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Earnings Preview

The story of the unfolding Q4 earnings season is essentially a commentary on three inter-related factors – oil, the U.S. dollar and global economic growth. Oil aside, the other two factors have been at play in other recent quarters as well. But all three have really come in their own in pushing down corporate profitability.

We are seeing this in play in the Q4 results and in the estimates for the current and following quarters. In fact, estimates for 2015 Q1 and Q2 have fallen so sharply in recent days that earnings growth in the first half of 2015 has effectively evaporated under the combined weight of these factors.  

And then you have Apple (AAPL - Analyst Report) , which seems to be totally immune from all these headwinds, with top and bottom-line growth rates that would be the envy of any company, let alone an operator this big. Apple’s revenue and earnings numbers are so big that they have a material bearing on the aggregate growth picture for the S&P 500 index as well. You have to isolate the ‘Apple Effect’ to get a true sense of the earnings growth pace at this stage in reporting cycle for the index as well as the Tech sector.  

With results from more than half of the market cap of the S&P 500 index already out, the broad trends established already are unlikely to change in any meaningful way in the coming days. But the earnings season is far from over, with a super busy reporting docket this week comprised of almost 500 companies, including 95 S&P 500 members.

The Q4 Scorecard (as of 1/30/2015)

We have seen Q4 results from 228 S&P 500 members that combined account for 60.3% of the index’s total market capitalization. Total earnings for these companies are up +5.5% from the same period last year, with 72.4% beating EPS estimates. Total revenues are up +1.7% from the same period last year and 53.1% of them are coming ahead with top-line estimates.

The table below shows the current scorecard for the S&P 500 index

There aren’t that many surprises with respect to earnings and revenue ‘surprises’, with beat ratios broadly tracking in-line with other recent periods even though revenue beat ratios are a tad on the low side. But the growth rates, particularly on the revenue side, are decidedly on the weak side relative to other recent periods.

The charts below compare the results thus far with what we have seen from the same group of companies in 2014 Q3 and the average for the preceding four quarters.



The ‘Apple Effect’

Apple’s outsized weight in the results thus far was referred to earlier. The charts below show a side-by-side comparison of how the Q4 earnings and revenue growth rates look with and without the iPhone maker’s contribution. Please note that the left side chart shows the growth rates for the 228 S&P 500 companies that have reported results already while the right side shows the growth rates for those companies without Apple.

As you can see in the chart above, the aggregate Q4 growth rate at this stage drops from +5.5% earnings growth on +1.7% higher revenues with Apple to +2.8% earnings growth on +0.5% higher revenues without Apple.

The Finance Drag

In fairness to the aggregate growth picture, Apple isn’t the only outsized influence in the results – there is plenty more on the negative side that is dragging the growth rate down. Finance was an early drag, with tough comparisons at Citigroup (C - Analyst Report) and J.P. Morgan (JPM - Analyst Report) restricting the sector’s earnings growth to a decline of -2.8% on -1.1% lower revenues. Excluding the drag from the Finance sector, total earnings for the remaining S&P 500 companies would be up +7.8% on +2.2% higher revenues. The +7.8% ex-Finance earnings growth rate is about in-line with what we have been seeing from these companies in other recent quarters, though the revenue growth rate is on the low side. The chart below compares the earnings and revenue growth rates thus far on an ex-Finance basis

Oil – The Biggest Drag

We don’t have Exxon’s (XOM - Analyst Report) numbers yet, but the oil giant isn’t expected to do much better than what we have seen from Chevron (CVX - Analyst Report) , Shell (RDS.A), ConocoPhillips (COP - Analyst Report) and others already. The expectation is that Exxon’s Q4 earnings would be more than $2.5 billion lower than what it earned in the year-earlier quarter. The negative Q4 earnings comparisons at ConocoPhillips and Chevron were almost $1 billion and $1.5 billion, respectively. In a way, one could say that Apple’s $5 billion year-over-year earnings gain essentially made up for the combined shortfall at these three oil giants.

Perhaps the true growth picture is the one that excludes the effect of both oil and Apple. The chart below does exactly that – it excludes Apple and the Energy sector from the results thus far.

Any way you look at it, the revenue growth rate is weak relative to what we have seen comparable periods in the recent past.  

The Composite Q4 Picture

Combining the actual results for the 228 S&P 500 companies that have reported with the 272 still-to-come reports, total Q4 earnings are expected to be up +4.3% on 0.5% higher revenues.

Six sectors – Transportation, Medical, Utilities, Construction, Technology, and Aerospace –are expected to have double-digit earnings growth in Q4, while five sectors are expected to have lower total earnings this quarter relative to the year-earlier period. The Energy sector has the weakest growth profile for understandable reasons, with total earnings for the sector expected to be down -21.7% on -14.2% lower revenues.

The table below presents the summary picture for Q4 contrasted with what companies actually reported in the Q3 earnings season.



Falling Estimates

Estimates for the current period (2015 Q1) have started coming down at an accelerated pace, with total earnings for the quarter now expected to be down -1.1% from the same period last year, down from the +10.8% growth rate expected in early October. As was the case in Q4, Energy is the biggest driver of this negative revisions trend.

While total Q1 earnings for the Energy sector were expected to be down (only) -35.6% in mid-December, they are now expected to be down -58.9% year over year. Given the persistently weak oil prices, there is likely more room for downward adjustments to these estimates. Estimates for Q4 went through an even sharper negative revision process, though almost half of the drop in estimates was due to developments in the Energy sector.

The chart below plots the evolution of current and following quarter estimates over the last 3-plus months. As you can see, the first half 2015 growth rate has effectively fallen victim to developments in the oil patch.

The best way to understand these falling first half 2015 estimates is to go back to the three factors we outlined at the top of this write-up – oil, U.S. dollar and global growth worries. With no respite on any of those fronts, estimates likely have more to go before stabilizing.

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Note: For a complete analysis of 2014 Q4 estimates, please check out weekly Earnings Trends report.

Here is a list of the 488 companies reporting this week, including 95 S&P 500 members.

Company Ticker Current Qtr Year-Ago Qtr Last EPS Surprise % Report Day Time
EXXON MOBIL CRP XOM 1.33 1.91 8 Monday BTO
AVERY DENNISON AVY 0.8 0.69 4.05 Monday BTO
PITNEY BOWES IN PBI 0.51 0.53 10.87 Monday BTO
SYSCO CORP SYY 0.41 0.47 4 Monday BTO
LENNOX INTL INC LII 1 0.77 0 Monday BTO
OLD NATL BCP ONB 0.25 0.25 13.04 Monday BTO
TENNECO INC TEN 1.01 0.96 15.74 Monday BTO
NAVIOS MARIT LP NMM 0.18 0.13 0 Monday BTO
NISKA GAS STRG NKA -0.27 -0.37 -239.13 Monday BTO
1800FLOWERS.COM FLWS 0.82 0.27 14.29 Monday BTO
IMPERIAL OIL LT IMO 0.79 1.11 -8.41 Monday BTO
GRANA Y MONTERO GRAM 0.2 0.35 160 Monday BTO
ANADARKO PETROL APC 0.82 0.74 -10.77 Monday AMC
TORCHMARK CORP TMK 1 0.97 -2.94 Monday AMC
XL GROUP PLC XL 0.88 1 9.38 Monday AMC
OWENS-ILLINOIS OI 0.46 0.51 2.74 Monday AMC
HARTFORD FIN SV HIG 0.93 0.94 26.19 Monday AMC
MDU RESOURCES MDU 0.4 0.48 -4.35 Monday AMC
UDR INC UDR 0.39 0.35 -5 Monday AMC
ARTISAN PTNR AM APAM 0.77 N/A -4.82 Monday AMC
BLACK HILLS COR BKH 0.78 0.7 13.21 Monday AMC
CLIFFS NATURAL CLF 0.15 1.22 320 Monday AMC
EASTGROUP PPTYS EGP 0.91 0.84 1.14 Monday AMC
REINSURANCE GRP RGA 2.11 2.17 10.53 Monday AMC
AMER FINL GROUP AFG 1.29 1.28 20.69 Monday AMC
ALEXANDRIA REAL ARE 1.24 1.16 0.83 Monday AMC
RENT-A-CENTER RCII 0.63 0.34 6.52 Monday AMC
HERITAGE OAKS HEOP 0.11 0.06 11.11 Monday AMC
LUMINEX CORP LMNX 0.12 0.16 120 Monday AMC
ADVENT SOFTWARE ADVS 0.27 0.24 7.69 Monday AMC
FABRINET FN 0.33 0.41 -7.89 Monday AMC
GLADSTONE CAPTL GLAD 0.21 0.21 0 Monday AMC
INTEGR DEVICE IDTI 0.2 0.14 5.88 Monday AMC
NANOMETRICS INC NANO -0.14 0.04 4 Monday AMC
TELENAV INC TNAV -0.24 -0.08 41.94 Monday AMC
LIMELIGHT NETWK LLNW -0.09 -0.08 50 Monday AMC
ADV ENERGY INDS AEIS 0.33 0.57 58.33 Monday AMC
RUDOLPH TECH RTEC 0.03 0.08 500 Monday AMC
AMER CAP AGENCY AGNC 0.74 0.76 11.69 Monday AMC
MA-COM TECH SOL MTSI 0.31 0.24 14.29 Monday AMC
NATL OILWELL VR NOV 1.6 1.56 13.55 Tuesday BTO
LYONDELLBASEL-A LYB 2.13 2.11 10.09 Tuesday BTO
EMERSON ELEC CO EMR 0.73 0.67 6.56 Tuesday BTO
UTD PARCEL SRVC UPS 1.25 1.25 3.13 Tuesday BTO
RYDER SYS R 1.59 1.35 0 Tuesday BTO
AETNA INC-NEW AET 1.22 1.34 13.29 Tuesday BTO
EATON CORP PLC ETN 1.2 1.08 4.88 Tuesday BTO
AIRGAS INC ARG 1.23 1.18 0.78 Tuesday BTO
PENTAIR PLC PNR 1.03 0.86 6.38 Tuesday BTO
ARCHER DANIELS ADM 0.91 0.95 6.58 Tuesday BTO
AUTONATION INC AN 0.92 0.83 4.65 Tuesday BTO
GANNETT INC GCI 1.01 0.66 7.27 Tuesday BTO
MALLINCKRODT PL MNK 1.57 0.88 25.37 Tuesday BTO
MILLICOM INTL MIICF N/A 0.96 N/A Tuesday BTO
BP PLC BP 0.82 0.9 10 Tuesday BTO
INDEP BANK GRP IBTX 0.58 0.4 -7.94 Tuesday BTO
WADDELL&REED -A WDR 0.88 0.92 2.17 Tuesday BTO
RBC BEARINGS ROLL 0.61 0.55 1.45 Tuesday BTO
THERMON GROUP THR 0.35 0.37 12.5 Tuesday BTO
BG GRP PLC-ADR BRGYY 0.17 0.33 0 Tuesday BTO
CHURCH & DWIGHT CHD 0.8 0.65 3.66 Tuesday BTO
SENSATA TECHNOL ST 0.52 0.59 1.61 Tuesday BTO
ARCH COAL INC ACI -0.38 -0.45 -9.76 Tuesday BTO
AGCO CORP AGCO 0.65 1.4 12.7 Tuesday BTO
LIBERTY PPTY TR LPT 0.65 0.63 3.23 Tuesday BTO
HI-CRUSH PTNRS HCLP 0.95 0.63 -3.49 Tuesday BTO
ARRAY BIOPHARMA ARRY -0.2 -0.13 0 Tuesday BTO
HILL-ROM HLDGS HRC 0.49 0.36 4.23 Tuesday BTO
NY TIMES A NYT 0.23 0.26 400 Tuesday BTO
BIO-TECHNE CP TECH 0.86 0.75 -2.3 Tuesday BTO
ANIXTER INTL AXE 1.58 1.61 -1.17 Tuesday BTO
CEVA INC CEVA 0.02 0.14 40 Tuesday BTO
BROOKFIELD INFR BIP 0.9 -0.96 -2.3 Tuesday BTO
IMS HEALTH HLDG IMS 0.33 N/A 6.06 Tuesday BTO
ARDMORE SHIPPIN ASC 0.06 -0.09 100 Tuesday BTO
BENCHMARK ELETR BHE 0.44 0.43 2.38 Tuesday BTO
M/I HOMES INC MHO 0.5 0.49 -4.35 Tuesday BTO
TWIN DISC TWIN 0.19 0.05 24.14 Tuesday BTO
CIBER INC CBR 0.01 0.04 -200 Tuesday BTO
VERITEX HLDGS VBTX 0.21 N/A N/A Tuesday BTO
SANTANDER CNSMR SC 0.56 N/A -12.9 Tuesday BTO
GAMING AND LEIS GLPI 0.62 0.24 15 Tuesday BTO
JONES LANG LASL JLL 3.84 3.33 29.78 Tuesday BTO
CARBONITE INC CARB -0.08 0.02 83.33 Tuesday BTO
RADCOM LTD RDCM 0.06 0.01 N/A Tuesday BTO
CENTENE CORP CNC 1.7 0.84 28.42 Tuesday BTO
SPIRIT AEROSYS SPR 0.77 0.65 20 Tuesday BTO
HEADWATERS INC HW 0.05 0.07 48 Tuesday BTO
UNUM GROUP UNM 0.88 0.85 -3.33 Tuesday AMC
WYNN RESRTS LTD WYNN 1.44 2.27 7.14 Tuesday AMC
FISERV INC FISV 0.89 0.79 2.38 Tuesday AMC
GILEAD SCIENCES GILD 2.27 0.52 9.15 Tuesday AMC
AFLAC INC AFL 1.3 1.4 5.59 Tuesday AMC
DISNEY WALT DIS 1.08 1.04 1.14 Tuesday AMC
CH ROBINSON WWD CHRW 0.76 0.62 6.25 Tuesday AMC
CHIPOTLE MEXICN CMG 3.77 2.53 7.51 Tuesday AMC
EDWARDS LIFESCI EW 0.94 0.91 11.11 Tuesday AMC
EQUITY RESIDENT EQR 0.83 0.77 1.25 Tuesday AMC
SILGAN HOLDINGS SLGN 0.56 0.45 0 Tuesday AMC
CENTRAL GARDEN CENT -0.22 -0.26 52 Tuesday AMC
VITESSE SEMICON VTSS -0.04 -0.06 -33.33 Tuesday AMC
ENOVA INTL INC ENVA 0.53 N/A N/A Tuesday AMC
GALLAGHER ARTHU AJG 0.53 0.48 0 Tuesday AMC
RENAISSANCERE RNR 2.33 4.64 5.51 Tuesday AMC
AXIS CAP HLDGS AXS 1.19 1.41 6.72 Tuesday AMC
ULTIMATE SOFTWR ULTI 0.36 0.23 0 Tuesday AMC
MUELLER WATER MWA 0.04 0.01 0 Tuesday AMC
ATWOOD OCEANICS ATW 1.44 1.28 13.16 Tuesday AMC
BERKLEY (WR) CP WRB 0.87 0.85 16.48 Tuesday AMC
EAGLE MATERIALS EXP 1.01 0.63 1.98 Tuesday AMC
ASSOC ESTATES AEC 0.33 0.33 -3.03 Tuesday AMC
HEALTHCARE SERV HCSG 0.22 0.08 -240.91 Tuesday AMC
JACK HENRY ASSC JKHY 0.67 0.61 1.59 Tuesday AMC
BANCO ITAU -ADR ITUB 0.38 0.35 10.26 Tuesday AMC
RINGCENTRAL INC RNG -0.15 -0.19 5.26 Tuesday AMC
ARLINGTON ASSET AI 1.15 0.92 18.35 Tuesday AMC
ALPHA&OMEGA SEM AOSL -0.07 0.01 -33.33 Tuesday AMC
CALIX INC CALX 0.07 -0.07 0 Tuesday AMC
ENTROPIC COMMUN ENTR -0.11 -0.12 15.79 Tuesday AMC
MANHATTAN ASOC MANH 0.25 0.22 11.11 Tuesday AMC
OMNICELL INC OMCL 0.24 0.22 -8.33 Tuesday AMC
PACIFIC BIOSCI PACB -0.25 -0.26 31.58 Tuesday AMC
POWELL INDS POWL 0.25 0.6 385.71 Tuesday AMC
OCLARO INC OCLR -0.16 -0.33 -12.5 Tuesday AMC
SITO MOBILE LTD SITO 0 -0.01 0 Tuesday AMC
SPARTON CORP SPA 0.26 0.35 -18.18 Tuesday AMC
MYRIAD GENETICS MYGN 0.35 0.66 -24.24 Tuesday AMC
CBL&ASSOC PPTYS CBL 0.65 0.63 1.85 Tuesday AMC
IAC/INTERACTIV IACI 0.75 0.93 58 Tuesday AMC
ATMOS ENERGY CP ATO 0.87 0.88 26.32 Tuesday AMC
LATTICE SEMICON LSCC 0.06 0.06 14.29 Tuesday AMC
PLANAR SYSTEMS PLNR 0.14 0.03 85.71 Tuesday AMC
NEUSTAR INC -A NSR 0.84 0.75 22.47 Tuesday AMC
TAKE-TWO INTER TTWO 1.33 1.45 25.33 Tuesday AMC
VASCULAR SOLUTN VASC 0.19 0.22 0 Tuesday AMC
WABASH NATIONAL WNC 0.24 0.15 0 Tuesday AMC
DENSO CORP DNZOY N/A 0.47 N/A Tuesday N/A
MITSUBISHI-UFJ MTU N/A 0.18 N/A Tuesday N/A
GRUPO FIN SANTR BSMX 0.2 0.17 -5.26 Tuesday N/A
LVMH MOET HNNSY LVMUY N/A N/A N/A Tuesday N/A
BANCO SANTAN SA SAN N/A 0.12 N/A Tuesday N/A
PANASONIC CORP PCRFY N/A 0.31 N/A Tuesday N/A
SPECTRA ENERGY SE 0.32 0.41 19.23 Wednesday BTO
AUTOMATIC DATA ADP 0.68 0.78 3.33 Wednesday BTO
RALPH LAUREN CP RL 2.53 2.57 9.76 Wednesday BTO
BOSTON SCIENTIF BSX 0.21 0.21 0 Wednesday BTO
LEVEL 3 COMM LVLT 0.34 0.06 19.35 Wednesday BTO
MARATHON PETROL MPC 1.47 2.1 0.85 Wednesday BTO
MERCK & CO INC MRK 0.85 0.88 2.27 Wednesday BTO
SOUTHERN CO SO 0.39 0.48 1.87 Wednesday BTO
WHIRLPOOL CORP WHR 3.17 2.97 -3.49 Wednesday BTO
MOTOROLA SOLUTN MSI 1.03 1.57 -2.78 Wednesday BTO
HUMANA INC NEW HUM 1.16 0.8 -7.96 Wednesday BTO
GENERAL MOTORS GM 0.85 0.67 2.11 Wednesday BTO
CLOROX CO CLX 0.9 0.88 6.8 Wednesday BTO
COGNIZANT TECH CTSH 0.59 0.54 1.69 Wednesday BTO
SILICON LAB INC SLAB 0.26 0.31 17.86 Wednesday BTO
SONY CORP ADR SNE N/A 0.22 N/A Wednesday BTO
VIGGLE INC VGGL N/A N/A N/A Wednesday BTO
HAIN CELESTIAL HAIN 0.53 0.44 3.03 Wednesday BTO
ARCBEST CORP ARCB 0.45 0.31 0 Wednesday BTO
LACLEDE GRP INC LG 1.08 1.11 12.5 Wednesday BTO
SCOTTS MIRCL-GR SMG -1.07 -1.05 25 Wednesday BTO
STERIS CORP STE 0.73 0.59 9.68 Wednesday BTO
TAYLOR MORRISON TMHC 0.73 0.72 10.2 Wednesday BTO
LITTELFUSE INC LFUS 1.1 1.08 0.75 Wednesday BTO
EVERCORE PARTNR EVR 0.87 0.71 10.94 Wednesday BTO
BARRETT BUS SVS BBSI 1.03 1.16 2.27 Wednesday BTO
CLICKSOFTWARE CKSW 0.05 0.05 N/A Wednesday BTO
BROOKFIELD PPTY BPY 0.29 0.37 356.67 Wednesday BTO
GW PHARMA-ADR GWPH -0.91 -0.31 104.35 Wednesday BTO
SPECTRA EGY PTR SEP 0.67 0.62 25 Wednesday BTO
MPLX LP MPLX 0.47 0.27 -7.5 Wednesday BTO
KNOLL INC KNL 0.32 0.21 22.22 Wednesday BTO
MODINE MANUFACT MOD 0.12 0.16 -58.33 Wednesday BTO
O2MICRO INT LTD OIIM -0.13 -0.18 26.67 Wednesday BTO
ASBURY AUTO GRP ABG 1.02 0.88 0 Wednesday BTO
NJ RESOURCES NJR N/A 0.94 13.21 Wednesday BTO
YUM! BRANDS INC YUM 0.65 0.86 1.16 Wednesday AMC
TWENTY-FST CF-A FOXA 0.41 0.33 5.56 Wednesday AMC
FMC CORP FMC 1 1.05 -1.04 Wednesday AMC
UNDER ARMOUR-A UA 0.39 0.29 2.5 Wednesday AMC
PRUDENTIAL FINL PRU 2.38 2.2 -8.71 Wednesday AMC
NOBLE CORP PLC NE 0.49 0.82 5.56 Wednesday AMC
CBRE GROUP INC CBG 0.69 0.67 11.11 Wednesday AMC
CINCINNATI FINL CINF 0.79 0.72 41.67 Wednesday AMC
O REILLY AUTO ORLY 1.67 1.4 5.64 Wednesday AMC
LINCOLN NATL-IN LNC 1.48 1.4 9.86 Wednesday AMC
MACERICH CO MAC 1.04 0.94 -1.12 Wednesday AMC
KEURIG GREEN MT GMCR 0.89 0.96 15.38 Wednesday AMC
ESSEX PPTY TR ESS 2.22 1.94 13.09 Wednesday AMC
ALLSTATE CORP ALL 1.65 1.7 2.21 Wednesday AMC
WEATHERFORD INT WFT 0.33 0.07 -3.03 Wednesday AMC
MANNING&NAPIER MN 0.3 0.28 0 Wednesday AMC
GILDAN ACTVWEAR GIL -0.3 0.35 -7.41 Wednesday AMC
SUNCOR ENERGY SU 0.45 0.59 0 Wednesday AMC
GENL CABLE CORP BGC 0.22 0.36 -23.08 Wednesday AMC
MOBILE TELE-ADR MBT 0.45 0.54 -20 Wednesday AMC
HILLENBRAND INC HI N/A 0.34 N/A Wednesday AMC
BIOMED RLTY TR BMR 0.37 0.34 8.11 Wednesday AMC
ROADRUNNER TRAN RRTS 0.34 0.29 5.26 Wednesday AMC
TWO HARBORS INV TWO 0.23 0.21 -8 Wednesday AMC
PLAINS GP HLDGS PAGP 0.14 0.1 0 Wednesday AMC
GEOSPACE TEC CP GEOS -0.1 1.85 -182.35 Wednesday AMC
PLAINS ALL AMER PAA 0.59 0.74 -3.92 Wednesday AMC
SPECTRUM BRANDS SPB 1.05 1.09 -12.5 Wednesday AMC
TWENTY-FIRST CF FOX 0.44 0.33 2.7 Wednesday AMC
PENNANTPARK INV PNNT 0.26 0.27 3.57 Wednesday AMC
REXNORD CORP RXN 0.3 0.32 2.56 Wednesday AMC
PARTNERRE LTD PRE 3.27 2.91 29.94 Wednesday AMC
HUB GROUP INC-A HUBG 0.39 0.5 -9.26 Wednesday AMC
CON-WAY INC CNW 0.45 0.23 6.67 Wednesday AMC
EVEREST RE LTD RE 5.68 6.28 23.14 Wednesday AMC
MID-AMER APT CM MAA 1.27 0.95 4.92 Wednesday AMC
NEW GOLD INC NGD 0.02 0.04 -50 Wednesday AMC
FORTUNE BRD H&S FBHS 0.5 0.38 -1.79 Wednesday AMC
SYMETRA FINL CP SYA 0.44 0.42 -11.36 Wednesday AMC
FEI COMPANY FEIC 1.03 0.97 2.99 Wednesday AMC
MONOLITHIC PWR MPWR 0.23 0.18 18.52 Wednesday AMC
PENNYMAC FIN SV PFSI 0.48 0.32 4.26 Wednesday AMC
PENNYMAC MORTGE PMT 0.65 0.69 6.15 Wednesday AMC
PROSPECT CAP CP PSEC 0.28 0.32 0 Wednesday AMC
AMER CAP MTGE MTGE 0.67 0.87 -30.43 Wednesday AMC
ATMEL CORP ATML 0.08 0.07 0 Wednesday AMC
BROOKDALE SENR BKD -0.51 0.04 14.29 Wednesday AMC
BANCO SANT -ADR BSAC 0.49 0.45 -13.33 Wednesday AMC
CARDTRONICS INC CATM 0.51 0.44 5.45 Wednesday AMC
CADENCE DESIGN CDNS 0.18 0.21 26.67 Wednesday AMC
ENERSYS INC ENS 1.07 1.07 -5.88 Wednesday AMC
EXPONENT INC EXPO 0.59 0.63 14.29 Wednesday AMC
GENPACT LTD G 0.22 0.22 0 Wednesday AMC
GREEN PLAINS GPRE 0.97 0.65 15.73 Wednesday AMC
IROBOT CORP IRBT 0.3 0.11 45.45 Wednesday AMC
POWER INTGRATIO POWI 0.4 0.56 0 Wednesday AMC
ACXIOM CORP ACXM 0.24 0.25 5.88 Wednesday AMC
INTEVAC INC IVAC -0.11 -0.08 28.57 Wednesday AMC
MURPHY USA INC MUSA 1.47 0.63 16.24 Wednesday AMC
QUICKLOGIC CORP QUIK -0.08 -0.06 22.22 Wednesday AMC
ORCHIDS PAPER TIS 0.36 0.42 4.44 Wednesday AMC
TYLER TECH INC TYL 0.47 0.31 15.91 Wednesday AMC
UGI CORP UGI 0.77 0.71 -60 Wednesday AMC
ALLIANCE FIBER AFOP 0.23 0.25 -25.81 Wednesday AMC
CLEARWATER PAPR CLW 0.92 1.03 10.34 Wednesday AMC
CSG SYS INTL CSGS 0.49 0.57 -11.11 Wednesday AMC
EXAR CORP EXAR -0.01 0.01 -50 Wednesday AMC
GLADSTONE INVES GAIN 0.18 0.17 -11.11 Wednesday AMC
IND BACHOCO-ADR IBA 0.05 -0.68 1770 Wednesday AMC
REALNETWORKS RNWK -0.72 -0.18 15.07 Wednesday AMC
TTM TECHNOLOGIE TTMI 0.2 0.25 10 Wednesday AMC
AMERCO INC UHAL 3.69 2.67 2.31 Wednesday AMC
UNWIRED PLANET UPIP -0.06 -0.07 -57.14 Wednesday AMC
BRANDYWINE RT BDN 0.28 0.31 -2.7 Wednesday AMC
AMERIGAS PARTNR APU 1.38 1.14 1.85 Wednesday AMC
TABLEAU SOFTWAR DATA -0.02 0.16 41.67 Wednesday AMC
NXP SEMICONDUCT NXPI 1.18 0.86 3.39 Wednesday AMC
VIRTUSA CORP VRTU 0.4 0.35 0 Wednesday AMC
AFFYMETRIX INC AFFX 0.07 0.02 100 Wednesday AMC
BOOT BARN HLDGS BOOT 0.35 N/A 28.57 Wednesday AMC
ALLIED WORLD AS AWH 0.72 0.72 15.09 Wednesday AMC
CORP EXEC BRD CEB 0.97 0.78 19.51 Wednesday AMC
HANOVER INSURAN THG 1.47 1.2 16.48 Wednesday AMC
FIDELITY&GUARNT FGL 0.51 0.87 4.35 Wednesday AMC
ORASURE TECH OSUR -0.04 -0.04 150 Wednesday AMC
FORMFACTOR INC FORM 0.02 -0.25 28.57 Wednesday AMC
GLU MOBILE INC GLUU 0.02 0.05 75 Wednesday AMC
INTERACT INTELL ININ -0.16 0.18 77.78 Wednesday AMC
WGL HLDGS INC WGL 1.03 0.99 32 Wednesday AMC
ADEPT TECH INC ADEP -0.01 0.01 133.33 Wednesday AMC
LANNETT INC LCI 1.06 0.46 1.08 Wednesday AMC
MITSUI MITSY N/A 11.33 N/A Wednesday N/A
BRITISH SKY BRO SKYAY N/A 0.95 N/A Wednesday N/A
SYNGENTA AG-ADR SYT N/A N/A N/A Wednesday N/A
GLAXOSMITHKLINE GSK 0.86 0.95 13.92 Wednesday N/A
HITACHI HTHIY 0.78 1.9 34.83 Wednesday N/A
STORA ENSO -ADR SEOAY N/A 0.21 N/A Wednesday N/A
EQT CORP EQT 0.7 0.47 -21.54 Thursday BTO
FIDELITY NAT IN FIS 0.87 0.76 3.9 Thursday BTO
BALL CORP BLL 0.85 0.86 4.76 Thursday BTO
XYLEM INC XYL 0.6 0.56 1.92 Thursday BTO
MICHAEL KORS KORS 1.34 1.11 13.64 Thursday BTO
CIGNA CORP CI 1.65 1.39 7.73 Thursday BTO
CUMMINS INC CMI 2.5 1.94 1.75 Thursday BTO
ESTEE LAUDER EL 1.05 1.09 45.45 Thursday BTO
DELPHI AUTO PLC DLPH 1.26 1.12 2.65 Thursday BTO
ALLIANCE DATA ADS 3.1 2.23 4.49 Thursday BTO
INTERCONTNTLEXC ICE 2.54 2 6.44 Thursday BTO
PERRIGO CO PLC PRGO 1.78 1.87 -3.45 Thursday BTO
BECTON DICKINSO BDX 1.43 1.42 1.82 Thursday BTO
ENTERGY CORP ETR 0.82 1 0 Thursday BTO
PPL CORP PPL 0.5 0.6 3.85 Thursday BTO
TECO ENERGY TE 0.21 0.21 -3.03 Thursday BTO
TERADATA CORP TDC 0.83 0.84 6.45 Thursday BTO
SNAP-ON INC SNA 1.83 1.6 9.32 Thursday BTO
VULCAN MATLS CO VMC 0.25 0.07 5.88 Thursday BTO
INVACARE CORP IVC -0.23 -0.19 -115.38 Thursday BTO
PATTERSON-UTI PTEN 0.5 0.28 0 Thursday BTO
DUNKIN BRANDS DNKN 0.47 0.43 4.26 Thursday BTO
COLFAX CORP CFX 0.64 0.61 -6.56 Thursday BTO
TOWERS WATSON TW 1.49 1.4 9.09 Thursday BTO
MSCI INC-A MSCI 0.48 0.48 4.17 Thursday BTO
SUBURB PROPANE SPH 1.1 0.97 0 Thursday BTO
ULTRATECH STEP UTEK 0.01 -0.51 N/A Thursday BTO
CARLISLE COS IN CSL 0.81 0.92 8.26 Thursday BTO
GRACE (WR) NEW GRA 1.25 1.09 9.28 Thursday BTO
OCH-ZIFF CAPTL OZM 0.29 1.15 21.05 Thursday BTO
VISHAY INTERTEC VSH 0.2 0.21 -7.14 Thursday BTO
GLATFELTER GLT 0.54 0.34 11.11 Thursday BTO
LIQUIDITY SVCS LQDT 0.07 0.26 -40 Thursday BTO
SANOFI-AVENTIS SNY 0.89 0.93 0 Thursday BTO
BRINKS CO THE BCO N/A 0.79 N/A Thursday BTO
ELONG INC-ADR LONG N/A -0.21 N/A Thursday BTO
SALLY BEAUTY CO SBH 0.38 0.35 -2.5 Thursday BTO
APOLLO INV CP AINV 0.22 0.2 27.27 Thursday BTO
APOLLO GLOBAL-A APO 0.38 1.06 33.33 Thursday BTO
COTY INC-A COTY 0.32 0.28 0 Thursday BTO
MAGELLAN MDSTRM MMP 0.93 0.88 7.58 Thursday BTO
SPRINT CORP S -0.23 -0.23 -280 Thursday BTO
OLD DOMINION FL ODFL 0.73 0.55 3.45 Thursday BTO
GARTNER INC -A IT 0.8 0.66 12.82 Thursday BTO
ARROW ELECTRONI ARW 1.82 1.69 6.87 Thursday BTO
EQT MIDSTRM PTR EQM 1 0.62 0 Thursday BTO
GROUP 1 AUTO GPI 1.32 1.08 9.03 Thursday BTO
PRESTIGE BRANDS PBH 0.4 0.3 11.11 Thursday BTO
SIRIUS XM HLDGS SIRI 0.03 0.02 0 Thursday BTO
SYNCHRONOSS TEC SNCR 0.32 0.29 9.38 Thursday BTO
GRAPHIC PKG HLD GPK 0.15 0.17 -15 Thursday BTO
LAZARD LTD LAZ 1.05 0.81 3.08 Thursday BTO
NU SKIN ENTERP NUS 0.81 2.02 20.43 Thursday BTO
ABB LTD-ADR ABB 0.35 0.24 3.23 Thursday BTO
BCE INC BCE 0.62 0.63 4.29 Thursday BTO
BROADRIDGE FINL BR 0.29 0.25 0 Thursday BTO
CDK GLOBAL INC CDK 0.32 N/A N/A Thursday BTO
GRUBHUB INC GRUB 0.09 N/A 100 Thursday BTO
NICE SYSTEM-ADR NICE 0.85 0.64 17.31 Thursday BTO
PROTO LABS INC PRLB 0.37 0.36 -6.98 Thursday BTO
SEQUANS COMM SQNS -0.14 -0.17 0 Thursday BTO
MALIBU BOATS-A MBUU 0.25 0.16 -10 Thursday BTO
PMFG INC PMFG 0 -0.13 145.45 Thursday BTO
RESOLUTE FOREST RFP 0.23 0.16 -33.33 Thursday BTO
ADV DRAINAG SYS WMS 0.14 N/A -3.23 Thursday BTO
CRYOPORT INC CYRX -0.02 -0.02 -150 Thursday BTO
RAND LOGISTICS RLOG 0.24 0.04 7.41 Thursday BTO
SMITH & NEPHEW SNN 0.51 0.46 150 Thursday BTO
TEVA PHARM ADR TEVA 1.29 1.42 7.32 Thursday BTO
DUPONT FABROS DFT 0.62 0.56 -1.64 Thursday BTO
CHARTER COMM-A CHTR -0.23 0.31 -880 Thursday BTO
KAMADA LTD KMDA 0 0.04 -200 Thursday BTO
LIONBRIDGE TECH LIOX -0.01 0.14 60 Thursday BTO
VALERO EGY PTNR VLP 0.3 0.03 11.11 Thursday BTO
DORIAN LPG LTD LPG 0.16 N/A 20 Thursday BTO
MAXIMUS INC MMS 0.58 0.48 1.92 Thursday BTO
MEDIDATA SOLUTN MDSO 0.1 0.05 12.5 Thursday BTO
PIPER JAFFRAY PJC 1.01 1.91 37.33 Thursday BTO
IRADIMED CORP IRMD -0.01 N/A N/A Thursday BTO
USG CORP USG 0.38 0.19 -4.26 Thursday BTO
BELDEN INC BDC 1.21 0.91 2.68 Thursday BTO
APARTMENT INVT AIV 0.55 0.57 0 Thursday AMC
SYMANTEC CORP SYMC 0.43 0.48 16.22 Thursday AMC
VERISIGN INC VRSN N/A 0.59 N/A Thursday AMC
KIMCO REALTY CO KIM 0.35 0.33 2.86 Thursday AMC
STERICYCLE INC SRCL 1.12 0.99 1.89 Thursday AMC
MCKESSON CORP MCK 2.62 1.45 1.82 Thursday AMC
NEWS CORP NEW-A NWSA 0.24 0.31 200 Thursday AMC
CME GROUP INC CME 0.93 0.64 2.44 Thursday AMC
EXPEDIA INC EXPE 0.86 0.81 12.96 Thursday AMC
BRISTOW GROUP BRS 1.34 0.85 -25 Thursday AMC
TEMPUR SEALY TPX 0.84 0.66 -1.12 Thursday AMC
WESCO AIRCRAFT WAIR 0.29 0.27 -18.92 Thursday AMC
APTARGROUP INC ATR 0.62 0.69 1.37 Thursday AMC
METTLER-TOLEDO MTD 4.15 3.82 3.15 Thursday AMC
STANDARD PAC SPF 0.15 0.16 -6.67 Thursday AMC
FAIRWAY GROUP FWM -0.19 -0.12 -55 Thursday AMC
CAPSTONE TURBIN CPST -0.01 -0.01 -100 Thursday AMC
UNIVL TECH INST UTI 0.07 0.07 42.86 Thursday AMC
LEAPFROG ENTRPS LF -0.25 0 -200 Thursday AMC
EGAIN CORP EGAN N/A -0.05 N/A Thursday AMC
RENTRAK CORP RENT N/A -0.03 N/A Thursday AMC
ATHENAHEALTH IN ATHN 0.19 0.43 16.67 Thursday AMC
YELP INC YELP 0.07 -0.03 66.67 Thursday AMC
TWITTER INC TWTR -0.21 -1.41 0 Thursday AMC
ON SEMICON CORP ONNN 0.16 0.17 -4.55 Thursday AMC
PANDORA MEDIA P 0.09 N/A 0 Thursday AMC
DCT INDUSTRIAL DCT 0.48 0.44 0 Thursday AMC
DEVRY EDUCATION DV 0.78 0.8 51.61 Thursday AMC
ECHO GLOBAL LOG ECHO 0.18 0.11 13.64 Thursday AMC
PIEDMONT OFFICE PDM 0.38 0.37 0 Thursday AMC
HOME PPTYS INC HME 1.18 1.11 0 Thursday AMC
LINKEDIN CORP-A LNKD 0.03 0.05 100 Thursday AMC
KITE REALTY GRP KRG 0.51 0.44 8.51 Thursday AMC
ELIZABETH ARDEN RDEN 0.62 1.08 17.31 Thursday AMC
ASPEN INS HLDGS AHL 1.27 1.13 -9.24 Thursday AMC
CHANNELADVISOR ECOM -0.25 -0.24 7.69 Thursday AMC
LIONS GATE ETMT LGF 0.65 0.59 23.08 Thursday AMC
NUANCE COMM INC NUAN 0.09 0.09 90.91 Thursday AMC
OUTERWALL INC OUTR 2.44 1.68 0 Thursday AMC
UBIQUITI NETWRK UBNT 0.44 0.47 -9.62 Thursday AMC
YRC WORLDWD INC YRCW -0.14 -1.71 40 Thursday AMC
ACTIVISION BLZD ATVI 0.84 0.76 144.44 Thursday AMC
FARMER BROS CO FARM 0.36 0.29 -27.27 Thursday AMC
KEMPER CORP KMPR 0.72 0.83 -93.33 Thursday AMC
MARIN SOFTWARE MRIN -0.28 -0.26 6.9 Thursday AMC
SOLERA HOLDINGS SLH 0.7 0.51 8.2 Thursday AMC
SCIQUEST INC SQI 0.02 0.06 0 Thursday AMC
SIMPSON MFG INC SSD 0.2 0.16 -6.67 Thursday AMC
BROOKS AUTOMATN BRKS 0.07 0.09 16.67 Thursday AMC
CALLIDUS SOFTWR CALD -0.01 -0.01 50 Thursday AMC
CARDICA INC CRDC -0.05 -0.08 0 Thursday AMC
NIC INC EGOV 0.13 0.11 6.67 Thursday AMC
FBL FINL GRP-A FFG 1.01 1 22.92 Thursday AMC
PAYLOCITY HLDG PCTY -0.15 N/A 33.33 Thursday AMC
PIXELWORKS INC PXLW -0.14 0 -25 Thursday AMC
Q2 HOLDINGS INC QTWO -0.14 N/A 12.5 Thursday AMC
SPS COMMERCE SPSC 0.05 0.06 12.5 Thursday AMC
NET 1 UEPS TECH UEPS 0.46 0.38 41.46 Thursday AMC
ARC GROUP WORLD ARCW 0.04 0.13 -20 Thursday AMC
AMER SCI & ENG ASEI 0.27 0.2 -4800 Thursday AMC
CONTROL4 CORP CTRL 0.14 0.1 22.22 Thursday AMC
CTS CORP CTS 0.28 0.25 7.41 Thursday AMC
CUTERA INC CUTR 0.02 -0.02 -12.5 Thursday AMC
INUVO INC INUV 0.01 -0.01 0 Thursday AMC
ITERIS INC ITI -0.02 0.01 -100 Thursday AMC
LIGHTPATH TECH LPTH -0.01 -0.01 -300 Thursday AMC
MAXWELL TECH MXWL -0.03 -0.1 15.38 Thursday AMC
NETGEAR INC NTGR 0.53 0.49 21.15 Thursday AMC
SILICON IMAGE SIMG 0.04 0.03 125 Thursday AMC
SIERRA WIRELESS SWIR 0.19 0.05 -75 Thursday AMC
TELECOMMUN SYS TSYS 0.03 -0.01 0 Thursday AMC
UQM TECH INC UQM -0.03 0 N/A Thursday AMC
BUFFALO WLD WNG BWLD 1.08 1.1 7.55 Thursday AMC
POST PPTYS INC PPS 0.69 0.66 2.13 Thursday AMC
TRUEBLUE INC TBI 0.45 0.36 22.73 Thursday AMC
ENDURANCE SPLTY ENH 1.6 1.35 -14.84 Thursday AMC
MOELIS & CO MC 0.6 N/A 5 Thursday AMC
AXCELIS TECH ACLS -0.03 0.01 25 Thursday AMC
AUDIENCE INC ADNC -0.65 -0.11 10.2 Thursday AMC
BRIGHTCOVE BCOV -0.14 0 42.86 Thursday AMC
BADGER METER BMI 0.43 0.44 4.41 Thursday AMC
FLUIDIGM CORP FLDM -0.42 -0.15 24.07 Thursday AMC
GOPRO INC-A GPRO 0.62 N/A 500 Thursday AMC
NEWS CORP-B NWS 0.23 0.31 200 Thursday AMC
PARK CITY GRP PCYG -0.02 -0.03 N/A Thursday AMC
PENNANTPARK FRC PFLT 0.29 0.22 20.69 Thursday AMC
FLEETCOR TECH FLT 1.3 0.96 2.36 Thursday AMC
OLIN CORP OLN 0.22 0.22 0 Thursday AMC
IMPERVA INC IMPV -0.47 -0.37 19.05 Thursday AMC
EPLUS INC PLUS 1.47 1.32 27.34 Thursday AMC
PDF SOLUTIONS PDFS 0.16 0.3 200 Thursday AMC
PHILIP MORRIS PM 1.06 1.37 4.51 Thursday N/A
METSO CORP -ADR MXCYY N/A 0.47 N/A Thursday N/A
CEMEX SA ADR CX -0.09 -0.2 -900 Thursday N/A
DASSAULT SY-ADR DASTY 0.73 0.68 1.85 Thursday N/A
EMPIRE DISTRICT EDE 0.26 0.35 22.22 Thursday N/A
ROFIN-SINAR RSTI 0.3 0.08 26.47 Thursday N/A
VOLVO AB ADR B VOLVY 0.13 0.07 0 Thursday N/A
ASTRAZENECA PLC AZN 0.84 1.23 0.96 Thursday N/A
H LUNDBECK A S HLUYY -0.24 0.02 N/A Thursday N/A
DAIMLER AG DDAIF N/A 2.07 N/A Thursday N/A
BEBE STORES INC BEBE -0.02 -0.07 42.11 Thursday N/A
MULTI-FINELINE MFLX 0.59 -0.4 N/A Thursday N/A
MARSH &MCLENNAN MMC 0.66 0.57 7.69 Friday BTO
AON PLC AON 1.85 1.54 15.18 Friday BTO
MOODYS CORP MCO 0.94 0.85 6.59 Friday BTO
FLIR SYSTEMS FLIR 0.49 0.35 11.43 Friday BTO
HARRIS CORP HRS 1.17 1.27 7.27 Friday BTO
DOMTAR CORP UFS 0.9 1.04 16.05 Friday BTO
AARONS INC AAN 0.36 0.3 2.63 Friday BTO
BEACON ROOFING BECN 0.28 0.3 -21.31 Friday BTO
BUCKEYE PARTNRS BPL 0.88 0.75 0 Friday BTO
SIRONA DENTAL SIRO 0.94 0.93 -1.1 Friday BTO
MADISON SQUARE MSG 0.72 0.77 -25 Friday BTO
CAE INC CAE 0.17 0.16 -6.67 Friday BTO
FORESIGHT EGY FELP 0.28 N/A -14.81 Friday BTO
STRAYER EDUC STRA 1.23 1.32 105.56 Friday BTO
ALCATEL ADS ALU 0.04 0.08 50 Friday BTO
INTRAWEST RESRT SNOW -0.65 -2.89 9.6 Friday BTO
SEMLER SCIENTFC SMLR -0.27 N/A N/A Friday BTO
SENSIENT TECH SXT 0.7 0.63 0 Friday BTO
VIAD CORP VVI -0.22 -0.2 2.97 Friday BTO
CBOE HOLDINGS CBOE 0.66 0.52 3.64 Friday BTO
AMER AXLE & MFG AXL 0.54 0.71 0 Friday BTO
WISDOMTREE INV WETF 0.1 0.12 0 Friday BTO
BROOKFLD RENWBL BEP 0.17 0.08 -425 Friday BTO
DOMINION RES VA D 0.85 0.8 -3.12 Friday AMC
GOLUB CAPITAL GBDC 0.32 0.31 3.23 Friday AMC
CAMECO CORP CCJ 0.29 0.34 5 Friday AMC
DOMINION MIDSTR DM 0.17 N/A N/A Friday AMC
STATOIL ASA-ADR STO 0.38 0.56 0 Friday N/A
ADV SEMICON ADR ASX N/A 0.13 N/A Friday N/A