTO
STEWART INFO SV
STC
N/A
0.29
12.00%
Thursday
BTO
TREMOR VIDEO
TRMR
-0.02
-0.05
0.00%
Thursday
BTO
BGC PARTNRS INC
BGCP
0.24
0.2
0.00%
Thursday
BTO
CENTL EUR MEDIA
CETV
0.06
-0.02
22.22%
Thursday
BTO
CEMTREX NEW
CETX
0.13
0.09
53.33%
Thursday
BTO
ICHOR HOLDINGS
ICHR
0.47
N/A
N/A
Thursday
BTO
MANCHESTER UTD
MANU
0.1
0.16
114.29%
Thursday
BTO
PJT PARTNERS
PJT
0.48
-0.72
N/A
Thursday
BTO
PROTO LABS INC
PRLB
0.35
0.45
15.38%
Thursday
BTO
WORLD WRESTLING
WWE
0.11
0.04
-22.22%
Thursday
BTO
LIVE VENTURES
LIVE
N/A
0.06
N/A
Thursday
BTO
NORSK HYDRO ADR
NHYDY
N/A
0.07
N/A
Thursday
BTO
SOCIETE GENL FR
SCGLY
N/A
0.19
N/A
Thursday
BTO
DUNKIN BRANDS
DNKN
0.61
0.52
3.45%
Thursday
BTO
CORESITE REALTY
COR
0.98
0.8
-1.10%
Thursday
BTO
VCA INC
WOOF
0.6
0.5
-2.47%
Thursday
BTO
FIFTH STREET FI
FSC
0.18
0.18
0.00%
Thursday
BTO
DIGITAL TURBINE
APPS
-0.09
-0.09
-25.00%
Thursday
BTO
TELUS CORP
TU
0.48
0.4
-1.96%
Thursday
BTO
VIRTUSA CORP
VRTU
0.25
0.41
-27.78%
Thursday
BTO
MCCLATCHY CO-A
MNI
0.65
2
57.97%
Thursday
BTO
SMITH & NEPHEW
SNN
0.92
N/A
N/A
Thursday
BTO
ADV DRAINAG SYS
WMS
0.14
N/A
56.00%
Thursday
BTO
PUBLICIS GP-ADR
PUBGY
N/A
N/A
N/A
Thursday
BTO
VOESTALPINE AG
VLPNY
N/A
N/A
N/A
Thursday
BTO
VISTA OUTDOOR
VSTO
0.6
0.7
21.31%
Thursday
BTO
INVACARE CORP
IVC
-0.3
-0.06
-85.00%
Thursday
BTO
NVIDIA CORP
NVDA
0.84
0.35
45.61%
Thursday
AMC
WESTERN UNION
WU
0.43
0.42
0.00%
Thursday
AMC
ACTIVISION BLZD
ATVI
0.72
0.81
17.95%
Thursday
AMC
EXPEDIA INC
EXPE
1.1
0.56
0.00%
Thursday
AMC
NEWS CORP NEW-A
NWSA
0.18
0.2
0.00%
Thursday
AMC
VERISIGN INC
VRSN
0.79
0.77
5.06%
Thursday
AMC
NEWS CORP-B
NWS
N/A
0.2
0.00%
Thursday
AMC
CERNER CORP
CERN
0.57
0.58
-1.79%
Thursday
AMC
MOHAWK INDS INC
MHK
3.22
2.82
1.16%
Thursday
AMC
YELP INC
YELP
0.03
-0.29
200.00%
Thursday
AMC
CARBONITE INC
CARB
0.02
0.03
400.00%
Thursday
AMC
MAGNACHIP SEMI
MX
-0.08
0.14
1162.50%
Thursday
AMC
FORUM ENRG TECH
FET
-0.17
-0.12
0.00%
Thursday
AMC
LPL FINL HLDGS
LPLA
0.36
0.34
52.63%
Thursday
AMC
KEMPER CORP
KMPR
0.42
0.09
-175.47%
Thursday
AMC
NEWPARK RESOUR
NR
-0.08
-0.11
-18.18%
Thursday
AMC
NOBLE CORP PLC
NE
-0.23
0.52
-21.05%
Thursday
AMC
ENERGEN CORP
EGN
-0.24
0.27
12.00%
Thursday
AMC
PANDORA MEDIA
P
-0.38
-0.07
9.52%
Thursday
AMC
NUVASIVE INC
NUVA
0.5
0.35
-2.44%
Thursday
AMC
REGAL ENTMNT GP
RGC
0.26
0.36
11.54%
Thursday
AMC
CORP OFFICE PTY
OFC
0.51
0.52
0.00%
Thursday
AMC
ZAYO GROUP HLDG
ZAYO
0.07
-0.04
20.00%
Thursday
AMC
AGRIUM INC
AGU
0.65
1.43
-225.00%
Thursday
AMC
VOCERA COMM INC
VCRA
-0.14
-0.1
80.00%
Thursday
AMC
CAPSTONE TURBIN
CPST
-0.14
-0.34
-5.56%
Thursday
AMC
NCR CORP-NEW
NCR
1.03
0.92
7.41%
Thursday
AMC
RADISYS CORP
RSYS
0.01
0.05
300.00%
Thursday
AMC
ZYNGA INC
ZNGA
-0.03
-0.02
-50.00%
Thursday
AMC
CARDTRONICS PLC
CATM
0.69
0.64
3.61%
Thursday
AMC
INNOVIVA INC
INVA
0.22
0.04
-15.79%
Thursday
AMC
MCBC HOLDINGS
MCFT
0.27
0.1
11.76%
Thursday
AMC
SIERRA WIRELESS
SWIR
0.1
0.04
-25.00%
Thursday
AMC
APPTIO CL A
APTI
-0.23
N/A
-12.50%
Thursday
AMC
CIVITAS SOLUTNS
CIVI
0.11
-0.06
50.00%
Thursday
AMC
CONTROL4 CORP
CTRL
0.16
0
38.46%
Thursday
AMC
CHANNELADVISOR
ECOM
-0.07
0.01
58.33%
Thursday
AMC
ITERIS INC
ITI
-0.02
-0.01
100.00%
Thursday
AMC
MIMECAST LTD
MIME
-0.03
-0.03
120.00%
Thursday
AMC
MONOLITHIC PWR
MPWR
0.35
0.2
-7.89%
Thursday
AMC
ORGANOVO HLDGS
ONVO
-0.1
-0.11
9.09%
Thursday
AMC
QUOTIENT TECH
QUOT
-0.06
-0.04
50.00%
Thursday
AMC
VIAD CORP
VVI
-0.12
0.01
12.99%
Thursday
AMC
WEB.COM GROUP
WEB
0.57
0.6
20.00%
Thursday
AMC
A10 NETWORKS
ATEN
-0.03
-0.12
0.00%
Thursday
AMC
ELLIE MAE INC
ELLI
0.23
0.23
32.35%
Thursday
AMC
FBL FINL GRP-A
FFG
1.08
1.04
10.58%
Thursday
AMC
GOOD TIMES REST
GTIM
-0.07
-0.09
75.00%
Thursday
AMC
TALEND SA-ADR
TLND
-0.19
N/A
0.00%
Thursday
AMC
ZIX CORP
ZIXI
0.02
0.05
50.00%
Thursday
AMC
ARC GROUP WORLD
ARCW
-0.03
-0.03
600.00%
Thursday
AMC
AMTEC SYSTEMS
ASYS
N/A
-0.31
83.33%
Thursday
AMC
BRIGHT HORZN FS
BFAM
0.52
0.45
-2.13%
Thursday
AMC
CAMECO CORP
CCJ
-0.19
0.28
-51.06%
Thursday
AMC
DETERMINE INC
DTRM
-0.23
-0.2
-4.55%
Thursday
AMC
HORTONWORKS INC
HDP
-0.98
-1.1
-10.10%
Thursday
AMC
MERCER INTL SBI
MERC
0.25
0.33
-33.33%
Thursday
AMC
RAPID7 INC
RPD
-0.3
-0.51
0.00%
Thursday
AMC
UBIQUITI NETWRK
UBNT
0.75
0.57
32.31%
Thursday
AMC
NET 1 UEPS TECH
UEPS
0.38
0.4
34.21%
Thursday
AMC
IPASS INC
IPAS
N/A
-0.04
N/A
Thursday
AMC
LOREAL CO-ADR
LRLCY
N/A
N/A
N/A
Thursday
AMC
COLUMBIA SPORTS
COLM
1.1
0.9
0.85%
Thursday
AMC
COMPUTER PRGRMS
CPSI
0.31
0.3
-30.00%
Thursday
AMC
TAUBMAN CENTERS
TCO
1.03
0.98
5.62%
Thursday
AMC
APTARGROUP INC
ATR
0.66
0.67
-1.20%
Thursday
AMC
SEATTLE GENETIC
SGEN
-0.34
-0.18
20.69%
Thursday
AMC
CARLISLE COS IN
CSL
1.29
1.24
4.19%
Thursday
AMC
SKECHERS USA-A
SKX
0.11
0.2
-8.70%
Thursday
AMC
THOMSON REUTERS
TRI
0.58
0.65
12.50%
Thursday
AMC
INFINERA CORP
INFN
-0.19
0.16
71.43%
Thursday
AMC
CYBER-ARK SFTWR
CYBR
0.24
0.3
22.22%
Thursday
AMC
EGAIN CORP
EGAN
-0.06
-0.05
-50.00%
Thursday
AMC
J2 GLOBAL INC
JCOM
1.33
0.72
0.85%
Thursday
AMC
MANNING&NAPIER
MN
0.16
0.2
-11.11%
Thursday
AMC
THOMSON REUT-TS
T.TRI
0.76
0.87
7.69%
Thursday
AMC
MEDLEY CAPITAL
MCC
0.2
0.28
4.55%
Thursday
AMC
COLUMBIA PPT TR
CXP
0.36
0.48
8.82%
Thursday
AMC
FIFTH ST SNR FR
FSFR
0.22
0.24
-8.70%
Thursday
AMC
LANDAUER INC
LDR
0.47
0.39
25.64%
Thursday
AMC
NISSAN ADR
NSANY
0.6
0.52
6.15%
Thursday
N/A
TOTAL FINA SA
TOT
0.89
0.88
-1.18%
Thursday
N/A
SHISEIDO CO-ADR
SSDOY
N/A
N/A
N/A
Thursday
N/A
SONOCO PRODUCTS
SON
0.63
0.64
5.88%
Thursday
N/A
ZURICH INSUR GP
ZURVY
N/A
-0.28
4.26%
Thursday
N/A
APERAM
APEMY
N/A
N/A
N/A
Thursday
N/A
GN STORE NORD
GNNDY
N/A
N/A
N/A
Thursday
N/A
REYNOLDS AMER
RAI
0.6
0.48
-4.69%
Thursday
N/A
AON PLC
AON
2.49
2.27
0.78%
Friaday
BTO
CBRE GROUP INC
CBG
0.81
0.81
4.17%
Friaday
BTO
VENTAS INC
VTR
1.03
1.03
1.98%
Friaday
BTO
INTERPUBLIC GRP
IPG
0.66
0.66
10.71%
Friaday
BTO
ESSENT GROUP
ESNT
0.62
0.47
12.07%
Friaday
BTO
BUCKEYE PARTNRS
BPL
1.05
1.03
21.43%
Friaday
BTO
FBR & CO
FBRC
0.62
-0.59
-1675.00%
Friaday
BTO
AMER AXLE & MFG
AXL
0.68
0.81
1.30%
Friaday
BTO
GENPACT LTD
G
0.36
0.32
9.09%
Friaday
BTO
DSV A/S UNS ADR
DSDVY
0.24
N/A
N/A
Friaday
BTO
FIRSTSERVICE CP
FSV
0.15
0.27
-8.51%
Friaday
BTO
SENSIENT TECH
SXT
0.78
0.71
2.47%
Friaday
BTO
NIPPON TELE-ADR
NTT
N/A
0.89
N/A
Friaday
BTO
CALPINE CORP
CPN
-0.02
0.19
-11.86%
Friaday
BTO
IEC ELECTRS NEW
IEC
-0.07
0.15
-83.33%
Friaday
BTO
KNOLL INC
KNL
0.45
0.43
10.00%
Friaday
AMC
RENAULT SA
RNLSY
N/A
N/A
N/A
Friaday
N/A
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All-Time Record Earnings in Q4
The Q4 earnings season has turned out to be fairly good. Not only is growth on track to be the highest in two years, but total earnings for the quarter are also on track to be a new quarterly record.
Please recall that earnings growth turned positive only in 2016 Q3, having declined in each of the preceding 5 quarters, as the chart below of year-over-year earnings growth for the S&P 500 index shows.
Importantly, the positive Q4 growth isn’t a result of easy comparisons, but actually a function of strong gains in actual earnings. In fact, the overall tally of Q4 earnings for the S&P 500 index is on track to reach an all-time record for the index, surpassing the previous record achieved in 2014 Q4. The chart below shows the quarterly earnings totals for index, contrasting the highlighted Q4 tally with actual results from the last 8 quarters and expected tallies in the coming 4 quarters.
As you can see, this record isn’t expected to last very long, with growth expected to ramp up notably in the coming quarters.
One other positive for this earnings season is the relatively modest negative revisions to current-quarter (2017 Q1) estimates; they have come down, but not by as much as has historically been the case. The chart below shows evolution of Q1 estimates since the start of the period.
Q4 Scorecard (as of February 3, 2017)
We now have Q4 results from 275 S&P 500 members, or 55% of the index’s total membership. With 84 index members on deck to report results next week, we will have seen Q4 results from 71.8% of the index’s total membership by the end of next week.
Total earnings for these 275 index members are up +6.9% on +4.2% higher revenues, with 68% beating EPS estimates and 54.5% coming ahead of top-line expectations.
The table below provides the current Q4 scorecard
The charts below provide a comparison of the results thus far with what we have seen from this same group of 275 S&P 500 members in other recent periods.
As you can see, the Q4 growth pace is notably tracking above what we had seen from the same group of 275 index members in other recent periods. But positive surprises (right-hand chart above) are tracking on the low side relative to historical periods, particularly on the earnings front. The 68% proportion of Q4 companies beating EPS estimates compares to 76.7% in the preceding quarter, 74.5% as the 4-quarter average and 72.7% as the 12-quarter average. Positive revenue surprises are tracking below what we had seen from the same group of companies in Q3, but are roughly in-line with historical periods.
The chart below compares the proportion of companies reporting Q4 results that are beating both EPS and revenue estimates with what this same group of companies had reported in other recent periods.
Standout Sectors
Sectors with strong growth and better than expected results (earnings & revenues) include the Finance, Construction, Technology, and Basic Materials. Positive surprises for all of these sectors are tracking above the index level.
Finance: With results from 74.1% of the sector’s market cap in the S&P 500 index already out, total earnings for the sector are up +12.1% from the same period last year on +4.7% higher revenues, with +70.8% beating EPS estimates and +55.4% beating top-line estimates.
This is better growth performance than we have seen from the sector in other recent periods, as the comparison charts below show. Please note that positive surprises are as hard to come by in the Finance sector as they are elsewhere.
Strong Finance sector growth is a big driver of the aggregate growth performance for the S&P 500 index as a whole. Excluding the Finance sector, the Q4 growth pace still compares favorably with other recent periods, but a lot less so, as the right-hand chart below shows.
Technology: For the Technology sector, we now have Q4 results from 84% of the sector’s total market cap. Total earnings for these companies are up +7.4% from the same period last year on +5.4% higher revenues, with 71.1% beating EPS estimates and 78.9% beating revenue estimates.
This is better earnings growth than we have seen from this same group of Tech companies in Q3 or the preceding four quarters, but is about in-line with the 12-quarter average. Revenue growth, on the other hand, is tracking above historical periods. The revenue outperformance is visible in terms of positive surprises as well, with the proportion of Tech sector positive surprises notably tracking above Q3, the 4-quarter and 12-quarter averages, as you can see in the right-hand side chart. Earnings surprises (green bars in the right-hand chart) are tracking below historical periods, as is the case with other sectors as well.
Key Reports for the Week of February 6th
We have almost 500 companies reporting results this week, including 84 S&P 500 members. At the end of this week, we will have seen Q4 results from 359 S&P 500 members or 71.8% of the index’s total membership.
Monday – 2/6/2017: We have 56 companies reporting results today, including 10 S&P 500 members, with Hasbro (HAS - Free Report) and Tyson Foods (TSN - Free Report) as the notable reports today, both in the morning.
Tuesday – 2/07/2017: On a busy reporting docket, we have more than 220 companies coming out with quarterly results, including 27 S&P 500 members. General Motors (GM - Free Report) and Michael Kors are the notable reports in the morning, while Disney (DIS - Free Report) and Gilead Sciences (GILD - Free Report) will report after the market’s close.
GM shares are up +26.6% over the past 12 months vs. +18.1% gain for the S&P 500 index and +19.5% gain for the Zacks Auto sector (Ford is up only +8.7%). The company is expected to earn $1.13 in earnings on $42.2 billion in revenues vs. $1.39 in earnings on $39.6 billion in revenues in the year-earlier period.
Disney is expected to report $1.47 in earnings on $15.3 billion in revenues, which compare to $1.63 on $15.24 billion in revenues in the year-earlier period. Estimates have come down a bit, with the current $1.47 EPS estimate down $1.49 a week ago and $1.56 three months back.
Disney shares struggled last year on concerns about the long-term growth outlook for the ESPN franchise in the current chord cutting and streaming media environment, but that has turned around over the last few months. It was up +15.6% over the past 12months vs. +24.7% for the Zacks Media industry in that same time period. Over the last three months, however, Disney shares have outperformed the Zacks Media Industry, up +19.3% vs. +16.6%. Given the positive stock price momentum into this earnings release, the market seems to be looking for a perfect release from the company; anything less than perfect will likely see the stock losing ground in a major way.
Wednesday – 2/08/2017: We have more than 130 companies reporting results today, including 17 S&P 500 members. Whole Foods and Yum Brands (YUM - Free Report) are the notable reports today, both after the market’s close.
Whole Foods shares have been struggling for a while now, with the company finding it hard to face the competitive challenge from the traditional supermarkets and discounters. The stock was up +2% over the past 12 months vs. +18.1% for the S&P 500 index. The company is expected to earn $0.40 in EPS on $4.99 billion in revenues vs. $0.46 on $4.83 billion in revenues in the year-earlier period.
Thursday – 2/09/2017: On a busy reporting day with more than 300 companies reporting Q4 results, including 25 S&P 500 members (16 in the morning & 9 after the market’s close), the notable reports are from Coke (KO - Free Report) and Twitter in the morning and NVIDIA (NVDA - Free Report) and Expedia (EXPD - Free Report) after the close.
Semiconductor stocks have all been strong performers over the past year, but NVIDIA has literally been red hot. The stock is up +305.5% over the past 12 months vs. +57.3% for the Zacks Semiconductor industry and +19.2% for the Zacks Technology sector. Estimates have been stable over the past month, with the company expected to earn $0.84 on $2.08 billion in revenues vs. $0.35 on $1.4 billion in revenues in the year-earlier period.
Friday – 2/10/2017: A relatively light reporting docket, with 5 S&P 500 members reporting results.
Q4 Expectations As a Whole
For Q4 as a whole, combining the actual results from the 275 S&P 500 members that have reported with estimates for the still-to-come 225 companies, total earnings are expected to be up +6.8% from the same period last year on +3.9% higher revenues. This would follow the +3.7% growth in Q3 earnings on +2.2% higher revenues, the first instance of positive earnings growth for the index after five quarters of back-to-back declines. Comparisons for the Energy sector, a big driver of the earnings recession, turn positive in Q4, with the sector’s earnings growth turning positive for the first time after 8 quarters of declines.
The chart below shows the Q3 earnings growth contrasted with declines in the preceding 5 quarters. As you can see in the chart below, the growth pace is expected to ramp up in 2017.
The table below shows the summary picture Q4 contrasted with what was actually achieved in the preceding quarter.
For a complete analysis of the Q4 earnings season, please check out our weekly Earnings Trends report – 4 Things to Know about the Q4 Earnings Season
Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>
Here is a list of the 470 companies reporting this week, including 84 S&P 500 members.