We are off to a strong start in the Q2 earnings season, with all around positive surprises and plenty of momentum on the revenue side. Importantly, estimates for Q3 and beyond are holding up nicely.
With results from 87 S&P 500 members that combined account for a quarter of the index’s total capitalization, we can say with a fair level of confidence that the Q2 earnings season is on track to be as good as what we saw in 2018 Q1. Please recall that Q1 earnings growth had reached the highest level in more than 7 years, with many seeing that growth pace representing a peak.
The blended Q2 earnings growth (blending the reported with the unreported) at present of +21% is below the preceding quarter’s +24.6% level. But given the momentum we have seen from the 87 S&P 500 members that have reported already, both in terms of growth as well as positive surprises, we can see Q2 earnings growth steadily moving towards the Q1 level as the remainder of this earnings season unfolds.
This week is particularly busy in that respect, with more than 750 companies reporting results, including 175 S&P 500 members. This week’s reporting docket has representation from a cross section of the business world, from Alphabet (GOOGL Quick Quote GOOGL - Free Report ) and Facebook to 3M (MMM Quick Quote MMM - Free Report ) , Boeing (BA Quick Quote BA - Free Report ) , Exxon (XOM Quick Quote XOM - Free Report ) and plenty in between.
Let me share one standout feature the Q2 results thus far before we get into the scorecard. This standout feature pertains to revenues, with the proportion of companies beating revenue Q2 estimates tracking significantly above any other recent period. You can see this in the chart below which shows that the proportion of companies beating revenue estimates is tracking 20 percentage points above the average over the last twelve quarters.
Q2 Earnings Season Scorecard (as of July 20th , 2018 )
We now have Q2 results from 87 S&P 500 members that combined account for 25.7% of the index’s total market capitalization, with total earnings for these 87 companies up +20.9% from the same period last year on +10.3% higher revenues, with 86.2% of the companies beating EPS estimates, and 77% surpassing revenue estimates.
The comparison charts below put results from these 87 index members in a historical context.
As you can see, the growth pace is a tad bit below prior-quarter’s level, but materially above the 4- and 12-qurater averages. The proportion of positives surprises, as earlier pointed out, is tracking materially above historical periods.
The chart below zooms in on the revenue side of the results thus far.
Please note that the Q2 revenue growth comparison (left-hand chart above) moves above the preceding quarter’s level when seen on an ex-Finance basis.
Overall Expectations for 2018 Q2
Looking at Q2 as a whole, combining the actual results from the 87 index members with estimates from the still-to-come 413 companies, total earnings are expected to be up +21% from the same period last year on +8.3% higher revenues, with double-digit earnings growth for 11 of the 16 Zacks sectors. This would follow +24.6% earnings growth in 2018 Q1 on +8.7%, the highest growth in almost 7 years.
The table below shows the summary picture for Q2, contrasted with what was actually achieved in Q1.
The Earnings Growth Peak
The chart below compares current Q2 earnings growth expectations with what was actually achieved in the preceding 5 quarters and what is expected in the following 4 quarters.
When market commentators talk about earnings growth peak, it is the growth comparison in this chart they are referring to. Looking at this chart, it is obvious that growth has peaked already, with the pace decelerating going forward.
We should keep in mind however that actual results typically come in better than expected, with actuals exceeding estimates in the 3% to 5% range. This means that the 21% growth pace currently expected in Q2 will likely be closer to the 2018 Q1 tally when all is said and done.
The chart below shows the growth pace on trailing 4-quarter basis, which tends to smooth out the quarter-to-quarter jumps.
The two charts above provide different answers to the ‘peak earnings’ question. The first chart shows that the growth rate likely peaked in 2018 Q1, while second chart shows the expected to ‘peak’ to arrive in the last quarter of the year.
We should keep in mind that this earnings cycle got underway back in 2009 when the U.S. economy got out of its last recession. By this time, earnings growth should have come down to the historical ‘normalized’ pace in the mid-single digits level. The reason we have these impressive growth numbers is thanks mostly to the effect of the tax cuts, which will start wearing off towards the end of 2019.
In other words, earnings likely haven’t peaked yet. But with this cycle so long in tooth, we are steadily moving towards that stage.
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Here is a list of the 668 companies including 175 S&P 500 and reporting this week.
Company Ticker Current Qtr Year-Ago Qtr Last EPS Surprise % Report Day Time LUXOTTICA ADR LUXTY N/A N/A N/A Monday N/A HALLIBURTON CO HAL 0.59 0.23 0.00% Monday BTO HASBRO INC HAS 0.3 0.53 -67.74% Monday BTO ILL TOOL WORKS ITW 1.98 1.66 2.70% Monday BTO LINCOLN ELECTRC LECO 1.23 0.97 1.85% Monday BTO OPUS BANK OPB 0.34 0.51 -20.93% Monday BTO BANK OF MARIN BMRC 1.02 0.84 -2.15% Monday BTO NETGEAR INC NTGR 0.52 0.49 -37.29% Monday BTO PETMED EXPRESS PETS 0.64 0.45 13.64% Monday BTO KONINKLIJKE PHL PHG N/A 0.2 N/A Monday BTO BANK OF HAWAII BOH 1.3 1.05 4.07% Monday BTO POPULAR INC BPOP 0.97 0.94 12.66% Monday BTO CADENCE BANCORP CADE 0.49 0.35 2.22% Monday BTO COMMNTY BK SYS CBU 0.81 0.73 13.89% Monday BTO LENNOX INTL INC LII 3.56 2.83 4.63% Monday BTO OLD NATL BCP ONB 0.26 0.29 17.24% Monday BTO SCORPIO BULKERS SALT 0.03 -0.18 -166.67% Monday BTO CAL-MAINE FOODS CALM N/A -0.51 10.00% Monday BTO ALPHABET INC-A GOOGL 9.51 5.01 7.82% Monday AMC CADENCE DESIGN CDNS 0.23 0.25 30.00% Monday AMC WHIRLPOOL CORP WHR 3.63 3.35 -3.77% Monday AMC ZIONS BANCORP ZION 0.92 0.73 31.33% Monday AMC AMER CAMPUS CTY ACC 0.53 0.53 -1.59% Monday AMC CRANE CO CR 1.35 1.17 3.15% Monday AMC FB FINANCIAL CP FBK 0.72 0.49 4.76% Monday AMC NBT BANCORP INC NBTB 0.62 0.49 0.00% Monday AMC OWENS-ILLINOIS OI 0.75 0.75 1.72% Monday AMC VALMONT INDS VMI 1.94 2.01 4.47% Monday AMC AGREE RLTY CORP ADC 0.71 0.67 0.00% Monday AMC TD AMERITRADE AMTD 0.79 0.44 1.39% Monday AMC ENTERPRISE FINL EFSC 0.86 0.56 -2.33% Monday AMC EQUITY LIFESTYL ELS 0.9 0.81 0.00% Monday AMC FIRST BK HAM NJ FRBA 0.27 0.16 -8.00% Monday AMC HELIX EGY SOLUT HLX 0.06 -0.04 66.67% Monday AMC HOMESTREET INC HMST 0.35 0.42 -25.00% Monday AMC HNI CORP HNI 0.34 0.42 233.33% Monday AMC HEARTLAND FINCL HTLF 0.91 0.81 -12.64% Monday AMC HEXCEL CORP HXL 0.76 0.67 1.49% Monday AMC KAISER ALUMINUM KALU 1.58 1.47 6.67% Monday AMC MOELIS & CO MC 0.57 0.66 -7.14% Monday AMC MERIT MEDICAL MMSI 0.4 0.36 6.90% Monday AMC STEEL DYNAMICS STLD 1.49 0.63 5.49% Monday AMC VERITEX HLDGS VBTX 0.44 0.23 0.00% Monday AMC VERACYTE INC VCYT -0.27 -0.22 -8.00% Monday AMC WESBANCO INC WSBC 0.73 0.6 8.57% Monday AMC BROWN & BROWN BRO 0.27 0.25 13.79% Monday AMC HEALTHSTREAM HSTM 0.07 0.08 83.33% Monday AMC INDEP BANK GRP IBTX 1.15 0.82 -4.63% Monday AMC RBB BANCORP RBB N/A 0.62 N/A Monday AMC SIMMONS FIRST A SFNC 0.58 0.42 11.76% Monday AMC WERNER ENTRPRS WERN 0.5 0.32 2.70% Monday AMC WSFS FINL CORP WSFS 0.81 0.63 2.70% Monday AMC OUTOKUMPO OY OUTKY N/A 0.14 N/A Tuesday N/A TELEKOM AUSTRIA TKAGY N/A 0.44 N/A Tuesday N/A AVERY DENNISON AVY 1.56 1.31 7.46% Tuesday BTO HARLEY-DAVIDSON HOG 1.41 1.48 21.57% Tuesday BTO KIMBERLY CLARK KMB 1.6 1.49 0.00% Tuesday BTO 3M CO MMM 2.59 2.58 0.00% Tuesday BTO BIOGEN INC BIIB 5.26 5.04 2.02% Tuesday BTO CENTENE CORP CNC 1.76 1.59 13.02% Tuesday BTO QUEST DIAGNOSTC DGX 1.75 1.55 0.00% Tuesday BTO INTERPUBLIC GRP IPG 0.43 0.27 -25.00% Tuesday BTO SHERWIN WILLIAM SHW 5.59 4.52 13.69% Tuesday BTO UTD TECHS CORP UTX 1.85 1.85 17.22% Tuesday BTO VERIZON COMM VZ 1.14 0.96 5.41% Tuesday BTO WATERS CORP WAT 1.92 1.76 2.58% Tuesday BTO IQVIA HOLDINGS IQV 1.14 1.09 3.33% Tuesday BTO LILLY ELI & CO LLY 1.31 1.11 18.58% Tuesday BTO LOCKHEED MARTIN LMT 3.89 3.23 20.00% Tuesday BTO PACCAR INC PCAR 1.43 1.06 10.69% Tuesday BTO CONSTELLIUM NV CSTM 0.3 0.16 0.00% Tuesday BTO MEDIDATA SOLUTN MDSO 0.19 0.18 33.33% Tuesday BTO PAC PREMIER BCP PPBI 0.62 0.51 -1.59% Tuesday BTO NEOGENOMICS INC NEO 0.03 0.02 0.00% Tuesday BTO POLYONE CORP POL 0.72 0.63 4.62% Tuesday BTO UBS GROUP AG UBS N/A 0.31 N/A Tuesday BTO AVANGRID INC AGR 0.48 0.46 -1.27% Tuesday BTO ALLEGHENY TECH ATI 0.36 0.09 33.33% Tuesday BTO AUDIOCODES LTD AUDC 0.07 0.06 83.33% Tuesday BTO BANKUNITED INC BKU 0.79 0.6 6.94% Tuesday BTO CIT GROUP CIT 0.97 0.9 -22.92% Tuesday BTO COMMVAULT SYSTM CVLT -0.02 -0.06 -57.14% Tuesday BTO FLAGSTAR BANCP FBC 0.84 0.71 15.38% Tuesday BTO FRANKLIN ELEC FELE 0.7 0.58 18.42% Tuesday BTO FNB CORP FNB 0.27 0.23 0.00% Tuesday BTO GRAPHIC PKG HLD GPK 0.2 0.15 11.76% Tuesday BTO JETBLUE AIRWAYS JBLU 0.36 0.64 22.73% Tuesday BTO LIBERTY PPTY TR LPT 0.65 0.65 4.84% Tuesday BTO NORSK HYDRO ADR NHYDY N/A 0.13 30.77% Tuesday BTO PEOPL BNCP-OHIO PEBO 0.61 0.53 -6.67% Tuesday BTO SYNOVUS FINL CP SNV 0.88 0.6 10.26% Tuesday BTO SENSATA TECHNOL ST 0.93 0.81 1.19% Tuesday BTO TRANSUNION TRU 0.55 0.43 15.22% Tuesday BTO ASBURY AUTO GRP ABG 1.95 1.58 5.46% Tuesday BTO NEW ORIENTAL ED EDU N/A 0.35 N/A Tuesday BTO HUBBELL INC HUBB 1.78 1.51 0.72% Tuesday BTO PEABODY ENERGY BTU 1.06 -0.18 -1.19% Tuesday BTO UPM-KYMMENE ADR UPMKY N/A 0.42 N/A Tuesday BTO WABTECH WAB 0.94 0.8 2.22% Tuesday BTO STRYKER CORP SYK 1.73 1.53 5.00% Tuesday AMC TOTAL SYS SVC TSS 1.02 0.82 17.02% Tuesday AMC CHUBB LTD CB 2.63 2.5 4.46% Tuesday AMC EQUITY RESIDENT EQR 0.8 0.77 -1.28% Tuesday AMC ROBT HALF INTL RHI 0.85 0.64 9.59% Tuesday AMC AT&T INC T 0.85 0.79 -2.30% Tuesday AMC AMERIPRISE FINL AMP 3.51 2.8 6.63% Tuesday AMC TEXAS INSTRS TXN 1.33 1.03 9.01% Tuesday AMC COMPANHIA BRASL CBD 0.15 0.45 23.08% Tuesday AMC CARLISLE COS IN CSL 1.66 1.67 8.60% Tuesday AMC IDEX CORP IEX 1.31 1.08 4.03% Tuesday AMC SUPERIOR ENERGY SPN -0.22 -0.41 2.86% Tuesday AMC UMB FINL CORP UMBF 1.13 0.9 11.32% Tuesday AMC BERKLEY (WR) CP WRB 0.82 0.65 12.36% Tuesday AMC ACADIA RLTY TR AKR 0.33 0.37 -2.94% Tuesday AMC BRIGHT SCHL-ADR BEDU N/A N/A N/A Tuesday AMC BLACKSTONE MRTG BXMT 0.59 0.54 -1.72% Tuesday AMC CDN NATL RY CO CNI 1.05 1 -1.25% Tuesday AMC COSTAR GRP INC CSGP 1.07 0.77 23.08% Tuesday AMC FIRST COMW FINL FCF 0.26 0.21 0.00% Tuesday AMC FLUSHING FINL FFIC 0.48 0.46 -17.78% Tuesday AMC HAWAIIAN HLDGS HA 1.26 1.58 32.93% Tuesday AMC HANMI FINL CP HAFC 0.54 0.45 -14.81% Tuesday AMC HIGHWOODS PPTYS HIW 0.86 0.9 3.66% Tuesday AMC INPHI CORP IPHI -0.23 0.09 14.71% Tuesday AMC IROBOT CORP IRBT 0.17 0.27 32.00% Tuesday AMC KNOWLES CORP KN 0.09 0.06 -33.33% Tuesday AMC MANHATTAN ASOC MANH 0.35 0.47 23.08% Tuesday AMC MKS INSTRUMENTS MKSI 2.22 1.41 4.02% Tuesday AMC NATIONAL BK HLD NBHC 0.48 0.33 30.56% Tuesday AMC RENAISSANCERE RNR 3.01 2.79 25.46% Tuesday AMC SLM CORP SLM 0.23 0.16 12.50% Tuesday AMC STERLING BANCP STL 0.48 0.33 0.00% Tuesday AMC SPIRIT OF TX BC STXB 0.29 N/A N/A Tuesday AMC TERADYNE INC TER 0.49 0.9 7.14% Tuesday AMC UTD CMNTY BK/GA UCBI 0.54 0.41 -1.96% Tuesday AMC CHEMICAL FINL CHFC 0.95 0.75 5.43% Tuesday AMC FCB FINL HLDGS FCB 0.91 0.71 2.41% Tuesday AMC FIRST MIDWST BK FMBI 0.39 0.35 -13.16% Tuesday AMC HERSHA HOSPTLY HT 0.66 0.77 250.00% Tuesday AMC NAVIENT CORP NAVI 0.48 0.43 -2.44% Tuesday AMC BANK OF NT BUTR NTB 0.89 0.67 3.85% Tuesday AMC PS BUSINESS PKS PSB 1.58 1.55 6.00% Tuesday AMC RUSH ENTRPRS-A RUSHA 0.72 0.54 48.94% Tuesday AMC TRUSTMARK CP TRMK 0.55 0.47 8.00% Tuesday AMC TRANSCAT INC TRNS 0.17 0.12 17.39% Tuesday AMC WASTE CONNECTN WCN 0.63 0.55 0.00% Tuesday AMC SMARTFINANCIAL SMBK 0.36 0.2 -2.86% Tuesday AMC DEUTSCHE BK AG DB N/A 0.08 N/A Wednesday N/A GLAXOSMITHKLINE GSK 0.71 0.7 -2.86% Wednesday N/A TURKCELL IL-ADR TKC N/A 0.23 N/A Wednesday N/A LONZA GROUP AG LZAGY N/A N/A N/A Wednesday N/A SEMPRA ENERGY SRE 1.16 1.1 -14.37% Wednesday BTO BOSTON SCIENTIF BSX 0.34 0.32 6.45% Wednesday BTO GENL DYNAMICS GD 2.49 2.45 7.29% Wednesday BTO COCA COLA CO KO 0.6 0.59 2.17% Wednesday BTO PENTAIR PLC PNR 0.69 1 6.02% Wednesday BTO TE CONNECT-LTD TEL 1.37 1.24 4.41% Wednesday BTO ANTHEM INC ANTM 4.19 3.37 12.01% Wednesday BTO SMITH (AO) CORP AOS 0.62 0.53 3.45% Wednesday BTO BOEING CO BA 3.48 2.55 40.54% Wednesday BTO DTE ENERGY CO DTE 0.93 1.07 1.06% Wednesday BTO FREEPT MC COP-B FCX 0.54 0.17 -20.69% Wednesday BTO FLIR SYSTEMS FLIR 0.49 0.42 11.63% Wednesday BTO HESS CORP HES -0.32 -1.46 46.00% Wednesday BTO LABORATORY CP LH 2.92 2.47 5.30% Wednesday BTO NASDAQ INC NDAQ 1.16 1.02 5.08% Wednesday BTO NEXTERA ENERGY NEE 1.99 1.86 8.99% Wednesday BTO ROCKWELL AUTOMT ROK 2.03 1.76 5.00% Wednesday BTO THERMO FISHER TMO 2.63 2.3 3.31% Wednesday BTO T ROWE PRICE TROW 1.75 1.28 5.45% Wednesday BTO UTD PARCEL SRVC UPS 1.92 1.58 0.65% Wednesday BTO WASTE MGMT-NEW WM 1.01 0.81 10.98% Wednesday BTO AMER ELEC PWR AEP 0.84 0.75 -3.03% Wednesday BTO AMPHENOL CORP-A APH 0.85 0.81 3.75% Wednesday BTO CORNING INC GLW 0.37 0.42 3.33% Wednesday BTO GENERAL MOTORS GM 1.88 1.89 17.21% Wednesday BTO HUNTINGTON BANC HBAN 0.29 0.26 0.00% Wednesday BTO HCA HOLDINGS HCA 2.14 1.75 12.56% Wednesday BTO HILTON WW HLDG HLT 0.7 0.52 7.84% Wednesday BTO INGERSOLL RAND IR 1.72 1.49 12.90% Wednesday BTO NORFOLK SOUTHRN NSC 2.31 1.71 9.04% Wednesday BTO NORTHROP GRUMMN NOC 3.83 3.15 15.98% Wednesday BTO DANA INC DAN 0.77 0.68 13.64% Wednesday BTO FIAT CHRYSLER FCAU 0.91 0.76 17.39% Wednesday BTO TUPPERWARE BRND TUP 1.12 1.21 3.41% Wednesday BTO BRINKS CO THE BCO 0.75 0.64 8.33% Wednesday BTO DASSAULT SY-ADR DASTY 0.72 0.61 -1.59% Wednesday BTO EURONET WORLDWD EEFT 1.26 1.01 -2.94% Wednesday BTO INTEGRA LIFESCI IART 0.6 0.45 18.37% Wednesday BTO LITHIA MOTORS LAD 2.98 2.28 -13.75% Wednesday BTO OWENS CORNING OC 1.44 1.2 -16.67% Wednesday BTO STEPAN CO SCL 1.37 1.32 -6.16% Wednesday BTO SILGAN HOLDINGS SLGN 0.52 0.35 16.67% Wednesday BTO VODAFONE GP PLC VOD N/A N/A N/A Wednesday BTO WATSCO INC WSO 2.5 2.07 0.00% Wednesday BTO ATTUNITY LTD ATTU -0.06 -0.17 120.00% Wednesday BTO AVX CORP AVX 0.18 0.19 0.00% Wednesday BTO NATUS MEDICAL BABY 0.26 0.34 0.00% Wednesday BTO CHECK PT SOFTW CHKP 1.19 1.14 0.00% Wednesday BTO CENTRAL PAC FIN CPF 0.47 0.39 -2.04% Wednesday BTO CONS PORTFOLIO CPSS 0.15 0.17 -36.84% Wednesday BTO EVERCORE INC EVR 1.4 1.06 35.76% Wednesday BTO FIRST BNCRP P R FBP 0.14 0.13 55.56% Wednesday BTO FORRESTER RESH FORR 0.29 0.34 -233.33% Wednesday BTO FIRSTSERVICE CP FSV 0.54 0.5 -10.71% Wednesday BTO HESS MIDSTREAM HESM 0.3 0.21 3.45% Wednesday BTO M/I HOMES INC MHO 0.93 0.73 -7.04% Wednesday BTO MARKETAXESS HLD MKTX 1.05 1 4.10% Wednesday BTO MARINE PRODUCTS MPX 0.21 0.18 29.41% Wednesday BTO NEXTERA EGY PTR NEP 0.49 0.24 202.50% Wednesday BTO NEW YORK CMNTY NYCB 0.2 0.22 0.00% Wednesday BTO PROSPERITY BCSH PB 1.15 0.99 -6.14% Wednesday BTO RYDER SYS R 1.29 1 3.41% Wednesday BTO RPC INC RES 0.29 0.2 -14.29% Wednesday BTO ROLLINS INC ROL 0.32 0.25 0.00% Wednesday BTO SANTANDER CNSMR SC 0.74 0.7 67.50% Wednesday BTO SIX FLAGS ENTMT SIX 0.93 0.59 6.33% Wednesday BTO SILICON LAB INC SLAB 0.59 0.57 22.64% Wednesday BTO STMICROELECTRON STM 0.3 0.17 3.70% Wednesday BTO TENNANT CO TNC 0.51 0.6 80.00% Wednesday BTO TRIVAGO NV ADS TRVG -0.07 -0.01 -250.00% Wednesday BTO UNVL STAINLESS USAP 0.43 0.17 21.74% Wednesday BTO USG CORP USG 0.61 0.44 -21.95% Wednesday BTO WIX.COM LTD WIX -0.2 -0.26 -2.44% Wednesday BTO BOK FINL CORP BOKF 1.71 1.35 5.92% Wednesday BTO GRUBHUB INC GRUB 0.31 0.22 62.96% Wednesday BTO HERITAGE FIN CP HFWA 0.44 0.39 -6.82% Wednesday BTO KEMET CORP KEM 0.44 0.32 2.56% Wednesday BTO LAKELAND FINL LKFN 0.74 0.6 1.43% Wednesday BTO LAMB WESTON HLD LW 0.62 0.51 13.75% Wednesday BTO SIRIUS XM HLDGS SIRI 0.06 0.04 20.00% Wednesday BTO POLARIS INDUS PII 1.62 1.16 21.84% Wednesday BTO DUKE REALTY CP DRE 0.33 0.32 3.33% Wednesday AMC FORD MOTOR CO F 0.37 0.56 4.88% Wednesday AMC MONDELEZ INTL MDLZ 0.54 0.48 1.64% Wednesday AMC UNIVL HLTH SVCS UHS 2.39 1.94 -5.41% Wednesday AMC CITRIX SYS INC CTXS 0.97 0.83 34.12% Wednesday AMC EQUIFAX INC EFX 1.54 1.6 4.38% Wednesday AMC TECHNIPFMC PLC FTI 0.39 0.45 -12.50% Wednesday AMC MATTEL INC MAT -0.32 -0.14 -53.85% Wednesday AMC MOHAWK INDS INC MHK 3.91 3.72 0.00% Wednesday AMC O REILLY AUTO ORLY 4.04 3.1 0.56% Wednesday AMC PACKAGING CORP PKG 1.97 1.52 1.31% Wednesday AMC PAYPAL HOLDINGS PYPL 0.41 0.36 9.76% Wednesday AMC QUALCOMM INC QCOM 0.58 0.7 21.82% Wednesday AMC RAYMOND JAS FIN RJF 1.64 1.26 0.00% Wednesday AMC TORCHMARK CORP TMK 1.49 1.19 2.05% Wednesday AMC VISA INC-A V 1.08 0.86 9.90% Wednesday AMC VARIAN MEDICAL VAR 1 1.04 8.49% Wednesday AMC VERTEX PHARM VRTX 0.4 0.1 92.86% Wednesday AMC XILINX INC XLNX 0.73 0.63 0.00% Wednesday AMC ADV MICRO DEV AMD 0.1 -0.01 33.33% Wednesday AMC FACEBOOK INC-A FB 1.75 1.32 24.26% Wednesday AMC F5 NETWORKS INC FFIV 1.86 1.55 4.05% Wednesday AMC GILEAD SCIENCES GILD 1.45 2.51 -16.97% Wednesday AMC ALIGN TECH INC ALGN 1.09 0.85 19.39% Wednesday AMC AGNICO EAGLE AEM 0.09 0.26 -11.76% Wednesday AMC BUENAVENTUR-ADR BVN 0.28 0 -38.89% Wednesday AMC CORE LABS NV CLB 0.59 0.52 0.00% Wednesday AMC DDR CORP DDR 0.47 0.6 13.04% Wednesday AMC NEW GOLD INC NGD 0.01 0.02 -250.00% Wednesday AMC QTS REALTY TRST QTS 0.55 0.63 9.68% Wednesday AMC WASHINGTN PRIME WPG 0.37 0.4 5.41% Wednesday AMC BARRICK GOLD CP ABX 0.13 0.22 0.00% Wednesday AMC ALLEGIANT TRAVL ALGT 2.66 2.94 14.00% Wednesday AMC ASGN INC ASGN 1.05 0.78 10.67% Wednesday AMC COUSIN PROP INC CUZ 0.15 0.16 0.00% Wednesday AMC EMPIRE STATE RE ESRT 0.23 0.25 5.26% Wednesday AMC ETHAN ALLEN INT ETH 0.4 0.42 0.00% Wednesday AMC FERRO CORP FOE 0.43 0.37 2.86% Wednesday AMC FIRST INDL RLTY FR 0.4 0.39 0.00% Wednesday AMC GOLDCORP INC GG 0.08 0.12 -27.27% Wednesday AMC JOHN BEAN TECH JBT 1.05 0.58 -5.56% Wednesday AMC RETAIL OPPURTUN ROIC 0.29 0.27 3.45% Wednesday AMC UNIVEST CORP PA UVSP 0.12 0.44 4.76% Wednesday AMC AGNC INVESTMENT AGNC 0.65 0.67 -1.64% Wednesday AMC ANIKA THERAPEUT ANIK 0.29 0.76 -56.00% Wednesday AMC APERGY CORP APY 0.31 N/A N/A Wednesday AMC AQUANTIA CORP AQ -0.06 N/A 0.00% Wednesday AMC APOLLO COMMERCL ARI 0.41 0.46 -7.32% Wednesday AMC ATN INTL INC ATNI -0.2 0.36 -357.14% Wednesday AMC AXT INC AXTI 0.08 0.05 16.67% Wednesday AMC BRIDGEPOINT EDU BPI 0.14 0.21 -91.67% Wednesday AMC BROOKLINE BC BRKL 0.26 0.2 8.33% Wednesday AMC CABOT MICROELEC CCMP 1.21 0.81 13.33% Wednesday AMC COEUR MINING CDE -0.05 -0.01 100.00% Wednesday AMC CHEMED CORP CHE 2.68 2.15 14.77% Wednesday AMC CORELOGIC INC CLGX 0.72 0.65 27.27% Wednesday AMC CYBEROPTICS CYBE 0.02 0.15 33.33% Wednesday AMC DOLBY LAB INC-A DLB 0.69 0.75 3.08% Wednesday AMC ENCOMPASS HLTH EHC 0.83 0.71 14.81% Wednesday AMC EMPLOYERS HLDGS EIG 0.56 0.6 76.00% Wednesday AMC ENSCO PLC ESV -0.33 -0.1 -28.00% Wednesday AMC FIRST INTST MT FIBK 0.74 0.59 -1.45% Wednesday AMC FRANKLIN FNL NW FSB 0.64 0.64 10.61% Wednesday AMC HERITAGE-CRYSTL HCCI 0.2 0.19 -112.50% Wednesday AMC KNIGHT-SWIFT TR KNX 0.56 0.35 10.00% Wednesday AMC KRATON CORP KRA 1.09 0.82 -6.45% Wednesday AMC KILROY REALTY KRC 0.9 0.87 4.44% Wednesday AMC LEGG MASON INC LM 0.78 0.66 22.86% Wednesday AMC LAS VEGAS SANDS LVS 0.79 0.73 20.93% Wednesday AMC MONOLITHIC PWR MPWR 0.59 0.36 -1.96% Wednesday AMC MSA SAFETY INC MSA 1.14 0.85 21.69% Wednesday AMC INGEVITY CORP NGVT 0.99 0.78 29.51% Wednesday AMC SERVICENOW INC NOW -0.1 -0.25 300.00% Wednesday AMC ORIGIN BANCORP OBNK 0.45 N/A N/A Wednesday AMC OCEANEERING INT OII -0.26 0.02 -24.24% Wednesday AMC PCMI INC PCMI 0.5 0.44 20.00% Wednesday AMC PEBBLEBROOK HTL PEB 0.73 0.75 -54.69% Wednesday AMC QEP RESOURCES QEP -0.12 -0.12 -11.11% Wednesday AMC SMART&FINAL STR SFS 0.11 0.12 27.27% Wednesday AMC SJW CORP SJW 0.72 0.68 0.00% Wednesday AMC SLEEP NUMBER CP SNBR 0 0.1 -7.14% Wednesday AMC SUNCOR ENERGY SU 0.55 0.09 6.67% Wednesday AMC INTERFACE INC A TILE 0.42 0.33 4.17% Wednesday AMC CVR PARTNERS LP UAN -0.24 -0.03 -30.77% Wednesday AMC ATLANTIC CAP BC ACBI 0.28 0.17 11.76% Wednesday AMC AXIS CAP HLDGS AXS 1.19 1.31 20.66% Wednesday AMC BANNER CORP BANR 0.86 0.78 17.11% Wednesday AMC CURTISS WRIGHT CW 1.28 1.13 11.36% Wednesday AMC FORWARD AIR CRP FWRD 0.75 0.64 5.26% Wednesday AMC GETTY REALTY CP GTY 0.45 0.53 -10.64% Wednesday AMC INTRICON CORP IIN 0.1 0.08 400.00% Wednesday AMC KIRBY CORP KEX 0.71 0.48 8.06% Wednesday AMC LANDSTAR SYSTEM LSTR 1.52 0.89 0.74% Wednesday AMC MARTIN MIDSTRM MMLP 0.05 0.03 -5.88% Wednesday AMC MERITAGE HOMES MTH 1.1 0.98 44.59% Wednesday AMC EXTENDED STAY STAY 0.34 0.31 11.76% Wednesday AMC SUN CMNTYS INC SUI 1.05 0.96 0.00% Wednesday AMC TRINITY INDS IN TRN 0.38 0.33 36.36% Wednesday AMC BIOTELEMETRY BEAT 0.31 0.23 56.00% Wednesday AMC CVR REFINING LP CVRR 0.7 -0.13 391.67% Wednesday AMC ECHO GLOBAL LOG ECHO 0.31 0.12 73.68% Wednesday AMC GRACO INC GGG 0.5 0.46 17.07% Wednesday AMC IMAX CORP IMAX 0.18 0.08 180.00% Wednesday AMC METHANEX CORP MEOH 1.7 0.85 -2.40% Wednesday AMC BRITISH AM TOB BTI 1.85 N/A N/A Thursday N/A DAIMLER AG DDAIF 1.88 2.51 6.97% Thursday N/A RELX NV RENX N/A N/A N/A Thursday N/A METSO CORP -ADR MXCYY N/A 0.07 N/A Thursday N/A RELX PLC RELX N/A N/A N/A Thursday N/A SCOR ADR SCRYY N/A 0.09 N/A Thursday N/A SMITH & NEPHEW SNN 0.86 N/A N/A Thursday N/A SUBSEA 7 SA SUBCY 0.02 0.43 -127.27% Thursday N/A TOTAL FINA SA TOT 1.55 0.97 -2.68% Thursday N/A ALASKA AIR GRP ALK 1.62 2.51 27.27% Thursday BTO AIR PRODS & CHE APD 1.84 1.65 1.79% Thursday BTO CELGENE CORP CELG 1.86 1.68 -9.55% Thursday BTO D R HORTON INC DHI 1.08 0.76 5.81% Thursday BTO INVESCO LTD IVZ 0.67 0.64 0.00% Thursday BTO PRAXAIR INC PX 1.7 1.46 5.77% Thursday BTO AMER AIRLINES AAL 1.59 1.92 1.35% Thursday BTO ALLERGAN PLC AGN 4.12 4.02 11.31% Thursday BTO ALLEGION PLC ALLE 1.21 1.11 -4.76% Thursday BTO BRISTOL-MYERS BMY 0.86 0.74 10.59% Thursday BTO BORG WARNER INC BWA 1.11 0.96 6.80% Thursday BTO COMCAST CORP A CMCSA 0.61 0.52 5.08% Thursday BTO CME GROUP INC CME 1.72 1.23 0.54% Thursday BTO EQT CORP EQT 0.37 0.06 0.00% Thursday BTO HELMERICH&PAYNE HP 0.03 -0.18 0.00% Thursday BTO HERSHEY CO/THE HSY 1.11 1.09 0.00% Thursday BTO INTL PAPER IP 1.09 0.65 5.62% Thursday BTO KIMCO REALTY CO KIM 0.36 0.38 2.78% Thursday BTO SOUTHWEST AIR LUV 1.25 1.24 0.00% Thursday BTO MASTERCARD INC MA 1.53 1.1 19.05% Thursday BTO MCDONALDS CORP MCD 1.93 1.73 7.19% Thursday BTO MCKESSON CORP MCK 2.89 2.46 -1.41% Thursday BTO MARSH &MCLENNAN MMC 1.11 1 6.15% Thursday BTO ALTRIA GROUP MO 1.01 0.85 2.15% Thursday BTO MARATHON PETROL MPC 1.94 1.03 -42.86% Thursday BTO NEWMONT MINING NEM 0.24 0.46 6.06% Thursday BTO NIELSEN HOLDNGS NLSN 0.59 0.49 -43.18% Thursday BTO PG&E CORP PCG 0.95 0.86 -11.65% Thursday BTO PULTE GROUP ONC PHM 0.74 0.47 34.09% Thursday BTO S&P GLOBAL INC SPGI 2.13 1.72 1.01% Thursday BTO UNDER ARMOUR-C UA -0.09 -0.03 22.22% Thursday BTO VALERO ENERGY VLO 1.93 1.23 7.53% Thursday BTO XCEL ENERGY INC XEL 0.47 0.45 11.76% Thursday BTO XEROX CORP XRX 0.92 0.87 -2.86% Thursday BTO ALEXION PHARMA ALXN 1.49 1.31 18.60% Thursday BTO BAXTER INTL BAX 0.71 0.63 12.90% Thursday BTO CMS ENERGY CMS 0.35 0.33 4.88% Thursday BTO L3 TECHNOLOGIES LLL 2.29 2.21 17.59% Thursday BTO RAYTHEON CO RTN 2.32 1.98 4.76% Thursday BTO TRACTOR SUPPLY TSCO 1.6 1.25 -1.72% Thursday BTO ABIOMED INC ABMD 0.8 0.45 25.00% Thursday BTO CONOCOPHILLIPS COP 1.02 0.14 29.73% Thursday BTO LKQ CORP LKQ 0.58 0.53 -6.78% Thursday BTO ROPER TECHNOLGS ROP 2.7 2.24 4.82% Thursday BTO UNDER ARMOUR-A UAA -0.08 -0.03 100.00% Thursday BTO ADIENT PLC ADNT 1.6 2.52 -2.12% Thursday BTO AXALTA COAT SYS AXTA 0.36 0.31 17.39% Thursday BTO CNH INDUSTRIAL CNHI 0.2 0.19 75.00% Thursday BTO H&E EQUIP SVCS HEES 0.46 0.28 23.81% Thursday BTO DOCTOR REDDYS RDY N/A 0.06 N/A Thursday BTO SKY PLC-ADR SKYAY N/A N/A N/A Thursday BTO TELEFONICA S.A. TEF N/A 0.16 -27.59% Thursday BTO TELEF BRASIL SA VIV 0.23 0.16 12.00% Thursday BTO AARONS INC AAN 0.77 0.68 -14.74% Thursday BTO AMBEV-PR ADR ABEV 0.05 0.04 -28.57% Thursday BTO BEMIS BMS 0.62 0.48 5.00% Thursday BTO ANHEUSER-BU ADR BUD 1.05 0.95 -7.59% Thursday BTO CORESITE REALTY COR 1.24 1.1 3.25% Thursday BTO CARTERS INC CRI 0.54 0.79 12.37% Thursday BTO EQT GP HOLDINGS EQGP 0.25 0.24 11.11% Thursday BTO LEIDOS HOLDINGS LDOS 1.05 1.04 0.00% Thursday BTO NETSCOUT SYSTMS NTCT -0.1 0.01 -7.41% Thursday BTO ORANGE-ADR ORAN N/A N/A N/A Thursday BTO TAL EDUCATN-ADR TAL 0.08 0.05 100.00% Thursday BTO GENTHERM INC THRM 0.53 0.23 -16.67% Thursday BTO TEMPUR SEALY TPX 0.64 0.45 -8.70% Thursday BTO ALLEGIANCE BCSH ABTX 0.62 0.4 -6.56% Thursday BTO ARES COMMERCIAL ACRE 0.33 0.24 13.79% Thursday BTO ALTRA INDUS MOT AIMC 0.66 0.57 8.20% Thursday BTO ALKERMES INC ALKS -0.11 -0.13 2100.00% Thursday BTO ARDAGH GROUP SA ARD 0.54 0.54 0.00% Thursday BTO AU OPTRONCS-ADR AUO N/A 0.34 275.00% Thursday BTO ANIXTER INTL AXE 1.41 1.36 -14.07% Thursday BTO ASTRAZENECA PLC AZN 0.31 0.87 71.43% Thursday BTO BRUNSWICK CORP BC 1.55 1.35 6.32% Thursday BTO CANON INC ADR CAJ 0.61 0.57 12.50% Thursday BTO CULLEN FROST BK CFR 1.63 1.29 8.05% Thursday BTO CONNECTONE BCP CNOB 0.53 0.42 0.00% Thursday BTO COLUMBIA BK SYS COLB 0.66 0.47 -14.49% Thursday BTO CRESCENT PT EGY CPG 0.09 0.05 80.00% Thursday BTO CARBO CERAMICS CRR -0.53 -0.93 -29.69% Thursday BTO CENOVUS ENERGY CVE -0.01 0.27 -269.23% Thursday BTO CALIF WATER SVC CWT 0.34 0.39 -225.00% Thursday BTO ENDURANCE INTL EIGI -0.04 -0.29 50.00% Thursday BTO EMCOR GROUP INC EME 1 0.95 10.59% Thursday BTO EQT MIDSTRM PTR EQM 1.38 1.27 13.38% Thursday BTO FTI CONSULTING FCN 0.63 0.4 60.00% Thursday BTO FIRST MERCHANTS FRME 0.75 0.57 5.71% Thursday BTO GASLOG PARTNERS GLOP 0.35 0.45 20.41% Thursday BTO GNC HOLDINGS GNC 0.14 0.41 20.00% Thursday BTO GROUP 1 AUTO GPI 2.18 1.87 8.97% Thursday BTO MARINEMAX INC HZO 0.81 0.57 78.57% Thursday BTO INDEP BK MICH IBCP 0.39 0.27 5.56% Thursday BTO KKR & CO INC KKR 0.86 0.89 121.05% Thursday BTO LAWSON PRODUCTS LAWS 0.23 0.2 25.00% Thursday BTO LAZARD LTD LAZ 0.87 0.98 18.87% Thursday BTO LEAR CORPORATN LEA 4.95 4.39 3.87% Thursday BTO MILACRON HLDGS MCRN 0.48 0.46 2.56% Thursday BTO MARCUS CORP MCS 0.52 0.36 -2.78% Thursday BTO MOBILE MINI INC MINI 0.34 0.24 -2.94% Thursday BTO MONRO MUFFLER MNRO 0.67 0.55 6.12% Thursday BTO MPLX LP MPLX 0.57 0.26 45.24% Thursday BTO MATERION CORP MTRN 0.51 0.42 15.91% Thursday BTO NOMURA HLDG-ADR NMR N/A 0.14 N/A Thursday BTO NOKIA CP-ADR A NOK 0.04 0.09 -33.33% Thursday BTO NEW RESID INV NRZ 0.54 1.03 5.45% Thursday BTO NOVOCURE LTD NVCR -0.15 -0.24 -76.92% Thursday BTO OAKTREE CAP GRP OAK 0.53 1.73 32.86% Thursday BTO PATRICK INDS PATK 1.25 0.85 27.66% Thursday BTO PRECISION DRILL PDS -0.11 -0.09 0.00% Thursday BTO PROTO LABS INC PRLB 0.63 0.45 6.45% Thursday BTO PATTERSON-UTI PTEN -0.04 -0.21 -77.78% Thursday BTO GIBRALTAR INDUS ROCK 0.55 0.43 -3.70% Thursday BTO SPIRIT AIRLINES SAVE 1.09 1.14 2.33% Thursday BTO SAFEGUARD SCTFC SFE -1.08 -1.43 47.37% Thursday BTO SUPERIOR UNIFRM SGC 0.25 0.29 -38.46% Thursday BTO STANDARD MOTOR SMP 0.83 0.81 -30.30% Thursday BTO SPOTIFY TECH SA SPOT -0.62 N/A -206.06% Thursday BTO SUNCOKE ENERGY SXCP 0.32 0.13 -13.33% Thursday BTO TECK RESOURCES TECK 0.84 0.73 -3.77% Thursday BTO UTD BANKSHARES UBSI 0.61 0.37 0.00% Thursday BTO UNITIL CORP UTL 0.13 0.23 13.98% Thursday BTO VALLEY NATL BCP VLY 0.23 0.18 -10.00% Thursday BTO WEST PHARM SVC WST 0.65 0.51 -3.12% Thursday BTO ALLIANCEBERNSTN AB 0.58 0.49 8.96% Thursday BTO ALLY FINANCIAL ALLY 0.71 0.58 3.03% Thursday BTO BANC OF CA INC BANC 0.2 0.2 183.33% Thursday BTO DUNKIN BRANDS DNKN 0.74 0.64 19.23% Thursday BTO DIANA SHIPPING DSX -0.02 -0.26 66.67% Thursday BTO EQUINOR ASA EQNR 0.42 0.4 12.50% Thursday BTO FIRST AMER FINL FAF 1.24 0.98 9.23% Thursday BTO GRACE (WR) NEW GRA 0.94 0.84 15.49% Thursday BTO GREAT WSTRN BCP GWB 0.74 0.59 -1.43% Thursday BTO ICON PLC ICLR 1.48 1.31 0.71% Thursday BTO JAKKS PACIFIC JAKK -0.5 -0.66 -46.67% Thursday BTO OLD DOMINION FL ODFL 1.81 1.19 2.31% Thursday BTO PENSKE AUTO GRP PAG 1.42 1.27 11.61% Thursday BTO RADIAN GRP INC RDN 0.59 0.48 1.72% Thursday BTO ROYAL DTCH SH-A RDS.A 1.39 0.88 3.23% Thursday BTO RELIANCE STEEL RS 2.71 1.4 14.43% Thursday BTO STATE BANK FINL STBZ 0.55 0.39 -8.33% Thursday BTO LENDINGTREE INC TREE 0.78 0.76 -32.00% Thursday BTO VISTEON CORP VC 1.52 1.38 17.51% Thursday BTO VALERO EGY PTNR VLP 0.66 0.69 5.88% Thursday BTO WORLD ACCEPTANC WRLD 1.95 1.48 -2.62% Thursday BTO WORLD WRESTLING WWE 0.16 0.07 38.46% Thursday BTO YANDEX NV-A YNDX 0.26 0.2 -19.23% Thursday BTO ENTEGRIS INC ENTG 0.45 0.34 11.90% Thursday BTO FIRSTCASH INC FCFS 0.65 0.52 20.00% Thursday BTO OCWEN FINL CORP OCN N/A -0.36 106.06% Thursday BTO PENN NATL GAMNG PENN 0.49 0.18 23.08% Thursday BTO SAFETY INC&GROW SAFE 0.2 N/A -28.57% Thursday BTO SUNCOKE ENERGY SXC 0.04 -0.07 333.33% Thursday BTO CINCINNATI FINL CINF 0.54 0.64 -12.20% Thursday AMC LAM RESEARCH LRCX 4.97 3.11 9.86% Thursday AMC METTLER-TOLEDO MTD 4.58 3.92 -0.53% Thursday AMC PRINCIPAL FINL PFG 1.38 1.31 3.70% Thursday AMC REPUBLIC SVCS RSG 0.77 0.61 7.25% Thursday AMC AFLAC INC AFL 0.98 0.92 8.25% Thursday AMC GALLAGHER ARTHU AJG 0.62 1.03 0.66% Thursday AMC AMGEN INC AMGN 3.52 3.27 7.43% Thursday AMC AMAZON.COM INC AMZN 2.49 0.4 168.03% Thursday AMC DIGITAL RLTY TR DLR 1.61 1.54 1.90% Thursday AMC ELECTR ARTS INC EA -0.12 0.36 14.14% Thursday AMC EDISON INTL EIX 0.89 0.85 -11.11% Thursday AMC EDWARDS LIFESCI EW 1.13 1.08 10.91% Thursday AMC FORTUNE BRD H&S FBHS 1.03 0.92 -5.08% Thursday AMC FORTIVE CORP FTV 0.89 0.71 5.41% Thursday AMC JUNIPER NETWRKS JNPR 0.28 0.49 -37.50% Thursday AMC LEGGETT & PLATT LEG 0.61 0.64 -6.56% Thursday AMC NATL OILWELL VR NOV 0.03 -0.14 -350.00% Thursday AMC STARBUCKS CORP SBUX 0.6 0.55 0.00% Thursday AMC SVB FINL GP SIVB 3.82 2.32 15.97% Thursday AMC WESTERN DIGITAL WDC 3.2 2.63 13.13% Thursday AMC CHIPOTLE MEXICN CMG 2.78 2.32 38.31% Thursday AMC DISCOVER FIN SV DFS 1.88 1.4 2.82% Thursday AMC EASTMAN CHEM CO EMN 2.2 1.98 5.69% Thursday AMC EXPEDIA INC EXPE 0.53 0.66 28.87% Thursday AMC HARTFORD FIN SV HIG 1.03 1.04 17.59% Thursday AMC VERISIGN INC VRSN 1.03 0.99 2.11% Thursday AMC INTEL CORP INTC 0.99 0.72 22.54% Thursday AMC META FINL GRP CASH 0.85 1.25 -11.14% Thursday AMC 8X8 INC EGHT -0.1 -0.01 -120.00% Thursday AMC FLEX LTD FLEX 0.17 0.21 -116.67% Thursday AMC GAIN CAP HLDGS GCAP 0.18 0.25 5.88% Thursday AMC HFF INC-A HF 0.48 0.49 -48.44% Thursday AMC SUPERVALU INC SVU 0.46 0.63 -20.78% Thursday AMC APTARGROUP INC ATR 1.01 1.01 6.45% Thursday AMC YAMANA GOLD INC AUY 0.03 0 0.00% Thursday AMC BOFI HLDG INC BOFI 0.61 0.49 1.27% Thursday AMC CIRCOR INTL CIR 0.49 0.39 25.00% Thursday AMC FIRST SOLAR INC FSLR 0.07 0.64 1660.00% Thursday AMC LOGMEIN INC LOGM 0.98 0.8 4.30% Thursday AMC NCR CORP-NEW NCR 0.63 0.8 27.27% Thursday AMC NEWPARK RESOUR NR 0.09 0.02 14.29% Thursday AMC CORP OFFICE PTY OFC 0.5 0.49 0.00% Thursday AMC ONESPAN INC OSPN 0.09 0.06 50.00% Thursday AMC REINSURANCE GRP RGA 3.18 2.95 -34.29% Thursday AMC SKYWEST INC SKYW 1.23 0.95 22.62% Thursday AMC BRIGHTCOVE BCOV -0.12 -0.2 63.64% Thursday AMC BANCO SANTAN MX BSMX 0.18 0.18 11.76% Thursday AMC BYLINE BANCORP BY 0.27 -0.18 -19.23% Thursday AMC BEAZER HOMES BZH 0.38 0.23 111.76% Thursday AMC CLOUD PEAK EGY CLD -0.12 -0.04 -25.00% Thursday AMC CLEARFIELD INC CLFD 0.09 0.06 100.00% Thursday AMC CHAMPIONS ONCLG CSBR -0.04 -0.22 N/A Thursday AMC CUBESMART CUBE 0.41 0.39 0.00% Thursday AMC COVANTA HOLDING CVA -0.09 -0.22 57.14% Thursday AMC COLUMBIA PPT TR CXP 0.37 0.26 5.56% Thursday AMC CYPRESS SEMICON CY 0.25 0.13 35.29% Thursday AMC COMMNTY HLTH SY CYH -0.43 -0.25 150.00% Thursday AMC CYTOKINETCS INC CYTK -0.49 -0.6 -5.66% Thursday AMC DIME COMM BNCSH DCOM 0.36 0.32 2.86% Thursday AMC DIGI INTL INC DGII 0.04 0.08 0.00% Thursday AMC ELDORADO GOLD EGO 0 0.01 100.00% Thursday AMC EHEALTH INC EHTH -0.45 -0.92 71.67% Thursday AMC ELLIE MAE INC ELLI 0.2 0.52 209.09% Thursday AMC ENOVA INTL INC ENVA 0.47 0.35 50.00% Thursday AMC ERIE INDEMNITY ERIE 1.4 1.12 10.53% Thursday AMC FAIR ISAAC INC FICO 1.02 0.78 11.34% Thursday AMC FEDERATED INVST FII 0.59 0.53 -7.69% Thursday AMC FINANCIAL INST FISI 0.57 0.4 1.82% Thursday AMC GREEN BANCORP GNBC 0.44 0.35 -33.33% Thursday AMC HARVARD BIOSCI HBIO 0.04 0.01 0.00% Thursday AMC HILLTOP HLDGS HTH 0.41 0.63 -21.88% Thursday AMC IMPERVA INC IMPV -0.71 -0.1 20.00% Thursday AMC WORLD FUEL SVCS INT 0.45 0.5 0.00% Thursday AMC INVESTORS BANCP ISBC 0.19 0.14 5.26% Thursday AMC LUTHER BURBANK LBC 0.2 N/A 11.11% Thursday AMC LEMAITRE VASCLR LMAT 0.43 0.23 -5.00% Thursday AMC LPL FINL HLDGS LPLA 1.21 0.74 46.38% Thursday AMC LATTICE SEMICON LSCC 0.04 -0.03 -66.67% Thursday AMC LIVE NATION ENT LYV 0.2 0.29 17.24% Thursday AMC MATTHEWS INTL-A MATW 1.14 1.05 4.49% Thursday AMC MITEK SYSTEMS MITK -0.02 0.04 200.00% Thursday AMC MAXIM INTG PDTS MXIM 0.7 0.63 5.80% Thursday AMC NATL INSTRS CP NATI 0.25 0.19 0.00% Thursday AMC NEVSUN RESOURCS NSU 0.03 -0.15 -150.00% Thursday AMC OMNICELL INC OMCL 0.25 0.02 500.00% Thursday AMC ORCHID ISLAND ORC N/A -0.26 18.60% Thursday AMC PROOFPOINT INC PFPT -0.36 -0.39 78.13% Thursday AMC POWER INTGRATIO POWI 0.5 0.51 24.39% Thursday AMC PROS HOLDINGS PRO -0.34 -0.35 -8.82% Thursday AMC PEOPLES UTAH BC PUB 0.52 0.35 2.08% Thursday AMC RETROPHIN INC RTRX -0.4 -0.34 23.33% Thursday AMC SPS COMMERCE SPSC 0.2 0.15 20.00% Thursday AMC DEL TACO RSTRNT TACO 0.14 0.13 -20.00% Thursday AMC BANCORP BNK/THE TBBK 0.15 0.11 19.05% Thursday AMC ATLASSIAN CP-A TEAM 0 -0.03 66.67% Thursday AMC TYLER TECH INC TYL 0.92 0.86 -2.22% Thursday AMC ULTRA CLEAN HLD UCTT 0.57 0.62 15.00% Thursday AMC UNIVL TRUCKLOAD ULH 0.33 0.1 13.04% Thursday AMC USA TRUCK INC USAK 0.27 -0.34 27.27% Thursday AMC VOCERA COMM INC VCRA -0.14 -0.21 40.00% Thursday AMC VIAD CORP VVI 1.12 1.22 7.55% Thursday AMC WASHINGTON REIT WRE 0.47 0.48 0.00% Thursday AMC BJ'S RESTAURANT BJRI 0.63 0.49 24.07% Thursday AMC BOYD GAMING CP BYD 0.33 0.26 14.71% Thursday AMC COLUMBIA SPORTS COLM -0.1 -0.17 30.51% Thursday AMC FIRST HAWAIIAN FHB 0.49 0.41 2.08% Thursday AMC HOULIHAN LOKEY HLI 0.61 0.5 12.07% Thursday AMC MIDLAND STATES MSBI 0.55 0.51 15.56% Thursday AMC OCEANFIRST FINL OCFC 0.46 0.4 18.42% Thursday AMC SEACOAST BKNG A SBCF 0.42 0.29 2.56% Thursday AMC SEATTLE GENETIC SGEN -0.34 -0.39 -52.50% Thursday AMC TIMKENSTEEL CP TMST 0.32 0.03 -157.14% Thursday AMC DMC GLOBAL INC BOOM 0.42 0.04 122.73% Thursday AMC CAPSTAR FIN HLD CSTR 0.28 0.23 4.17% Thursday AMC DECKERS OUTDOOR DECK -1.42 -1.28 177.78% Thursday AMC BOSTON BEER INC SAM 2.77 2.35 44.74% Thursday AMC BT GRP PLC-ADR BT N/A 0.4 7.02% Friday N/A ENI SPA-ADR E 0.66 0.27 11.86% Friday N/A HUTCHISN CH-ADR HCM N/A N/A N/A Friday N/A HITACHI HTHIY 0.99 1.4 24.14% Friday N/A COLGATE PALMOLI CL 0.77 0.72 1.37% Friday BTO IRON MOUNTAIN IRM 0.53 0.55 -2.00% Friday BTO ZIMMER BIOMET ZBH 1.88 2.08 2.14% Friday BTO ABBVIE INC ABBV 1.97 1.42 3.89% Friday BTO AON PLC AON 1.63 1.45 6.45% Friday BTO FRANKLIN RESOUR BEN 0.75 0.73 4.00% Friday BTO CABOT OIL & GAS COG 0.18 0.14 8.00% Friday BTO MOODYS CORP MCO 1.88 1.51 13.48% Friday BTO MERCK & CO INC MRK 1.04 1.01 6.06% Friday BTO PHILLIPS 66 PSX 2.12 1.09 14.29% Friday BTO SYNCHRONY FIN SYF 0.82 0.61 12.16% Friday BTO VENTAS INC VTR 1.02 1.06 -4.95% Friday BTO EXXON MOBIL CRP XOM 1.24 0.78 -4.39% Friday BTO CHEVRON CORP CVX 2.09 0.91 31.03% Friday BTO WEYERHAEUSER CO WY 0.41 0.28 9.09% Friday BTO TWITTER INC TWTR 0.07 -0.02 800.00% Friday BTO PHILLIPS 66 PTR PSXP 0.89 0.61 4.82% Friday BTO AMERIS BANCORP ABCB 0.84 0.63 -6.41% Friday BTO BANCO BILBAO VZ BBVA N/A 0.18 N/A Friday BTO DANONE-ADR DANOY N/A N/A N/A Friday BTO INDUS LOGISTICS ILPT 0.43 N/A 5.00% Friday BTO PROVIDNT FIN SV PFS 0.35 0.38 -2.27% Friday BTO WEATHERFORD INT WFT -0.18 -0.28 13.64% Friday BTO BARNES GRP B 0.75 0.81 7.46% Friday BTO BG STAFFING INC BGSF 0.3 0.25 107.69% Friday BTO CHESAPEAKE LODG CHSP 0.72 0.65 4.88% Friday BTO CIVISTA BANCSH CIVB 0.44 0.29 19.57% Friday BTO CAPITAL PRODUCT CPLP 0.04 0.06 -66.67% Friday BTO DEL FRISCOS RST DFRG 0.11 0.15 -50.00% Friday BTO DYNAGAS LNG PTR DLNG 0 0.07 6.67% Friday BTO EMBRAER AIR-ADR ERJ 0.15 0.67 -1200.00% Friday BTO GENESEE & WYO GWR 0.92 0.8 -5.41% Friday BTO IMMUNOGEN INC IMGN -0.29 -0.1 -11.11% Friday BTO IMPERIAL OIL LT IMO 0.48 -0.07 28.95% Friday BTO LIFEPOINT HOSP LPNT 1.08 0.96 10.91% Friday BTO MAGELLAN HLTH MGLN 1.06 0.46 -13.98% Friday BTO MCCLATCHY CO-A MNI -1.36 -0.79 -24.06% Friday BTO MOOG INC A MOG.A 1.14 1.11 7.41% Friday BTO SONIC AUTOMOTVE SAH 0.34 0.4 4.00% Friday BTO SOUTHSIDE BANCS SBSI 0.59 0.49 -22.03% Friday BTO TCF FINL CORP TCF 0.46 0.33 5.41% Friday BTO TENNECO INC TEN 2.03 1.9 -6.51% Friday BTO VIRTU FINL INC VIRT 0.38 0.13 18.75% Friday BTO WISDOMTREE INV WETF 0.09 0.09 0.00% Friday BTO AUTOLIV INC ALV 1.91 1.44 -8.29% Friday BTO HILL-ROM HLDGS HRC 1.13 0.91 2.94% Friday BTO PORTLAND GEN EL POR 0.43 0.36 10.77% Friday BTO TRI POINTE GRP TPH 0.35 0.21 16.67% Friday BTO MONOTYPE IMAGNG TYPE 0.06 0.04 160.00% Friday BTO
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Q2 Earnings Season Showing Strong Revenue Momentum
We are off to a strong start in the Q2 earnings season, with all around positive surprises and plenty of momentum on the revenue side. Importantly, estimates for Q3 and beyond are holding up nicely.
With results from 87 S&P 500 members that combined account for a quarter of the index’s total capitalization, we can say with a fair level of confidence that the Q2 earnings season is on track to be as good as what we saw in 2018 Q1. Please recall that Q1 earnings growth had reached the highest level in more than 7 years, with many seeing that growth pace representing a peak.
The blended Q2 earnings growth (blending the reported with the unreported) at present of +21% is below the preceding quarter’s +24.6% level. But given the momentum we have seen from the 87 S&P 500 members that have reported already, both in terms of growth as well as positive surprises, we can see Q2 earnings growth steadily moving towards the Q1 level as the remainder of this earnings season unfolds.
This week is particularly busy in that respect, with more than 750 companies reporting results, including 175 S&P 500 members. This week’s reporting docket has representation from a cross section of the business world, from Alphabet (GOOGL - Free Report) and Facebook to 3M (MMM - Free Report) , Boeing (BA - Free Report) , Exxon (XOM - Free Report) and plenty in between.
Let me share one standout feature the Q2 results thus far before we get into the scorecard. This standout feature pertains to revenues, with the proportion of companies beating revenue Q2 estimates tracking significantly above any other recent period. You can see this in the chart below which shows that the proportion of companies beating revenue estimates is tracking 20 percentage points above the average over the last twelve quarters.
Q2 Earnings Season Scorecard (as of July 20th, 2018)
We now have Q2 results from 87 S&P 500 members that combined account for 25.7% of the index’s total market capitalization, with total earnings for these 87 companies up +20.9% from the same period last year on +10.3% higher revenues, with 86.2% of the companies beating EPS estimates, and 77% surpassing revenue estimates.
The comparison charts below put results from these 87 index members in a historical context.
As you can see, the growth pace is a tad bit below prior-quarter’s level, but materially above the 4- and 12-qurater averages. The proportion of positives surprises, as earlier pointed out, is tracking materially above historical periods.
The chart below zooms in on the revenue side of the results thus far.
Please note that the Q2 revenue growth comparison (left-hand chart above) moves above the preceding quarter’s level when seen on an ex-Finance basis.
Overall Expectations for 2018 Q2
Looking at Q2 as a whole, combining the actual results from the 87 index members with estimates from the still-to-come 413 companies, total earnings are expected to be up +21% from the same period last year on +8.3% higher revenues, with double-digit earnings growth for 11 of the 16 Zacks sectors. This would follow +24.6% earnings growth in 2018 Q1 on +8.7%, the highest growth in almost 7 years.
The table below shows the summary picture for Q2, contrasted with what was actually achieved in Q1.
The Earnings Growth Peak
The chart below compares current Q2 earnings growth expectations with what was actually achieved in the preceding 5 quarters and what is expected in the following 4 quarters.
When market commentators talk about earnings growth peak, it is the growth comparison in this chart they are referring to. Looking at this chart, it is obvious that growth has peaked already, with the pace decelerating going forward.
We should keep in mind however that actual results typically come in better than expected, with actuals exceeding estimates in the 3% to 5% range. This means that the 21% growth pace currently expected in Q2 will likely be closer to the 2018 Q1 tally when all is said and done.
The chart below shows the growth pace on trailing 4-quarter basis, which tends to smooth out the quarter-to-quarter jumps.
The two charts above provide different answers to the ‘peak earnings’ question. The first chart shows that the growth rate likely peaked in 2018 Q1, while second chart shows the expected to ‘peak’ to arrive in the last quarter of the year.
We should keep in mind that this earnings cycle got underway back in 2009 when the U.S. economy got out of its last recession. By this time, earnings growth should have come down to the historical ‘normalized’ pace in the mid-single digits level. The reason we have these impressive growth numbers is thanks mostly to the effect of the tax cuts, which will start wearing off towards the end of 2019.
In other words, earnings likely haven’t peaked yet. But with this cycle so long in tooth, we are steadily moving towards that stage.
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Here is a list of the 668 companies including 175 S&P 500 and reporting this week.