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Earnings Preview

We get into the heart of the Q4 earnings season this week, with 485 companies reporting quarterly results, including 121 S&P 500 members. With results from 201 index members already on the books, we will have seen Q4 results from over 63% the S&P 500 members by the end of this week.

The picture emerging from the results that we have seen already is one of all around weakness, with growth hard to come by in the slowing global economy, the strong U.S. dollar, and weakness in the oil and other commodity sectors. This isn’t a new problem, we have been discussing these headwinds the last few reporting cycles as well. In other words, the earnings recession continues with Q4 earnings for the S&P 500 index on track to be below the year-earlier level – the third quarter in a row of negative earnings growth for the index.

Recent weakness in oil and other commodity prices has effectively guaranteed that this negative growth trend will continue into the current and following periods as well. In fact, all of the earnings growth for the S&P 500 index in 2016 is now entirely expected to come in the back half of the year, with growth in the first half of the year now expected to be in the negative.

Q4 Scorecard (as of Friday, January 29th)

Total earnings for the 201 S&P 500 members that have reported results already are down -3.2% on -3.6% lower revenues, with 72.6% beating EPS estimates and 47.8% coming ahead of top-line expectations. With these 201 index members accounting for 54% of the index’s total market capitalization, we have effectively crossed the halfway mark in the Q4 reporting cycle.

The table below provides the current Q4 scorecard



The aggregate growth picture is actually even weaker once adjusted for the +8% growth in the Finance sector, which itself is benefiting from easy comparisons at Citigroup (C - Free Report) . Excluding the Finance sector, total earnings for the rest of the index members that have reported results would be down -6.1% on -4.5% lower revenues.

The charts below provide a comparison of the results thus far with what we have seen from this same group of 201 S&P 500 members in other recent periods.



As you can see in the above chart(s), while growth for these 201 index members is notably below what we had seen from the same group of companies in other recent periods, the beat ratios are in-line or better relative to other recent periods. This likely means nothing more than estimates had likely fallen more than they needed to in the run up to the start of the Q4 earnings season.

This growth & surprise dichotomy is particularly notable for the Technology sector, though surprises have been fairly numerous in the Medical and Finance sectors as well. We referred to the Finance sector earlier. For the Medical sector, earnings for the 51.3% of the sector companies that have reported are up +7.6% from the same period last year on +9.1% higher revenues, with 81% beating EPS estimates and 71.4% beating revenue estimates.

With results from 31 of the 64 Tech sector companies in the S&P 500 index already out that combined account for 69.8% of sector’s total market in the index, total earnings for the quarter are down -1.6% on +1.1% higher revenues, with 90.3% beating EPS estimates and 71% beating revenue estimates. You can see in the right-hand side chart that positive surprises for the sector, both earnings as well revenues, are tracking above other recent periods.



In terms of weak revenue surprises, the sectors that stand out include Basic Materials (only 9.1% have beat revenues), Transportation (only 10% beating revenue estimates), Retail (15.4%) and Construction (20%).

Q4 As a Whole

The composite (or blended) growth rate for Q4, combining the actual results from the 201 index members that have reported results with estimates for the still-to-come 299 members, shows total earnings declining by -6.0% from the same period last year on -4.6% lower revenues, the third straight quarter of earnings declines for the index.

While Energy remains the big drag, as it has been in other recent quarters, the weakness is broad-based, with 11 of the 16 sectors expected to suffer earnings declines. Total earnings for the Energy sector are expected be down -79.1% on -37.8% lower revenues. Excluding Energy, earnings growth for the S&P 500 would be modestly in the positive (up +0.4% on -0.2% lower revenues).

The table below provides a summary picture of Q4 expectations contrasted with what was actually achieved in the preceding quarter.



Please note that the growth picture is actually even weaker once Finance’s +9.7% growth in Q4 is adjusted for the easy comparisons at Citigroup. Excluding Citigroup, the Finance sector’s growth drops from +9.7% to -1.1% and the index’s decline changes from -6.0% to -5.1%.

Looking Beyond 2015 Q4

While earnings growth was negative in the last three quarters, the outlook for the current and following periods doesn’t look any better. Estimates for 2016 Q1 have started coming down at an accelerated pace, with total earnings for the quarter now expected to be down -5.5% from the same period last year. This is down from the roughly flat growth expected for the period in mid-November. The picture for the following quarter isn’t looking that much better either, as the chart below shows.



A big part of the recent negative revisions reflect developments in the oil patch, but the outlook for the other sectors isn’t that inspiring either, with estimates for the other sectors coming down as well. The chart below shows that 2016 Q1 estimates are in the negative even on an ex-Energy basis.



As you can see in the chart below of quarterly growth expectations, all of this year’s growth is now expected to come from second half of the year, with earnings growth in the first half now expected to be in the negative.



The relatively optimistic looking expectations for the outer periods aren’t unusual – Wall Street analysts always tend to be more optimistic about the future. But estimates start coming down as the period in question comes closer. The erosion of 2015 growth estimates was driven largely by what happened to the Energy sector. But estimates for other sectors came down as well……………and we will likely see something similar to current 2016 estimates as well.

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Note: For a complete analysis of 2015 Q4 estimates, please check out the weekly Earnings Trends report.

Here is a list of the 485 companies reporting this week, including 121 S&P 500 members.

Company Ticker Current Qtr Year-Ago Qtr Last EPS Surprise % Report Day Time
AETNA INC-NEW AET 1.2 1.22 6.74 Monday BTO
CARDINAL HEALTH CAH 1.25 1.2 25.45 Monday BTO
ROPER INDS INC ROP 1.86 1.85 2.55 Monday BTO
SYSCO CORP SYY 0.41 0.41 0 Monday BTO
BANCORP BNK/THE TBBK 0.01 -0.02 -1100 Monday BTO
HAEMONETICS CP HAE 0.47 0.53 10 Monday BTO
HILL-ROM HLDGS HRC 0.61 0.49 9.21 Monday BTO
MITSUBISHI-UFJ MTU N/A 0.21 N/A Monday BTO
NAPCO SECURITY NSSC 0.08 0.05 -60 Monday BTO
OFG BANCORP OFG 0.28 0.36 -66.67 Monday BTO
OLD NATL BCP ONB 0.28 0.25 0 Monday BTO
SUN BANCORP/NJ SNBC 0.08 -0.04 466.67 Monday BTO
AFLAC INC AFL 1.48 1.3 5.41 Monday AMC
ALPHABET INC-A GOOGL 6.65 5.5 -2.39 Monday AMC
ANADARKO PETROL APC -1.05 0.37 0 Monday AMC
GENL GRWTH PPTY GGP 0.42 0.38 2.86 Monday AMC
LEGGETT & PLATT LEG 0.5 0.41 19.64 Monday AMC
MATTEL INC MAT 0.6 0.52 -10.13 Monday AMC
PRINCIPAL FINL PFG 1.05 1.09 -0.93 Monday AMC
TESORO CORP TSO 2.07 1.46 7.11 Monday AMC
Alphabet Inc-C GOOG N/A 5.48 N/A Monday AMC
ADV ENERGY INDS AEIS 0.25 0.5 4.17 Monday AMC
ALEXANDRIA REAL ARE 1.34 1.23 0 Monday AMC
AMER CAP AGENCY AGNC 0.57 0.92 -15 Monday AMC
AMERIGAS PARTNR APU 1.02 0.98 -50 Monday AMC
ATWOOD OCEANICS ATW 1.11 1.68 21.47 Monday AMC
BANCO SANT -ADR BSAC 0.42 0.48 -2.5 Monday AMC
CABOT CORP CBT 0.52 0.6 18.18 Monday AMC
CREDIT ACCEPT CACC 3.9 3.28 1.62 Monday AMC
EASTGROUP PPTYS EGP 0.94 0.91 0 Monday AMC
FABRINET FN 0.41 0.35 2.7 Monday AMC
HAIN CELESTIAL HAIN 0.54 0.54 0 Monday AMC
HERITAGE OAKS HEOP 0.11 0.21 -7.69 Monday AMC
INTEGR DEVICE IDTI 0.32 0.22 7.41 Monday AMC
INTERACT INTELL ININ -0.17 0.13 39.39 Monday AMC
LUMINEX CORP LMNX 0.17 0.15 70 Monday AMC
MARLIN BUS SVCS MRLN 0.37 0.38 15.15 Monday AMC
NEWMARKET CORP NEU 4.17 4.3 11.94 Monday AMC
PLANTRONICS INC PLT 0.57 0.66 13.33 Monday AMC
RAYONIER ADV MT RYAM 0.25 0.61 85.71 Monday AMC
RUDOLPH TECH RTEC 0.14 0.1 26.32 Monday AMC
TESORO LOGISTIC TLLP 0.65 0.35 -11.43 Monday AMC
UGI CORP UGI 0.72 0.66 120 Monday AMC
WEST CORP WSTC 0.69 1.11 5.56 Monday AMC
BT GRP PLC-ADR BT 0.58 0.61 6.06 Monday N/A
KILROY REALTY KRC 0.79 0.78 1.32 Monday N/A
RENT-A-CENTER RCII 0.52 0.5 4.44 Monday N/A
ADT CORP ADT 0.46 0.51 6.25 Tuesday BTO
AFFIL MANAGERS AMG 3.6 3.55 2.09 Tuesday BTO
ARCHER DANIELS ADM 0.69 1 -15.49 Tuesday BTO
BAXTER INTL BAX 0.31 1.34 41.38 Tuesday BTO
CHURCH & DWIGHT CHD 0.82 0.78 1.12 Tuesday BTO
DOW CHEMICAL DOW 0.69 0.85 20.59 Tuesday BTO
EMERSON ELEC CO EMR 0.51 0.75 -4.12 Tuesday BTO
EXXON MOBIL CRP XOM 0.65 1.56 13.48 Tuesday BTO
HARRIS CORP HRS 1.36 1.32 2.34 Tuesday BTO
LYONDELLBASEL-A LYB 2.11 2.48 9.8 Tuesday BTO
MALLINCKRODT PL MNK 1.81 1.84 5.75 Tuesday BTO
MICHAEL KORS KORS 1.46 1.48 13.48 Tuesday BTO
PENTAIR PLC PNR 1.04 1.05 3.19 Tuesday BTO
PFIZER INC PFE 0.52 0.54 17.65 Tuesday BTO
PITNEY BOWES IN PBI 0.56 0.51 2.38 Tuesday BTO
ROYAL CARIBBEAN RCL 0.92 0.32 5.19 Tuesday BTO
RYDER SYS R 1.75 1.6 1.16 Tuesday BTO
UTD PARCEL SRVC UPS 1.41 1.25 1.46 Tuesday BTO
AGCO CORP AGCO 0.8 1.18 60.42 Tuesday BTO
ALLY FINANCIAL ALLY 0.51 0.4 0 Tuesday BTO
ANIXTER INTL AXE 1.11 1.39 3.42 Tuesday BTO
ARRAY BIOPHARMA ARRY -0.07 -0.06 16.67 Tuesday BTO
B/E AEROSPACE BEAV 0.8 0.57 -3.95 Tuesday BTO
BIO-TECHNE CP TECH 0.82 0.82 -11.76 Tuesday BTO
CIT GROUP CIT 0.82 1.13 -65.33 Tuesday BTO
DSP GROUP INC DSPG 0.04 0.02 -66.67 Tuesday BTO
HEADWATERS INC HW 0.22 0.17 10.87 Tuesday BTO
IMPERIAL OIL LT IMO 0.34 0.62 -2.27 Tuesday BTO
KAMADA LTD KMDA -0.09 0.05 -116.67 Tuesday BTO
LAZARD LTD LAZ 0.88 1.29 3.33 Tuesday BTO
LITTELFUSE INC LFUS 1.18 1.02 9.16 Tuesday BTO
MODINE MANUFACT MOD 0.25 0.15 -55.56 Tuesday BTO
SCOTTS MIRCL-GR SMG -1.14 -1.13 25 Tuesday BTO
SENSATA TECHNOL ST 0.66 0.57 1.41 Tuesday BTO
SIRIUS XM HLDGS SIRI 0.03 0.03 0 Tuesday BTO
SPECTRUM BRANDS SPB 1.06 1.07 -2.59 Tuesday BTO
STANDEX INTL CO SXI 1.03 0.97 7.2 Tuesday BTO
TWIN DISC TWIN -0.16 0.33 -875 Tuesday BTO
USA TRUCK INC USAK 0.23 0.41 72 Tuesday BTO
WADDELL&REED -A WDR 0.76 0.97 7.04 Tuesday BTO
CH ROBINSON WWD CHRW 0.87 0.77 3.23 Tuesday AMC
CHIPOTLE MEXICN CMG 1.84 3.84 -1.08 Tuesday AMC
EDWARDS LIFESCI EW 0.59 0.53 9.18 Tuesday AMC
EQUITY RESIDENT EQR 0.92 0.86 -1.14 Tuesday AMC
FISERV INC FISV 1 0.89 6.19 Tuesday AMC
GILEAD SCIENCES GILD 2.91 2.38 5.28 Tuesday AMC
ILLUMINA INC ILMN 0.82 0.87 1.27 Tuesday AMC
KIMCO REALTY CO KIM 0.35 0.35 -2.7 Tuesday AMC
ROBT HALF INTL RHI 0.7 0.62 0 Tuesday AMC
UNUM GROUP UNM 0.92 0.9 0 Tuesday AMC
YAHOO! INC YHOO 0.05 0.2 57.14 Tuesday AMC
Columbia Pipeline CPGX 0.17 N/A 25 Tuesday N/A
Tegna Inc. TGNA 0.46 1.02 2.78 Tuesday N/A
Wynn Restorts WYNN 0.74 1.2 14.67 Tuesday N/A
AMDOCS LTD DOX 0.79 0.8 1.28 Tuesday AMC
AMER FINL GROUP AFG 1.6 1.35 -8 Tuesday AMC
ATMOS ENERGY CP ATO 1.01 0.91 7.41 Tuesday AMC
AXCELIS TECH ACLS 0 0 25 Tuesday AMC
AXIS CAP HLDGS AXS 1.11 1.18 -45.16 Tuesday AMC
BERKLEY (WR) CP WRB 0.8 0.73 8.33 Tuesday AMC
BLACK HILLS COR BKH 0.63 0.76 N/A Tuesday AMC
BOOT BARN HLDGS BOOT 0.44 0.4 0 Tuesday AMC
CENTRAL GARDEN CENT -0.12 -0.12 111.11 Tuesday AMC
CEPHEID INC CPHD -0.19 0 15.63 Tuesday AMC
ELECTRO SCI IND ESIO -0.18 -0.19 52.38 Tuesday AMC
FEI COMPANY FEIC 1.1 0.98 -10.53 Tuesday AMC
FERRARI NV RACE 0.35 N/A N/A Tuesday AMC
GALLAGHER ARTHU AJG 0.55 0.56 11.59 Tuesday AMC
HILLENBRAND INC HI 0.44 0.49 -8.33 Tuesday AMC
IAC/INTERACTIV IAC 0.78 0.9 10.96 Tuesday AMC
JACK HENRY ASSC JKHY 0.67 0.72 3.23 Tuesday AMC
MANHATTAN ASOC MANH 0.31 0.27 8.57 Tuesday AMC
MATCH GROUP INC MTCH 0.19 N/A N/A Tuesday AMC
MYRIAD GENETICS MYGN 0.41 0.4 17.14 Tuesday AMC
NANOMETRICS INC NANO -0.06 -0.12 150 Tuesday AMC
OCLARO INC OCLR -0.03 -0.12 25 Tuesday AMC
POWELL INDS POWL 0.4 -0.02 -6.25 Tuesday AMC
QIAGEN NV QGEN 0.32 0.25 -3.57 Tuesday AMC
RENAISSANCERE RNR 2.81 3.62 32.99 Tuesday AMC
REXNORD CORP RXN 0.37 0.3 6.25 Tuesday AMC
SILGAN HOLDINGS SLGN 0.41 0.58 -9.35 Tuesday AMC
SPARTON CORP SPA 0.26 0.17 192.86 Tuesday AMC
TELENAV INC TNAV -0.26 -0.14 7.41 Tuesday AMC
TESSERA TEC INC TSRA 0.46 0.56 19.61 Tuesday AMC
TIDEWATER INC TDW -0.34 1.12 83.33 Tuesday AMC
UDR INC UDR 0.42 0.39 2.44 Tuesday AMC
ULTIMATE SOFTWR ULTI 0.29 0.41 -4.55 Tuesday AMC
VIAVI SOLUTIONS VIAV 0.02 0.09 -33.33 Tuesday AMC
WABASH NATIONAL WNC 0.4 0.27 23.68 Tuesday AMC
BANCO ITAU -ADR ITUB 0.23 0.39 20.83 Tuesday N/A
BP PLC BP 0.17 0.74 81.82 Tuesday N/A
HEALTHCARE SERV HCSG 0.26 0.22 0 Tuesday N/A
NOMURA HLDG-ADR NMR N/A 0.11 N/A Tuesday N/A
SK TELECOM CO SKM N/A 0.69 N/A Tuesday N/A
UBS GROUP AG UBS N/A 0.28 N/A Tuesday N/A
ALEXION PHARMA ALXN 0.88 1.13 19.23 Wednesday BTO
AUTOMATIC DATA ADP 0.71 0.7 4.62 Wednesday BTO
AVERY DENNISON AVY 0.79 0.9 3.57 Wednesday BTO
BECTON DICKINSO BDX 1.84 1.53 2.11 Wednesday BTO
COMCAST CORP A CMCSA 0.82 0.77 0 Wednesday BTO
EATON CORP PLC ETN 1.09 1.27 0 Wednesday BTO
EXELON CORP EXC 0.4 0.48 16.9 Wednesday BTO
FRANKLIN RESOUR BEN 0.74 0.91 -24.36 Wednesday BTO
GENERAL MOTORS GM 1.2 1.19 28.21 Wednesday BTO
INTL PAPER IP 0.84 0.53 5.43 Wednesday BTO
JACOBS ENGIN GR JEC 0.69 0.77 5.26 Wednesday BTO
MARATHON PETROL MPC 0.63 1.43 -2.22 Wednesday BTO
MERCK & CO INC MRK 0.91 0.87 5.49 Wednesday BTO
MONDELEZ INTL MDLZ 0.48 0.47 7.69 Wednesday BTO
NATL OILWELL VR NOV 0.44 1.84 37.5 Wednesday BTO
SOUTHERN CO SO 0.43 0.38 0.86 Wednesday BTO
SPECTRA ENERGY SE 0.34 0.47 0 Wednesday BTO
ABB LTD-ADR ABB 0.24 0.34 -7.14 Wednesday BTO
APOLLO GLOBAL-A APO 0.32 0.23 388.89 Wednesday BTO
ARCBEST CORP ARCB 0.42 0.53 -6.33 Wednesday BTO
ARDMORE SHIPPIN ASC 0.36 0.07 40.54 Wednesday BTO
BANCO BILBAO VZ BBVA N/A 0.13 N/A Wednesday BTO
BROOKFIELD INFR BIP 0.92 0.29 1.11 Wednesday BTO
CBOE HOLDINGS CBOE 0.56 0.64 4.11 Wednesday BTO
CDK GLOBAL INC CDK 0.37 0.37 11.76 Wednesday BTO
CEVA INC CEVA 0.11 -0.08 54.55 Wednesday BTO
DHI GROUP INC DHX 0.11 0.12 20 Wednesday BTO
EDGEWELL PERSNL EPC 0.65 2.07 -9.86 Wednesday BTO
ENERGIZER HLDGS ENR 0.66 N/A 0 Wednesday BTO
EVERCORE PARTNR EVR 1.12 0.9 12.5 Wednesday BTO
IMS HEALTH HLDG IMS 0.3 0.34 12.5 Wednesday BTO
INTRAWEST RESRT SNOW -0.61 -0.69 7.14 Wednesday BTO
JONES LANG LASL JLL 4.85 4.3 29.23 Wednesday BTO
KENNAMETAL INC KMT 0.08 0.52 -36.36 Wednesday BTO
KULICKE & SOFFA KLIC -0.17 0.1 -18.75 Wednesday BTO
LACLEDE GRP INC LG 1.09 1.06 -5.71 Wednesday BTO
MALIBU BOATS-A MBUU 0.29 0.24 -4 Wednesday BTO
MANPOWER INC WI MAN 1.51 1.47 20 Wednesday BTO
MDC HLDGS MDC 0.53 0.41 -20 Wednesday BTO
MDU RESOURCES MDU 0.27 0.35 2.7 Wednesday BTO
MERITOR INC MTOR 0.36 0.35 34.48 Wednesday BTO
MONMOUTH RE CLA MNR 0.16 0.15 -6.25 Wednesday BTO
NJ RESOURCES NJR 0.58 0.63 25 Wednesday BTO
NOVO-NORDISK AS NVO 0.48 0.38 4.26 Wednesday BTO
PANASONIC CORP PCRFY N/A 0.22 N/A Wednesday BTO
PERFORMANCE FG PFGC 0.25 N/A 10.53 Wednesday BTO
POLYONE CORP POL 0.42 -0.52 1.89 Wednesday BTO
RADWARE LTD RDWR 0.11 0.23 -16.67 Wednesday BTO
RBC BEARINGS ROLL 0.72 0.62 5.56 Wednesday BTO
SILICON LAB INC SLAB 0.25 0.33 85 Wednesday BTO
SPECTRA EGY PTR SEP 0.8 0.97 11.84 Wednesday BTO
SPIRIT AEROSYS SPR 0.94 0.87 -5.32 Wednesday BTO
SYNCHRONOSS TEC SNCR 0.44 0.41 -10.64 Wednesday BTO
SYNGENTA AG-ADR SYT N/A N/A N/A Wednesday BTO
TAYLOR MORRISON TMHC 0.53 0.75 -7.5 Wednesday BTO
THERMON GROUP THR 0.33 0.48 -13.33 Wednesday BTO
TIMKEN CO TKR 0.42 0.65 3.77 Wednesday BTO
VANTIV INC-A VNTV 0.6 0.49 7.55 Wednesday BTO
ALLSTATE CORP ALL 1.34 1.72 15.15 Wednesday AMC
AVALONBAY CMMTY AVB 1.96 1.76 -0.49 Wednesday AMC
BOSTON PPTYS BXP 1.32 1.26 3.68 Wednesday AMC
CBRE GROUP INC CBG 0.79 0.68 13.33 Wednesday AMC
CINCINNATI FINL CINF 0.91 0.89 50.72 Wednesday AMC
LINCOLN NATL-IN LNC 1.54 1.67 -26.97 Wednesday AMC
MACERICH CO MAC 1.1 1.05 3.06 Wednesday AMC
METLIFE INC MET 1.36 1.38 -57.82 Wednesday AMC
MICROCHIP TECH MCHP 0.55 0.6 3.51 Wednesday AMC
PLUM CREEK TMBR PCL 0.16 0.38 13.73 Wednesday AMC
TORCHMARK CORP TMK 1.07 1 1.89 Wednesday AMC
XL GROUP PLC XL 0.67 1.12 -47.73 Wednesday AMC
YUM! BRANDS INC YUM 0.66 0.61 -6.54 Wednesday AMC
Keurig Green Mtn GMCR 0.69 0.88 21.43 Wednesday N/A
Motorola Solutn MSI 1.4 1.22 16.92 Wednesday N/A
AEROHIVE NETWRK HIVE -0.18 -0.17 0 Wednesday AMC
ALLIED WORLD AS AWH 0.55 1.51 25 Wednesday AMC
ALPHA&OMEGA SEM AOSL -0.17 -0.05 43.75 Wednesday AMC
AMER CAP MTGE MTGE 0.48 0.67 4.35 Wednesday AMC
BLUE CAP REINSR BCRH 0.43 0.52 117.39 Wednesday AMC
BRANDYWINE RT BDN 0.39 0.3 7.5 Wednesday AMC
BROOKS AUTOMATN BRKS 0 0.05 23.08 Wednesday AMC
BUFFALO WLD WNG BWLD 1.48 1.07 -21.88 Wednesday AMC
CACI INTL A CACI 1.14 1.45 66.67 Wednesday AMC
CADENCE DESIGN CDNS 0.2 0.24 29.41 Wednesday AMC
CAPSTONE TURBIN CPST -0.31 -0.2 0 Wednesday AMC
CBL&ASSOC PPTYS CBL 0.66 0.67 -1.75 Wednesday AMC
CEB INC CEB 0.95 1.19 25.33 Wednesday AMC
CROWN HLDGS INC CCK 0.69 0.48 2.29 Wednesday AMC
CSG SYS INTL CSGS 0.64 0.52 29.17 Wednesday AMC
DHT HOLDINGS DHT 0.3 0.31 3.85 Wednesday AMC
ENDURANCE SPLTY ENH 1.82 1.75 77.78 Wednesday AMC
EVEREST RE LTD RE 5.53 7.28 6.81 Wednesday AMC
EVOLUTION PETRO EPM 0.06 0.03 50 Wednesday AMC
EXAR CORP EXAR 0.04 0.06 300 Wednesday AMC
EXPONENT INC EXPO 0.31 0.34 10.26 Wednesday AMC
FIDELITY&GUARNT FGL 0.54 0.46 38.46 Wednesday AMC
FORTUNE BRD H&S FBHS 0.54 0.44 -6.15 Wednesday AMC
GEOSPACE TEC CP GEOS -0.85 -0.41 -56.14 Wednesday AMC
GLADSTONE INVES GAIN 0.19 0.22 5.26 Wednesday AMC
GLU MOBILE INC GLUU -0.07 0.1 100 Wednesday AMC
GOPRO INC-A GPRO -0.07 0.85 -36.36 Wednesday AMC
HOLLYSYS AUTOMT HOLI N/A 0.39 N/A Wednesday AMC
HUB GROUP INC-A HUBG 0.56 0.41 1.85 Wednesday AMC
ICU MEDICAL INC ICUI 0.78 0.58 24.29 Wednesday AMC
IMMUNOMEDICS IMMU -0.14 -0.12 -14.29 Wednesday AMC
IMPERVA INC IMPV -0.29 -0.47 63.46 Wednesday AMC
INNOVIVA INC INVA 0.01 -0.14 -33.33 Wednesday AMC
INTEVAC INC IVAC -0.22 -0.22 25 Wednesday AMC
LANNETT INC LCI 0.95 1.21 11.24 Wednesday AMC
MANNING&NAPIER MN 0.21 0.3 -8.7 Wednesday AMC
MANNKIND CORP MNKD -0.05 -0.09 -14.29 Wednesday AMC
MATRIX SERVICE MTRX 0.36 0.41 15.63 Wednesday AMC
MID-AMER APT CM MAA 1.4 1.32 3.76 Wednesday AMC
MPLX LP MPLX 0.46 0.38 -25.45 Wednesday AMC
MUELLER WATER MWA 0.03 0.03 -6.67 Wednesday AMC
MURPHY USA INC MUSA 0.94 1.79 -4.76 Wednesday AMC
NOBLE CORP PLC NE 0.61 0.47 33.33 Wednesday AMC
NXP SEMICONDUCT NXPI 0.83 1.2 5.93 Wednesday AMC
ORASURE TECH OSUR 0.03 -0.05 400 Wednesday AMC
ORCHIDS PAPER TIS 0.41 0.29 15.38 Wednesday AMC
PACIFIC BIOSCI PACB -0.02 -0.26 0 Wednesday AMC
PENNANTPARK INV PNNT 0.25 0.26 0 Wednesday AMC
PENNYMAC FIN SV PFSI 0.57 0.41 -3.33 Wednesday AMC
PENNYMAC MORTGE PMT 0.46 0.34 4.26 Wednesday AMC
ROADRUNNER TRAN RRTS 0.31 0.32 -15.79 Wednesday AMC
SHUTTERFLY INC SFLY 3.59 2.57 -15.83 Wednesday AMC
SOLAREDGE TECH SEDG 0.31 N/A 18.52 Wednesday AMC
SPS COMMERCE SPSC 0.11 0.1 30 Wednesday AMC
SUNCOR ENERGY SU 0.13 0.22 110 Wednesday AMC
TAKE-TWO INTER TTWO 0.4 1.81 533.33 Wednesday AMC
TRIUMPH BANCORP TBK 0.24 0.14 -8.33 Wednesday AMC
TRUEBLUE INC TBI 0.6 0.52 -1.82 Wednesday AMC
TWO HARBORS INV TWO 0.23 0.23 -4.35 Wednesday AMC
WEATHERFORD INT WFT -0.18 0.32 54.55 Wednesday AMC
WESTELL TECH-A WSTL -0.07 -0.09 50 Wednesday AMC
DENSO CORP DNZOY N/A 0.39 N/A Wednesday N/A
GLAXOSMITHKLINE GSK 0.52 0.82 18.33 Wednesday N/A
HITACHI HTHIY N/A 1.4 19.4 Wednesday N/A
AMERISOURCEBRGN ABC 1.25 1.14 -0.85 Thursday BTO
BOSTON SCIENTIF BSX 0.25 0.22 4.35 Thursday BTO
CIGNA CORP CI 1.78 1.69 4.59 Thursday BTO
CLOROX CO CLX 1.05 0.97 11.86 Thursday BTO
CMS ENERGY CMS 0.37 0.35 8.16 Thursday BTO
CONOCOPHILLIPS COP -0.61 0.6 0 Thursday BTO
DELPHI AUTO PLC DLPH 1.38 1.32 0 Thursday BTO
EQT CORP EQT -0.17 0.96 -50 Thursday BTO
INTERCONTNTLEXC ICE 2.99 2.59 0 Thursday BTO
LEVEL 3 COMM LVLT 0.52 0.35 4.35 Thursday BTO
MARSH &MCLENNAN MMC 0.71 0.66 5 Thursday BTO
MCGRAW HILL FIN MHFI 1 0.95 10.19 Thursday BTO
OCCIDENTAL PET OXY -0.12 0.72 250 Thursday BTO
PHILIP MORRIS PM 0.81 1.31 11.71 Thursday BTO
PPL CORP PPL 0.43 0.58 6.25 Thursday BTO
RALPH LAUREN CP RL 2.12 2.41 7.51 Thursday BTO
SNAP-ON INC SNA 2.19 1.97 2.59 Thursday BTO
TECO ENERGY TE 0.23 0.19 0 Thursday BTO
TERADATA CORP TDC 0.65 0.84 -4 Thursday BTO
VULCAN MATLS CO VMC 0.62 0.31 0 Thursday BTO
WEC ENERGY GRP WEC 0.63 0.56 3.39 Thursday BTO
XYLEM INC XYL 0.6 0.62 2.08 Thursday BTO
ASBURY AUTO GRP ABG 1.37 1.07 1.42 Thursday BTO
ASTRAZENECA PLC AZN 0.28 0.38 101.96 Thursday BTO
BCE INC BCE 0.52 0.58 10.77 Thursday BTO
BEAZER HOMES BZH -0.12 -0.17 5.43 Thursday BTO
BRINKS CO THE BCO 0.4 0.69 2.78 Thursday BTO
BROADRIDGE FINL BR 0.33 0.32 22.22 Thursday BTO
BROOKFLD RENWBL BEP 0.12 0.11 -40 Thursday BTO
CARBONITE INC CARB -0.1 -0.09 -220 Thursday BTO
CARLISLE COS IN CSL 1.1 0.81 -3.7 Thursday BTO
CARPENTER TECH CRS 0.26 0.48 -13.33 Thursday BTO
CERV UNIDAS-ADR CCU N/A 0.37 0 Thursday BTO
CHARTER COMM-A CHTR 0 -0.44 23.08 Thursday BTO
COLFAX CORP CFX 0.43 0.72 -41.46 Thursday BTO
COTY INC-A COTY 0.34 0.45 96.67 Thursday BTO
CREDIT SUISSE CS N/A 0.6 N/A Thursday BTO
DUNKIN BRANDS DNKN 0.49 0.46 1.96 Thursday BTO
DUPONT FABROS DFT 0.61 0.62 1.64 Thursday BTO
EQT GP HOLDINGS EQGP 0.12 N/A 75 Thursday BTO
EQT MIDSTRM PTR EQM 1.14 1.12 -3.45 Thursday BTO
FIRST FOUNDATN FFWM 0.28 0.37 -30 Thursday BTO
GAMING AND LEIS GLPI 0.64 0.65 7.81 Thursday BTO
GARTNER INC -A IT 0.89 0.72 7.14 Thursday BTO
GRUBHUB INC GRUB 0.12 0.13 -8.33 Thursday BTO
HIMAX TECH-ADR HIMX 0.02 0.09 0 Thursday BTO
ING GROEP-ADR ING N/A 0.16 N/A Thursday BTO
INVEST TECH-NEW ITG -0.09 0.4 271.43 Thursday BTO
KELLY SVCS A KELYA 0.49 0.54 0 Thursday BTO
KIMBALL ELECTRN KE 0.18 0.25 -15.79 Thursday BTO
LIQUIDITY SVCS LQDT -0.15 0.32 -1522.22 Thursday BTO
MADISON SQUAR-A MSG 1.02 N/A 90.91 Thursday BTO
MAGELLAN MDSTRM MMP 0.88 0.93 17.81 Thursday BTO
MARINEMAX INC HZO -0.03 0.01 10 Thursday BTO
MAXIMUS INC MMS 0.45 0.59 1.92 Thursday BTO
MEDNAX INC MD 1.06 0.89 7.22 Thursday BTO
METSO CORP -ADR MXCYY N/A 0.1 N/A Thursday BTO
MIX TELEMATICS MIXT 0.05 0.05 -42.86 Thursday BTO
MSCI INC-A MSCI 0.59 0.49 13.21 Thursday BTO
NY TIMES A NYT 0.29 0.26 50 Thursday BTO
OLD DOMINION FL ODFL 0.86 0.81 -1 Thursday BTO
OM ASSET MGMT OMAM 0.3 0.39 3.33 Thursday BTO
OXFORD LANE CAP OXLC N/A N/A N/A Thursday BTO
PENN NATL GAMNG PENN 0.07 -0.07 N/A Thursday BTO
PIPER JAFFRAY PJC 0.72 0.9 -48.94 Thursday BTO
PRESTIGE BRANDS PBH 0.49 0.48 5.26 Thursday BTO
PROTO LABS INC PRLB 0.44 0.39 -2.04 Thursday BTO
RESOLUTE FOREST RFP -0.13 0.38 66.67 Thursday BTO
ROFIN-SINAR RSTI 0.23 0.22 8.33 Thursday BTO
ROYAL DTCH SH-A RDS.A 0.6 1.04 -39.78 Thursday BTO
SALLY BEAUTY CO SBH 0.36 0.35 -2.56 Thursday BTO
SEQUANS COMM SQNS -0.06 -0.12 11.11 Thursday BTO
SMITH & NEPHEW SNN 0.91 0.51 N/A Thursday BTO
STATOIL ASA-ADR STO 0.07 0.18 N/A Thursday BTO
STORA ENSO -ADR SEOAY 0.25 0.07 -11.76 Thursday BTO
STRAYER EDUC STRA 1.17 1.21 6.67 Thursday BTO
SUBURB PROPANE SPH 0.73 0.92 11.69 Thursday BTO
SWISSCOM AG ADR SCMWY 0.68 0.74 -39.56 Thursday BTO
TELEDYNE TECH TDY 1.29 1.48 6.87 Thursday BTO
ULTRATECH STEP UTEK -0.19 -0.06 -6.25 Thursday BTO
VIRTU FINL INC VIRT 0.28 N/A 18.75 Thursday BTO
APARTMENT INVT AIV 0.59 0.54 0 Thursday AMC
DOMINION RES VA D 0.87 0.84 -2.83 Thursday AMC
ESSEX PPTY TR ESS 2.55 2.24 1.63 Thursday AMC
HANESBRANDS INC HBI 0.46 0.37 11.11 Thursday AMC
HARTFORD FIN SV HIG 0.98 0.96 -12.24 Thursday AMC
NEWS CORP NEW-A NWSA 0.23 0.26 -28.57 Thursday AMC
NEWS CORP-B NWS N/A 0.26 0 Thursday AMC
PERKINELMER INC PKI 0.87 0.85 10 Thursday AMC
QORVO INC QRVO 0.74 1.42 15.29 Thursday AMC
STERICYCLE INC SRCL 1.09 1.12 -8.47 Thursday AMC
SYMANTEC CORP SYMC 0.18 0.47 2.86 Thursday AMC
Broadcom Corp-A BRCM 0.71 0.76 5.48 Thursday N/A
Baxalta Inc. BXLT 0.56 N/A 16.67 Thursday N/A
Cummings Inc. CMI 2.16 2.56 -17.37 Thursday N/A
ACETO CORP ACET 0.32 0.28 15.63 Thursday AMC
ACXIOM CORP ACXM 0.06 0.16 16.67 Thursday AMC
AMTEC SYSTEMS ASYS -0.32 -0.53 0 Thursday AMC
APTARGROUP INC ATR 0.64 0.63 6.41 Thursday AMC
ASPEN INS HLDGS AHL 1.35 0.97 1.09 Thursday AMC
ATHENAHEALTH IN ATHN 0.16 0.32 450 Thursday AMC
CALLAWAY GOLF ELY -0.36 -0.54 55.56 Thursday AMC
CARDICA INC CRDC -0.05 -0.06 0 Thursday AMC
CARDTRONICS INC CATM 0.65 0.57 4.41 Thursday AMC
CHANNELADVISOR ECOM -0.2 -0.25 36.67 Thursday AMC
CONTROL4 CORP CTRL 0.01 0.15 33.33 Thursday AMC
COVISINT CORP COVS -0.11 -0.15 0 Thursday AMC
DCT INDUSTRIAL DCT 0.5 0.47 0 Thursday AMC
DECKERS OUTDOOR DECK 4.86 4.5 3.74 Thursday AMC
DEVRY EDUCATION DV 0.66 0.75 5.56 Thursday AMC
DOMINION MIDSTR DM 0.28 0.15 21.74 Thursday AMC
ECHO GLOBAL LOG ECHO 0.14 0.2 -11.11 Thursday AMC
EGAIN CORP EGAN -0.12 -0.2 0 Thursday AMC
ELIZABETH ARDEN RDEN 0.6 0.28 -5.88 Thursday AMC
ENOVA INTL INC ENVA 0.1 0.68 -51.72 Thursday AMC
ESTERLINE TECHN ESL 1 0.98 N/A Thursday AMC
FLEETCOR TECH FLT 1.52 1.31 3.97 Thursday AMC
FLUIDIGM CORP FLDM -0.46 -0.26 44.44 Thursday AMC
GENPACT LTD G 0.3 0.23 17.86 Thursday AMC
GENWORTH FINL GNW 0.21 -0.84 -43.48 Thursday AMC
HANOVER INSURAN THG 1.58 1.77 14.18 Thursday AMC
HARTE-HANKS INC HHS 0.08 0.16 166.67 Thursday AMC
IND BACHOCO-ADR IBA 0.87 2.12 -4.12 Thursday AMC
INPHI CORP IPHI 0.08 0.14 33.33 Thursday AMC
INTERMOLECULAR IMI -0.11 -0.13 0 Thursday AMC
KEMPER CORP KMPR 0.6 1.02 20.69 Thursday AMC
KITE REALTY GRP KRG 0.5 0.5 2 Thursday AMC
LIGHTPATH TECH LPTH 0.03 -0.01 200 Thursday AMC
LINKEDIN CORP-A LNKD 0 0.12 81.25 Thursday AMC
LIONS GATE ETMT LGF 0.59 0.66 -966.67 Thursday AMC
LUMENTUM HLDGS LITE 0.17 N/A 7.14 Thursday AMC
M/I HOMES INC MHO 0.59 0.36 -16.39 Thursday AMC
MCBC HOLDINGS MCFT 0.09 N/A 11.11 Thursday AMC
METTLER-TOLEDO MTD 4.61 4.24 2.52 Thursday AMC
MINERAL TECH MTX 0.97 1.23 1.92 Thursday AMC
MOBILE IRON INC MOBL -0.23 -0.21 -16 Thursday AMC
MONOLITHIC PWR MPWR 0.28 0.23 15.15 Thursday AMC
NATL FUEL GAS NFG 0.76 1 -2.38 Thursday AMC
NET 1 UEPS TECH UEPS 0.49 0.54 0 Thursday AMC
NETGEAR INC NTGR 0.56 0.54 26.09 Thursday AMC
NEUSTAR INC -A NSR 1.05 1.01 17 Thursday AMC
NEW RELIC INC NEWR -0.42 -0.43 3.33 Thursday AMC
NIC INC EGOV 0.14 0.12 11.76 Thursday AMC
OCULUS INNOVATV OCLS N/A -0.22 21.43 Thursday AMC
OUTERWALL INC OUTR 0.69 2.44 35.58 Thursday AMC
PAYLOCITY HLDG PCTY -0.11 -0.13 60 Thursday AMC
PENNANTPARK FRC PFLT 0.2 0.37 80 Thursday AMC
PIEDMONT OFFICE PDM 0.41 0.39 0 Thursday AMC
PIXELWORKS INC PXLW -0.13 -0.12 44.44 Thursday AMC
POST HOLDINGS POST 0.25 -1.15 -75 Thursday AMC
POST PPTYS INC PPS 0.77 0.72 2.7 Thursday AMC
POWER INTGRATIO POWI 0.4 0.52 12.82 Thursday AMC
RINGCENTRAL INC RNG -0.08 -0.15 27.27 Thursday AMC
ROYAL GOLD INC RGLD 0.21 0.23 -39.29 Thursday AMC
SCIQUEST INC SQI 0.05 0.04 33.33 Thursday AMC
SELECT INS GRP SIGI 0.7 0.72 19.12 Thursday AMC
SIMPSON MFG INC SSD 0.23 0.21 -2.22 Thursday AMC
SKYWEST INC SKYW 0.44 0.31 7.58 Thursday AMC
TABLEAU SOFTWAR DATA -0.09 0.27 -46.15 Thursday AMC
TEMPUR SEALY TPX 0.99 0.86 2.78 Thursday AMC
TIM PARTICP-ADR TSU 0.17 0.34 -8.7 Thursday AMC
TTM TECHNOLOGIE TTMI 0.1 0.26 -300 Thursday AMC
UBIQUITI NETWRK UBNT 0.49 0.52 6.38 Thursday AMC
UNIVL TECH INST UTI 0.11 0.15 -800 Thursday AMC
UQM TECH INC UQM -0.03 -0.03 -100 Thursday AMC
VIAD CORP VVI -0.01 -0.25 25.81 Thursday AMC
WESCO AIRCRAFT WAIR 0.25 0.25 3.85 Thursday AMC
YRC WORLDWD INC YRCW 0.2 0.16 41.86 Thursday AMC
ABIOMED INC ABMD 0.16 0.3 30.77 Thursday N/A
BADGER METER BMI 0.47 0.48 -12.12 Thursday N/A
CAMDEN NTL CORP CAC 0.83 0.82 1.09 Thursday N/A
DAIMLER AG DDAIF N/A 1.17 N/A Thursday N/A
DASSAULT SY-ADR DASTY 0.68 0.66 20.37 Thursday N/A
EMPIRE DISTRICT EDE 0.29 0.26 -3.33 Thursday N/A
FUJI HEAVY ADR FUJHY 2.96 1.7 N/A Thursday N/A
HARMONY GOLD HMY N/A -0.11 N/A Thursday N/A
MULTI-FINELINE MFLX 0.34 0.63 55.88 Thursday N/A
OMNICELL INC OMCL 0.28 0.31 -7.41 Thursday N/A
PATTERSON-UTI PTEN -0.48 0.39 23.53 Thursday N/A
SENSIENT TECH SXT 0.71 0.71 0 Thursday N/A
SIERRA WIRELESS SWIR 0.02 0.21 6.25 Thursday N/A
VALERO EGY PTNR VLP 0.58 0.32 -1.92 Thursday N/A
VODAFONE GP PLC VOD N/A N/A N/A Thursday N/A
AMETEK INC AME 0.63 0.63 0 Friday BTO
AON PLC AON 2.09 1.89 0.81 Friday BTO
CME GROUP INC CME 0.9 0.95 4.08 Friday BTO
ESTEE LAUDER EL 1.1 1.13 18.84 Friday BTO
EVERSOURCE EGY ES 0.66 0.72 0 Friday BTO
MOODYS CORP MCO 1.07 1.12 3.74 Friday BTO
TYSON FOODS A TSN 0.87 0.77 -7.78 Friday BTO
WEYERHAEUSER CO WY 0.24 0.27 29.63 Friday BTO
BEACON ROOFING BECN 0.36 0.26 8.7 Friday BTO
BG GRP PLC-ADR BRGYY 0.03 0.27 60 Friday BTO
BROOKFIELD PPTY BPY 0.31 2.09 10.71 Friday BTO
COLLIERS INT GP CIGI 1.07 1.1 37.84 Friday BTO
DOMTAR CORP UFS 0.86 1.41 56.36 Friday BTO
FIRST NIAGARA FNFG 0.15 0.17 0 Friday BTO
IRADIMED CORP IRMD 0.19 0.02 0 Friday BTO
MOBILE MINI INC MINI 0.39 0.37 2.94 Friday BTO
MSG NETWORKS MSGN 0.48 0.78 1.89 Friday BTO
SAIA INC SAIA 0.31 0.49 -30.3 Friday BTO
USG CORP USG 0.34 0.24 -8.77 Friday BTO
WISDOMTREE INV WETF 0.14 0.07 0 Friday BTO
GOLUB CAPITAL GBDC 0.32 0.31 -6.25 Friday AMC
WGL HLDGS INC WGL 1.31 1.16 32.35 Friday AMC
NIPPON TELE-ADR NTT N/A 0.62 N/A Friday N/A

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