AVP Avon Products Inc

Positive Surprises & Negative Guidance

The jobs report didn’t remove doubts about the economy, but investors don’t appear ready to give up; at least not yet. Whether the frigid weather has anything to do with the recent run of soft data or not, it has nevertheless been a pain in the neck. Hard to envision how the green shoots will sprout with all the snow sitting around.

We may not be 100% sure about what’s going in the economy, but there is little doubt about the corporate earnings picture. The Q4 earnings season is by no means over, with more than 400 companies releasing results this week, including 55 S&P 500 members. But the bulk of the reporting season is now behind us, giving us a good enough sense of how good, or otherwise, this reporting season has been.  

We are sticking with our overall take that the Q4 earnings season has turned out to be no worse than other recent quarters. In fact, this earnings season is better than recent quarters in terms of earnings growth and positive surprises. Where it’s no different from other recent quarters is in terms of lackluster top-line growth and continued negative guidance.

It appears that investors were looking for something better, particularly on the guidance front. The hope was that given the improving domestic economic scene and signs of stabilization in Europe, we will get relatively reassuring guidance from management teams. But we didn’t get that, with managements continuing to provide sub-par outlooks for the coming quarter(s).

In other words, management teams are dishing out what they have been doing for more than a year now. And this is prompting estimates for the current quarter to come down, as the chart below shows.

 

Q4 Earnings Scorecard (as of Friday, 2/7/2014)

Total earnings for the 345 S&P 500 members that have reported already, combined accounting for 78.6% of the index’s total market capitalization,  are up +11.4% from the same period last year, with a ‘beat ratio’ of 69.6% and a median surprise of +2.5%. Total revenues are barely in the positive column, up only +0.2%, with a revenue ‘beat ratio’ of 62.6% and a median surprise of +0.8%.

More companies have beat earnings and revenue expectations than has been the case in recent quarters, as the chart below shows. Perhaps expectations had fallen a bit low ahead of the Q4 reporting season.

 
The earnings growth rate for these 345 companies is better than what we saw from this same group of companies in Q3 and the 4-quarer average. A big contributor to the strong Q4 earnings growth is easy comparisons for three companies – Bank of America (BAC), Verizon (VZ), and Travelers (TRV). Exclude these three companies and total earnings growth for the S&P 500 companies that have reported drops to +6.7% from the ‘headline’ +11.4%, which is about where growth has been in recent quarters.

The revenue growth rate is notably weak, but that’s primarily because of the Finance and Energy sectors.

 
Prudential Financial (PRU) had an unusually large top-line gain in the year-earlier quarter and is a big reason for the Finance sector’s -12% drop in reported revenues. Excluding these two sectors, total revenue growth for the S&P 500 improves to +4.4%, which compares to +4.6% gain for the same group of companies in Q3 and the 4-quarter average of +2.9%. What this means is that top-line growth is weak, but it’s as weak as the ‘headline’ +0.2% gain would make you believe.  

For a complete look at the 4Q Earnings Trends, please click here.

The Composite Growth Picture

The ‘composite’ picture for Q4, where we combine results from the 345 companies that have reported already with the 155 still to come, is for growth rate of +8.9%. This will be the highest quarterly growth pace of 2013, with easy comparisons playing a non-trivial role in propping up the growth pace. The +8.9% growth rate compares to +5.0% in Q3 and +4% in Q2.

Finance remains a big growth driver in Q4 – total earnings growth for the S&P 500 in Q4 drop to +5.9% once the sector is excluded. Energy continues to be a drag on aggregate growth, with total earnings for the sector expected to be down -9.8% in Q4 after declining -8.4% in Q3. Excluding the Energy sector, total Q4 earnings for the S&P 500 would be up +11.7% vs. +6.9% in Q3.  

Technology earnings are expected be up +4.6% after the +5.6% gain in Q3. While Google (GOOG) and Facebook (FB) did extremely well, the sector overall has had a fairly good earnings season as well. With Q4 results from 86.6% of the sector’s total market capitalization already out, total earnings for the sector are up +6.6% on +5.8% higher revenues. These growth rates aren’t materially different from what we saw from this same group of companies in Q3, but the beat ratios represent a notable improvement.

Of the Tech sector companies that have reported already (50 out of 65 Tech sector companies in the S&P 500 accounting for 86.6% of the sector’s total market cap have reported results), 86.0% have beat earnings expectations, up from Q3’s 70.0% earnings beat ratio and the 4-quarter average of 74.5%. Positive revenue surprises have been materially widespread relative to recent quarters as well, with Q4 revenue beat ratio currently tracking 76.0% vs. 62.0% in Q3 and the 4-quarter average of 57.5%.  

Lack of corporate capital spending has been an issue for the sector for some time and the consensus view is that we will see a turnaround on that front later this year. We haven’t heard anything yet that will add to our confidence in that expectation. But this optimistic view is a big contributor to the expected upturn in the Tech sector’s growth estimate later this year. Total earnings for the sector are expected to be up +9.9% this year and +10.9% in 2015, pronounced acceleration from the flat reading in 2013.

Guidance Still on the Weak Side

For obvious reasons, the market’s focus has been on management guidance. Companies typically provide guidance only for the following quarter, but they do tend to discuss their outlook for the coming year on the Q4 earnings calls.

What we have seen thus far on the guidance front doesn’t show any improvement from what we have been seeing for quite some time - companies are still guiding lower. The ongoing emerging market turmoil is only adding to this lack of visibility. We have seen this start to show up in negative estimate revisions for Q1 and beyond, as earlier referred to. But estimates will likely have come down more if current trends persist.  

Monday-2/10

• Not much on the economic calendar today.
• China’s Sohu.com (SOHU) will report Q4 results in the morning. Other notable earnings releases include Hasbro (HAS), Masco (MAS) and Loews Corp. (L), all in the morning.
• Zacks Earnings ESP or Expected Earnings Surprise, our proprietary leading indicator of earnings surprises, is showing conglomerate Loews Corp. coming out with an earnings beat.
• Stocks with positive Earnings ESP and Zacks Rank of 1, 2 or 3 are highly likely to come out with positive earnings surprises. Loews Corp has a Zacks Rank #2 (Buy) and Earnings ESP of +10%
• To get a better understanding of Zacks Earnings Surprise Predictor, please click here.

Tuesday -2/11

• Nothing major on the economic calendar today, though we will get the December wholesale inventories report in the morning.
• Ingersoll Rand (IR) and Mosaic (MOS) are the notable reports in the morning, while TripAdvisor (TRIP) and Fossil (FOSL) will report after the close.  
• Earnings ESP is showing Ingersoll Rand coming with a positive earnings surprise. IR has Zacks Rank #3 (hold) and Earnings ESP of +6.2%.

Wednesday-2/12

• Fairly light on the economic calendar, with January budget deficit as the only notable report.
• Deere & Co (DE) and Dr. Pepper Snapple (DPS) will report in the morning, while Cisco (CSCO) and Whole Foods (WFM) are the notable reports after the close.

Thursday -2/13

• In addition to weekly Jobless Claims, we will get the January Retail Sales report in the morning. The expectation is that ‘headline’ retail sales declined -0.1% in January after December’s +0.2% gain.
• The notable companies in the morning include Avon Products (AVP) and Pepsi (PEP), while Agilent (A) and AIG (AIG) will report after the close.
• Earnings ESP is showing Pepsi coming with a positive earnings surprise; the company has Zacks Rank #3 (Hold) and Earnings ESP of +2%.

Friday-2/14

• We will get the preliminary University of Michigan Consumer Sentiment survey for February and the January Industrial Production data. The sentiment survey is expected to show modest improvement from the January level, while IP is expected to increase a smaller pace (+0.1%) than the prior month.
• Campbell Soup (CPB) and JM Smucker (SJM) are among the notable reports today, all in the morning.

Here is a list of the 428 companies reporting this week, including 55 S&P 500 members.

Company	Ticker	Current Qtr	Year-Ago Qtr	Last EPS Surprise %	Report Day	Time
HASBRO INC	HAS	1.23	1.2	3.15	Monday	BTO
LOEWS CORP	L	0.7	0.18	9.09	Monday	BTO
MASCO	MAS	0.17	0.04	8	Monday	AMC
PIONEER NAT RES	PXD	1.02	0.83	-5.97	Monday	AMC
1ST UTD BC/NO	FUBC	0.08	0.05	-50	Monday	AMC
ADV PHOTONIX -A	API	0	-0.02	0	Monday	AMC
ALBANY INTL A	AIN	0.36	0.28	-26.32	Monday	AMC
AMER CAP LTD	ACAS	0.25	0.26	-126.09	Monday	AMC
AMKOR TECH INC	AMKR	0.15	0.14	50	Monday	AMC
ANNIES INC	BNNY	0.19	0.15	-3.45	Monday	AMC
APPLIED DNA SCI	APDN	0	-0.01	N/A	Monday	N/A
BOARDWALK PIPLN	BWP	0.31	0.38	-16	Monday	BTO
CAI INTL INC	CAP	0.68	0.85	-15	Monday	AMC
CAPSTONE TURBIN	CPST	-0.01	-0.01	0	Monday	AMC
CHANGYOU.COM	CYOU	0.4	1.41	0.74	Monday	BTO
CNA FINL CORP	CNA	0.85	-0.03	31.58	Monday	BTO
COMPASS MINERLS	CMP	1.81	1.02	-13.21	Monday	AMC
COMSTOCK RESOUR	CRK	-0.23	-0.55	-33.33	Monday	AMC
CYS INVESTMENTS	CYS	0.34	0.21	9.52	Monday	AMC
DANAOS CORP	DAC	0.13	0.11	-7.69	Monday	AMC
FIRST MARBLEHD	FMD	-0.95	-1.2	-16.67	Monday	BTO
FLOTEK INDU INC	FTK	0.18	-0.1	-5.88	Monday	AMC
FORWARD AIR CRP	FWRD	0.55	0.54	0	Monday	AMC
GENERAL FINANCE	GFN	0.04	0.08	-50	Monday	BTO
HIGHWOODS PPTYS	HIW	0.73	0.68	0	Monday	AMC
IMMUNOMEDICS	IMMU	-0.11	-0.07	50	Monday	AMC
INSPERITY INC	NSP	0.23	0.47	-7.14	Monday	BTO
KAPSTONE PAPER	KS	0.49	0.14	14.29	Monday	AMC
MA-COM TECH SOL	MTSI	0.22	0.19	4.35	Monday	AMC
MARKEL CORP	MKL	5.99	5.78	-1.22	Monday	AMC
MERCURY GENL CP	MCY	0.53	-0.17	-17.19	Monday	BTO
MERU NETWORKS	MERU	-0.1	-0.23	6.25	Monday	AMC
MODEL N INC	MODN	-0.18	-0.09	325	Monday	AMC
MOLINA HLTHCR	MOH	-0.01	0.54	-3.12	Monday	AMC
MOMENTA PHARMA	MNTA	-0.45	-0.35	-4.17	Monday	BTO
MOTORCAR PARTS	MPAA	0.26	-0.53	33.33	Monday	N/A
NUANCE COMM INC	NUAN	0.08	0.22	112.5	Monday	AMC
OTTER TAIL CORP	OTTR	0.41	0.47	2.5	Monday	AMC
OWENS & MINOR	OMI	0.51	0.41	-4.08	Monday	AMC
PRIMERICA INC	PRI	0.78	0.69	2.63	Monday	AMC
QUALYS INC	QLYS	0.02	0.03	300	Monday	AMC
RACKSPACE HOSTG	RAX	0.14	0.21	-26.67	Monday	AMC
REGAL BELOIT	RBC	0.84	0.76	4.42	Monday	AMC
SENSIENT TECH	SXT	0.62	0.55	2.86	Monday	BTO
SILVER SPRING	SSNI	-0.01	N/A	-42.86	Monday	AMC
SKILLED HLTHCR	SKH	0.1	0.16	-40	Monday	AMC
SOHU.COM INC	SOHU	-0.34	0.6	12.5	Monday	BTO
SOUFUN HLDG-ADR	SFUN	1.05	0.76	31.4	Monday	BTO
SYNUTRA INTL	SYUT	0.15	-0.1	120	Monday	AMC
TATA MOTORS-ADR	TTM	0.87	0.47	25	Monday	N/A
TETRA TECH DEL	TTI	0.17	0.15	12	Monday	BTO
WASTE CONNCTION	WCN	0.43	0.37	0	Monday	AMC
WAUSAU PAPER CP	WPP	0.01	-0.03	-128.57	Monday	AMC
CVS CAREMARK CP	CVS	1.11	1.13	6.86	Tuesday	BTO
DAVITA HEALTHCR	DVA	0.98	0.84	2.08	Tuesday	AMC
ENTERGY CORP	ETR	0.94	1.72	6.64	Tuesday	BTO
FOSSIL GRP INC	FOSL	2.45	2.27	14.49	Tuesday	AMC
HCP INC	HCP	0.74	0.72	2.6	Tuesday	BTO
INGERSOLL RAND	IR	0.61	0.76	5.45	Tuesday	BTO
INTERCONTNTLEXC	ICE	1.98	1.84	7.65	Tuesday	BTO
MARSH &MCLENNAN	MMC	0.56	0.52	0	Tuesday	BTO
MOSAIC CO/THE	MOS	0.44	1.05	-8.93	Tuesday	BTO
OMNICOM GRP	OMC	1.17	1.13	2.5	Tuesday	BTO
PG&E CORP	PCG	0.4	0.59	11.39	Tuesday	BTO
REGENERON PHARM	REGN	0.99	1.21	104.04	Tuesday	BTO
REYNOLDS AMER	RAI	0.81	0.76	0	Tuesday	BTO
TRIPADVISOR INC	TRIP	0.14	0.24	2.63	Tuesday	AMC
WESTERN UNION	WU	0.31	0.42	11.43	Tuesday	AMC
ZOETIS INC	ZTS	0.35	0.07	-2.86	Tuesday	BTO
ACTELION LTD	ALIOF	0.7	0.32	131.52	Tuesday	BTO
ALLOT COMM LTD	ALLT	0.05	0.09	-150	Tuesday	BTO
ANDERSONS INC	ANDE	1.58	0.8	49.18	Tuesday	AMC
ARCH CAP GP LTD	ACGL	0.99	-0.18	-6.98	Tuesday	AMC
ARGO GROUP INTL	AGII	0.78	-0.22	17.65	Tuesday	AMC
BARCLAY PLC-ADR	BCS	0.22	0.38	-24.49	Tuesday	N/A
BLACK DIAMOND	BDE	0.02	-0.05	-15.38	Tuesday	AMC
BROOKFIELD RES	BRP	0.73	0.52	0	Tuesday	AMC
CAE INC	CAE	0.17	0.18	0	Tuesday	BTO
CALIX INC	CALX	-0.06	-0.04	150	Tuesday	AMC
CBIZ INC	CBZ	-0.05	N/A	57.14	Tuesday	BTO
CHARLES RVR LAB	CRL	0.68	0.64	12.86	Tuesday	AMC
CIBER INC	CBR	0.02	0.02	-50	Tuesday	BTO
CNO FINL GRP	CNO	0.3	0.25	22.22	Tuesday	AMC
COMSCORE INC	SCOR	0.01	0.02	233.33	Tuesday	BTO
CONTROL4 CORP	CTRL	0.08	N/A	60	Tuesday	AMC
CONVERSANT INC	CNVR	0.53	0.5	-2.78	Tuesday	AMC
CORNERSTONE OND	CSOD	-0.13	-0.14	-23.08	Tuesday	AMC
CORP EXEC BRD	CEB	0.77	0.65	9.59	Tuesday	AMC
COVANTA HOLDING	CVA	0.21	0.2	3.7	Tuesday	AMC
CRITEO SA-ADR	CRTO	0.06	N/A	N/A	Tuesday	AMC
CUTERA INC	CUTR	-0.01	0.08	-450	Tuesday	AMC
CYAN INC	CYNI	-0.26	-3.13	0	Tuesday	AMC
DEAN FOODS CO	DF	0.19	0.8	-7.69	Tuesday	BTO
DEMANDWARE	DWRE	0.05	0.1	20	Tuesday	BTO
DIODES INC	DIOD	0.21	0.13	3.13	Tuesday	AMC
DOCTOR REDDYS	RDY	0.42	0.4	44.44	Tuesday	BTO
DOUGLAS EMMETT	DEI	0.37	0.33	2.78	Tuesday	AMC
ENERGEN CORP	EGN	0.8	0.65	-22.95	Tuesday	AMC
ENTERCOM COMMUN	ETM	0.26	0.26	5.88	Tuesday	BTO
FED RLTY INV	FRT	1.18	1.11	0.87	Tuesday	AMC
FIREEYE INC	FEYE	-0.45	N/A	-13.74	Tuesday	AMC
GENESEE & WYO	GWR	1.16	0.79	-2.46	Tuesday	BTO
GIGOPTIX INC	GIG	-0.04	-0.07	-450	Tuesday	AMC
GUIDANCE SOFTWR	GUID	-0.17	0.11	10.53	Tuesday	AMC
HCC INS HLDGS	HCC	0.93	0.92	20.78	Tuesday	AMC
HEALTH NET INC	HNT	0.28	0.36	40.68	Tuesday	BTO
HENRY SCHEIN IN	HSIC	1.39	1.26	0.83	Tuesday	BTO
HUNTSMAN CORP	HUN	0.36	0.24	0	Tuesday	BTO
INDEP BANK GRP	IBTX	0.39	0.74	5.56	Tuesday	BTO
JIVE SOFTWARE	JIVE	-0.31	-0.23	-8.33	Tuesday	AMC
KFORCE INC	KFRC	0.28	0.24	-3.57	Tuesday	AMC
LIGAND PHARMA-B	LGND	0.2	0.27	100	Tuesday	BTO
LPL FINL HLDGS	LPLA	0.55	0.47	3.85	Tuesday	BTO
MAGNACHIP SEMI	MX	0.36	0.76	5.63	Tuesday	AMC
MARIN SOFTWARE	MRIN	-0.28	-0.28	12.9	Tuesday	AMC
MERKETO INC	MKTO	-0.32	N/A	6.9	Tuesday	AMC
MILLICOM INTL	MIICF	1.38	0.87	-131.36	Tuesday	N/A
MONEYGRAM INTL	MGI	0.32	0.26	-3.12	Tuesday	BTO
NATL RESEARCH	NRCIB	0.16	0.53	-84.31	Tuesday	AMC
NATL RETAIL PPT	NNN	0.49	0.46	4.26	Tuesday	BTO
NAVIOS MARI ACQ	NNA	0.01	0.01	50	Tuesday	BTO
NGL ENERGY PART	NGL	0.52	0.75	-200	Tuesday	BTO
PACKAGING CORP	PKG	0.89	0.61	2.25	Tuesday	AMC
PHH CORP	PHH	0.07	0.69	-150	Tuesday	AMC
PROTECTIVE LIFE	PL	1.12	0.98	1.03	Tuesday	AMC
PROTO LABS INC	PRLB	0.35	0.28	0	Tuesday	BTO
QUIDEL CORP	QDEL	0.09	0.32	28.57	Tuesday	AMC
RADISYS CORP	RSYS	-0.22	-0.01	-144.44	Tuesday	AMC
RAMCO-GERSHENSN	RPT	0.28	0.27	3.57	Tuesday	AMC
REACHLOCAL INC	RLOC	0.03	0.01	-200	Tuesday	AMC
RPX CORP	RPXC	0.13	0.18	0	Tuesday	AMC
RUSH ENTRPRS-A	RUSHA	0.39	0.36	5.71	Tuesday	AMC
SAGENT PHARMA	SGNT	-0.01	0	433.33	Tuesday	BTO
SANGAMO BIOSCI	SGMO	-0.09	-0.07	0	Tuesday	AMC
SEATTLE GENETIC	SGEN	-0.24	-0.09	13.64	Tuesday	AMC
SERVICE CORP IN	SCI	0.23	0.22	-10	Tuesday	AMC
SPARTAN MOTORS	SPAR	0.05	0.01	-75	Tuesday	BTO
SPRINT CORP	S	-0.32	-0.3	6.06	Tuesday	BTO
SS&C TECHNOLOGS	SSNC	0.5	0.39	4.17	Tuesday	AMC
TANGER FACT OUT	SKT	0.51	0.46	6.52	Tuesday	AMC
TEAM HEALTH HLD	TMH	0.44	0.39	2.13	Tuesday	AMC
TEXTAINER GROUP	TGH	0.81	1.03	-19.54	Tuesday	BTO
TRIMBLE NAVIGAT	TRMB	0.33	0.25	9.09	Tuesday	AMC
TRIPLE-S MGMT-B	GTS	0.6	0.53	-43.59	Tuesday	BTO
VIASAT INC	VSAT	-0.06	-0.05	325	Tuesday	AMC
WILLIS GP HLDGS	WSH	0.48	0.45	-5	Tuesday	AMC
APPLD MATLS INC	AMAT	0.22	0.06	5.56	Wednesday	AMC
CBS CORP	CBS	0.76	0.64	0	Wednesday	AMC
CENTURYLINK INC	CTL	0.59	0.67	0	Wednesday	AMC
CISCO SYSTEMS	CSCO	0.41	0.47	2.13	Wednesday	AMC
DEERE & CO	DE	1.51	1.65	11.64	Wednesday	BTO
DR PEPPER SNAPL	DPS	0.85	0.81	6.02	Wednesday	BTO
EQUIFAX INC	EFX	0.91	0.78	2.27	Wednesday	AMC
HOSPIRA INC	HSP	0.5	0.55	13.33	Wednesday	BTO
LORILLARD CO	LO	0.85	0.79	2.47	Wednesday	BTO
METLIFE INC	MET	1.3	1.25	-1.47	Wednesday	AMC
MONDELEZ INTL	MDLZ	0.44	0.36	0	Wednesday	AMC
NETAPP INC	NTAP	0.56	0.51	8.33	Wednesday	AMC
NVIDIA CORP	NVDA	0.18	0.28	0	Wednesday	AMC
WHOLE FOODS MKT	WFM	0.44	0.39	3.23	Wednesday	AMC
ACADIA RLTY TR	AKR	0.32	0.29	3.23	Wednesday	AMC
ACCO BRANDS CP	ACCO	0.38	0.37	-24.24	Wednesday	BTO
AGNICO EAGLE	AEM	0.2	0.39	211.11	Wednesday	AMC
ALBANY MOL RSCH	AMRI	0.17	0.17	18.18	Wednesday	BTO
ALLIANCEBERNSTN	AB	0.43	0.4	5.26	Wednesday	BTO
ALPHA NATRL RES	ANR	-0.61	-0.19	19.74	Wednesday	BTO
AMER CAMPUS CTY	ACC	0.64	0.59	-9.3	Wednesday	AMC
AMER EQUITY INV	AEL	0.5	0.47	77.78	Wednesday	AMC
AMER MOVIL-ADR	AMX	0.48	0.3	-10.2	Wednesday	N/A
ANGIES LIST INC	ANGI	0.13	0.04	-21.05	Wednesday	AMC
API TECH CORP	ATNY	0.01	-0.14	300	Wednesday	AMC
ATLAS AIR WORLD	AAWW	1.37	1.83	0	Wednesday	BTO
BGC PARTNRS INC	BGCP	0.12	0.1	-9.09	Wednesday	BTO
BLACKBAUD INC	BLKB	0.26	0.27	14.29	Wednesday	AMC
C&J ENERGY SVCS	CJES	0.24	0.65	-30.56	Wednesday	AMC
CAESAR STONE SD	CSTE	0.39	0.31	-4.17	Wednesday	BTO
CBS CORP-A	CBS.A	N/A	0.64	5.56	Wednesday	AMC
CHEESECAKE FACT	CAKE	0.58	0.51	1.96	Wednesday	AMC
COHU INC	COHU	-0.2	-0.12	-416.67	Wednesday	N/A
COLUMBIA PPT TR	CXP	0.51	N/A	N/A	Wednesday	AMC
CORRECTIONS CRP	CXW	0.52	N/A	-24.59	Wednesday	AMC
COTT CORP QUE	COT	0.03	0.02	27.27	Wednesday	BTO
CROWN CRAFTS	CRWS	0.15	0.16	33.33	Wednesday	BTO
CTRIP.COM INTL	CTRP	0.24	0.22	48.15	Wednesday	AMC
CYNOSURE INC-A	CYNO	0.21	0.27	27.78	Wednesday	BTO
DDR CORP	DDR	0.29	0.27	0	Wednesday	AMC
DIGITAL CINEMA	DCIN	-0.17	-0.21	-77.78	Wednesday	AMC
EASTGROUP PPTYS	EGP	0.84	0.78	1.22	Wednesday	AMC
EURONET WORLDWD	EEFT	0.5	0.42	20.83	Wednesday	BTO
EVERTEC INC	EVTC	0.42	N/A	0	Wednesday	AMC
EXCEL TRUST INC	EXL	0.21	0.2	14.29	Wednesday	AMC
EZCHIP SEMI LTD	EZCH	0.23	0.17	22.22	Wednesday	BTO
FAMOUS DAVES	DAVE	0.16	0.1	10.53	Wednesday	AMC
FIDELITY NAT FI	FNF	0.37	0.66	2.04	Wednesday	AMC
FIRSTSERVICE CP	FSRV	0.83	0.57	-3.12	Wednesday	BTO
FORRESTER RESH	FORR	0.07	0.24	44.44	Wednesday	AMC
GENL CABLE CORP	BGC	0.31	-0.32	-18.18	Wednesday	AMC
HANGER ORTHOPED	HGR	0.53	0.58	6.9	Wednesday	AMC
HATTERAS FIN CP	HTS	0.41	1.02	-20	Wednesday	BTO
INCYTE CORP	INCY	-0.09	0.14	-7.69	Wednesday	BTO
ING GROEP-ADR	ING	N/A	0.68	N/A	Wednesday	N/A
ING US INC	VOYA	0.68	0.59	63.64	Wednesday	BTO
INNOSPEC INC	IOSP	0.99	0.94	-14.86	Wednesday	AMC
INSIGHT ENTRPRS	NSIT	0.53	0.49	14.71	Wednesday	AMC
INTREPID POTASH	IPI	0	0.26	-12.5	Wednesday	AMC
ITRON INC	ITRI	0.76	0.58	-4.41	Wednesday	AMC
KINROSS GOLD	KGC	0.03	0.21	33.33	Wednesday	AMC
LEAPFROG ENTRPS	LF	0.12	0.61	18.75	Wednesday	AMC
LIVEPERSON INC	LPSN	0	0.03	100	Wednesday	AMC
LUXOFT HOLDING	LXFT	0.44	N/A	18.92	Wednesday	AMC
MANCHESTER UTD	MANU	0.2	0.15	0	Wednesday	BTO
MANNING&NAPIER	MN	0.32	0.28	0	Wednesday	AMC
MATTERSIGHT CP	MATR	-0.14	-0.3	5.56	Wednesday	AMC
MIDCOAST EN PTN	MEP	0.19	N/A	N/A	Wednesday	BTO
MINE SAFETY APP	MSA	0.58	0.57	-17.39	Wednesday	BTO
MORNINGSTAR INC	MORN	0.75	0.58	N/A	Wednesday	N/A
NANOSPHERE INC	NSPH	-0.13	-0.13	-6.67	Wednesday	BTO
NATURAL RSRC LP	NRP	0.32	0.58	-11.11	Wednesday	AMC
NCI INC-CL A	NCIT	0.1	0.15	10	Wednesday	AMC
NETEASE INC	NTES	1.41	1.23	-2.96	Wednesday	AMC
NEWPORT CORP	NEWP	0.28	0.33	225	Wednesday	AMC
NEWSTAR FIN INC	NEWS	0.14	0.12	-7.69	Wednesday	BTO
NORSK HYDRO ADR	NHYDY	N/A	0.03	200	Wednesday	N/A
OWENS CORNING	OC	0.28	0.11	-17.19	Wednesday	BTO
PINNACLE ENTRTN	PNK	0.35	0.03	-65.63	Wednesday	BTO
PZENA INVESTMNT	PZN	0.12	0.07	10	Wednesday	BTO
REGENCY CTRS CP	REG	0.64	0.63	3.17	Wednesday	AMC
ROGERS COMM CLB	RCI	0.69	0.88	-2.13	Wednesday	BTO
ROVI CORP	ROVI	0.41	0.3	-17.14	Wednesday	AMC
RUCKUS WIRELESS	RKUS	0.01	0.04	0	Wednesday	AMC
SINCLAIR BROADC	SBGI	0.38	0.72	30.43	Wednesday	BTO
SKECHERS USA-A	SKX	0.17	0.08	-13.11	Wednesday	AMC
SOCIETE GENL FR	SCGLY	N/A	-0.09	-156.25	Wednesday	N/A
SPX CORP	SPW	1.81	1.57	1.59	Wednesday	BTO
STAG INDUSTRIAL	STAG	0.35	0.33	2.94	Wednesday	AMC
SUN LIFE FINL	SLF	0.67	0.75	4.76	Wednesday	AMC
SUNPOWER CORP-A	SPWR	0.28	0.1	37.5	Wednesday	AMC
SUPPORT.COM INC	SPRT	0.06	0.02	600	Wednesday	AMC
TAL INTL GRP	TAL	1.01	1.04	-6.36	Wednesday	AMC
TALISMAN ENERGY	TLM	0.05	-0.06	-233.33	Wednesday	BTO
TANGOE INC	TNGO	0.11	0.11	-20	Wednesday	AMC
TAUBMAN CENTERS	TCO	1.07	1	2.3	Wednesday	AMC
TAYLOR MORRISON	TMHC	0.54	0.6	13.16	Wednesday	BTO
TECHTARGET	TTGT	0.03	0.04	-100	Wednesday	AMC
TELENOR ASA-ADS	TELNY	N/A	1.92	N/A	Wednesday	N/A
THOMSON REUTERS	TRI	0.5	0.6	9.09	Wednesday	BTO
THOMSON REUT-TS	T.TRI	0.41	0.6	11.11	Wednesday	N/A
TOTAL FINA SA	TOT	1.54	1.76	0.62	Wednesday	N/A
TUCOWS INC	TCX	0.16	0.04	100	Wednesday	AMC
TW TELECOM INC	TWTC	0.11	0.11	-8.33	Wednesday	BTO
UNIVL FST PRODS	UFPI	0.18	-0.1	31.48	Wednesday	AMC
US ECOLOGY INC	ECOL	0.5	0.34	24.44	Wednesday	AMC
VALSPAR CORP	VAL	0.67	0.6	6.59	Wednesday	BTO
VICAL INC	VICL	-0.09	-0.09	0	Wednesday	BTO
VONAGE HOLDINGS	VG	0.03	0.1	25	Wednesday	BTO
VRINGO INC	VRNG	-0.13	-0.21	N/A	Wednesday	AMC
WELLCARE HEALTH	WCG	1.16	1.32	2.63	Wednesday	BTO
WIX.COM LTD	WIX	-0.23	N/A	N/A	Wednesday	BTO
WORLD FUEL SVCS	INT	0.67	0.69	11.59	Wednesday	AMC
YARA INTL-ADR	YARIY	0.78	1.37	0	Wednesday	N/A
ZILLOW INC	Z	-0.05	0.02	38.89	Wednesday	AMC
AGILENT TECH	A	0.66	0.63	6.58	Thursday	AMC
AMER INTL GRP	AIG	0.96	0.2	3.23	Thursday	AMC
APACHE CORP	APA	1.82	2.27	6.91	Thursday	BTO
AVON PRODS INC	AVP	0.29	0.37	-26.32	Thursday	BTO
BORG WARNER INC	BWA	0.71	0.58	4.48	Thursday	BTO
CLIFFS NATURAL	CLF	0.78	0.41	-9.86	Thursday	AMC
DISCOVERY COM-A	DISCA	0.88	0.7	9.59	Thursday	BTO
EQT CORP	EQT	0.66	0.48	16	Thursday	BTO
GOODYEAR TIRE	GT	0.63	0.39	3.03	Thursday	BTO
INTL F & F	IFF	0.9	0.83	3.39	Thursday	BTO
KRAFT FOODS GRP	KRFT	0.61	0.57	-4.41	Thursday	AMC
MOLSON COORS-B	TAP	0.72	0.69	6.62	Thursday	BTO
NIELSEN HOLDNGS	NLSN	0.7	0.59	6.67	Thursday	BTO
PEPSICO INC	PEP	1.01	1.09	5.98	Thursday	BTO
STARWOOD HOTELS	HOT	0.7	0.7	12.7	Thursday	BTO
ABB LTD-ADR	ABB	0.23	0.26	-2.7	Thursday	BTO
ACORDA THERAPT	ACOR	0.18	0.09	80	Thursday	BTO
ALCOBRA LTD	ADHD	-0.35	N/A	N/A	Thursday	BTO
ALLISON TRANSMN	ALSN	0.24	0.25	116.67	Thursday	AMC
ALNYLAM PHARMA	ALNY	-0.48	-0.59	-26.32	Thursday	AMC
AMER POWER GRP	APGI	N/A	-0.02	N/A	Thursday	BTO
AMTRUST FIN SVC	AFSI	0.8	0.7	12.16	Thursday	BTO
ASTRONICS CORP	ATRO	0.45	0.37	-2.5	Thursday	BTO
BANKRATE INC	RATE	0.16	0.04	-21.43	Thursday	AMC
BARRICK GOLD CP	ABX	0.42	1.11	16	Thursday	BTO
BNP PARIBAS-ADR	BNPQY	N/A	0.42	-32.26	Thursday	N/A
BRASKEM SA	BAK	-0.03	-0.2	-14	Thursday	N/A
BROCADE COMM SY	BRCD	0.18	0.17	50	Thursday	AMC
BUNGE LTD	BG	2.11	0.57	-9.29	Thursday	BTO
BURGER KING WWD	BKW	0.23	0.23	9.52	Thursday	BTO
CABELAS INC	CAB	1.41	1.25	-2.78	Thursday	BTO
CAFEPRESS INC	PRSS	0.22	0.25	33.33	Thursday	AMC
CALPINE CORP	CPN	-0.07	-0.18	-7.58	Thursday	BTO
CDW CORP	CDW	0.44	N/A	75	Thursday	BTO
CENOVUS ENERGY	CVE	0.34	0.36	0	Thursday	BTO
CERAGON NETWRKS	CRNT	-0.04	-0.1	-7.69	Thursday	BTO
CHEGG INC	CHGG	-0.06	N/A	N/A	Thursday	AMC
CLOUD PEAK EGY	CLD	0.25	0.54	6.25	Thursday	AMC
COGNEX CORP	CGNX	0.23	0.19	4.55	Thursday	AMC
CONMED CORP	CNMD	0.49	0.52	-2.44	Thursday	BTO
COPA HLDGS SA-A	CPA	2.53	2.01	-1.13	Thursday	BTO
CORESITE REALTY	COR	0.49	0.42	2.17	Thursday	BTO
CORGENIX MEDICL	CONX	0	0	N/A	Thursday	AMC
COUSIN PROP INC	CUZ	0.16	0.14	10	Thursday	AMC
CRA INTL INC	CRAI	0.3	0.43	19.23	Thursday	BTO
CRAY INC	CRAY	1.29	0.4	-135.29	Thursday	AMC
DIEBOLD INC	DBD	0.58	0.45	36.59	Thursday	BTO
DISCOVERY COM-B	DISCB	0.88	0.7	14.29	Thursday	BTO
DISCOVERY COM-C	DISCK	0.92	0.7	12.68	Thursday	BTO
ELLIE MAE INC	ELLI	0.04	0.15	-13.33	Thursday	AMC
ENBRIDGE EGY PT	EEP	0.26	0.18	-64	Thursday	BTO
ENBRIDGE ENERGY	EEQ	0.27	0.05	-50	Thursday	BTO
ENCANA CORP	ECA	0.18	0.31	33.33	Thursday	BTO
ENERNOC INC	ENOC	-0.76	-0.89	6.21	Thursday	AMC
ENERSIS S A ADR	ENI	N/A	0.45	N/A	Thursday	N/A
ENZYMOTEC LTD	ENZY	0.12	N/A	18.18	Thursday	BTO
EQT MIDSTRM PTR	EQM	0.58	0.62	30.43	Thursday	BTO
FIFTH ST SNR FR	FSFR	0.18	N/A	N/A	Thursday	BTO
FIRST AMER FINL	FAF	0.5	0.81	3.28	Thursday	BTO
FORESTAR GROUP	FOR	0.28	0.29	-15.79	Thursday	BTO
GENERAC HOLDING	GNRC	0.89	0.87	27.71	Thursday	BTO
GLATFELTER	GLT	0.56	0.26	-5.17	Thursday	BTO
GLIMCHER REALTY	GRT	0.2	0.2	0	Thursday	AMC
GOLD FIELDS-ADR	GFI	N/A	0.21	0	Thursday	N/A
GOLDCORP INC	GG	0.23	0.42	15	Thursday	BTO
HEALTHWAYS INC	HWAY	0.02	0.05	-54.55	Thursday	AMC
HIGHER ONE HLDG	ONE	0.12	0.15	9.09	Thursday	BTO
HIMAX TECH-ADR	HIMX	0.09	0.08	0	Thursday	BTO
INCONTACT INC	SAAS	-0.04	-0.01	-25	Thursday	AMC
INGRAM MICRO	IM	0.8	0.73	1.92	Thursday	AMC
J2 GLOBAL INC	JCOM	0.69	0.66	7.14	Thursday	AMC
JARDEN CORP	JAH	1.31	0.85	5	Thursday	BTO
JOES JEANS INC	JOEZ	0	0.03	-50	Thursday	AMC
KEY ENERGY SVCS	KEG	-0.06	0.09	-200	Thursday	AMC
KONA GRILL INC	KONA	-0.07	0.1	60	Thursday	AMC
KOPPERS HOLDNGS	KOP	0.62	0.66	15.38	Thursday	BTO
LEARNING TREE	LTRE	N/A	-0.11	N/A	Thursday	AMC
LIMELIGHT NETWK	LLNW	-0.1	-0.09	0	Thursday	AMC
LLOYDS BANK GRP	LYG	N/A	-0.03	N/A	Thursday	N/A
LOCAL CORP	LOCM	-0.03	-0.07	-66.67	Thursday	AMC
LOGMEIN INC	LOGM	0.05	0.09	-33.33	Thursday	AMC
LOUISIANA PAC	LPX	0.05	0.18	-18.75	Thursday	BTO
MANDALY DIGITL	MNDL	-0.09	-0.05	-66.67	Thursday	AMC
MANULIFE FINL	MFC	0.38	0.28	0	Thursday	BTO
MASIMO CORP	MASI	0.31	0.26	3.85	Thursday	AMC
MCCLATCHY CO-A	MNI	N/A	0.39	N/A	Thursday	BTO
MELCO CROWN ENT	MPEL	0.4	0.2	6.45	Thursday	BTO
MERCER INTL SBI	MERC	0.09	-0.08	-71.43	Thursday	N/A
MONOTYPE IMAGNG	TYPE	0.24	0.25	0	Thursday	BTO
MOVE INC	MOVE	-0.01	0.04	500	Thursday	AMC
NAVIGANT CONSLT	NCI	0.22	0.31	13.64	Thursday	BTO
NAVIGATORS GRP	NAVG	0.88	0.59	110.53	Thursday	AMC
NESTLE S A REG	NSRGY	N/A	N/A	N/A	Thursday	N/A
NETSOL TECH INC	NTWK	-0.18	0.28	-233.33	Thursday	BTO
NEWPARK RESOUR	NR	0.19	0.17	0	Thursday	AMC
OAKTREE CAP GRP	OAK	1.14	1.47	2	Thursday	BTO
OCULUS INNOVATV	OCLS	-0.16	-0.21	-40	Thursday	AMC
OM GROUP INC	OMG	0.2	-0.13	51.61	Thursday	BTO
ORBITAL SCIENCE	ORB	0.28	0.29	13.04	Thursday	BTO
ORBITZ WORLDWID	OWW	0	0.06	-21.43	Thursday	BTO
PBF ENERGY INC	PBF	0.54	0.08	-220	Thursday	BTO
PENSKE AUTO GRP	PAG	0.66	0.57	4.29	Thursday	BTO
PERCEPTRON INC	PRCP	0.1	0.02	-450	Thursday	BTO
PIONEER EGY SVC	PES	-0.09	0.06	100	Thursday	BTO
POOL CORP	POOL	-0.11	-0.17	-6.85	Thursday	BTO
PRECISION DRILL	PDS	0.17	0.21	-41.18	Thursday	BTO
PREMIER INC-A	PINC	0.3	N/A	3.45	Thursday	AMC
PRIMERO MINING	PPP	0.03	0.05	80	Thursday	BTO
PROGRESSV WASTE	BIN	0.26	0.24	-10	Thursday	BTO
PUBLICIS GP-ADR	PUBGY	N/A	N/A	N/A	Thursday	N/A
PVR PARTNERS LP	PVR	0.1	-0.23	-355.56	Thursday	BTO
QUINTILES TRANS	Q	0.55	N/A	8	Thursday	BTO
REALTY INCOME	O	0.61	0.56	-1.64	Thursday	BTO
REGAL ENTMNT GP	RGC	0.27	0.28	22.58	Thursday	AMC
RIO TINTO-ADR	RIO	N/A	N/A	N/A	Thursday	N/A
RTI SURGICAL	RTIX	-0.01	0.04	0	Thursday	BTO
S&W SEED CO	SANW	-0.01	0.04	-100	Thursday	AMC
SHIRE PLC-ADR	SHPG	2.03	1.58	7.93	Thursday	BTO
SKYWEST INC	SKYW	0.15	0.27	11.11	Thursday	BTO
SONOCO PRODUCTS	SON	0.58	0.56	3.28	Thursday	BTO
STAMPS.COM INC	STMP	0.47	0.42	20.45	Thursday	AMC
STEWART INFO SV	STC	0.25	1.06	8.62	Thursday	BTO
STUDENT TRANSPT	STB	0.04	0.04	0	Thursday	BTO
TARGA RESOURCES	TRGP	0.5	N/A	-11.36	Thursday	BTO
TARGA RESOURCES	NGLS	0.43	0.28	-6.25	Thursday	BTO
TECK RESOURCES	TCK	0.42	0.61	20	Thursday	BTO
TELSTRA CRP-ADR	TLSYY	N/A	N/A	N/A	Thursday	N/A
TIM PARTICP-ADR	TSU	0.4	0.54	-16.67	Thursday	N/A
TREEHOUSE FOODS	THS	0.91	0.86	6.49	Thursday	BTO
TRULIA INC	TRLA	-0.1	-0.06	2900	Thursday	AMC
UTD STATIONERS	USTR	0.75	0.81	-0.98	Thursday	AMC
VANDA PHARMACT	VNDA	-0.18	-0.23	54.05	Thursday	BTO
VANTIV INC-A	VNTV	0.41	0.36	-2.63	Thursday	BTO
VCA ANTECH INC	WOOF	0.32	0.24	4.44	Thursday	AMC
WABCO HOLDINGS	WBC	1.29	1.08	3.28	Thursday	BTO
WALKER & DUNLOP	WD	0.37	0.54	-10.71	Thursday	BTO
WATSCO INC	WSO	0.49	0.41	-8.33	Thursday	BTO
WEIGHT WATCHERS	WTW	0.6	0.96	27.38	Thursday	AMC
WEINGARTEN RLTY	WRI	0.48	0.47	2.08	Thursday	AMC
WHITEWAVE FOODS	WWAV	0.2	0.18	5.56	Thursday	BTO
CAMPBELL SOUP	CPB	0.73	0.7	-24.14	Friday	BTO
DTE ENERGY CO	DTE	0.98	0.85	-8.87	Friday	BTO
INTERPUBLIC GRP	IPG	0.59	0.56	-5.56	Friday	BTO
SCRIPPS NETWRKS	SNI	0.97	0.84	3.57	Friday	BTO
SMUCKER JM	SJM	1.67	1.47	-4.4	Friday	BTO
V F CORP	VFC	0.84	0.77	3.71	Friday	BTO
VENTAS INC	VTR	1.06	0.99	1.96	Friday	BTO
ALLETE INC	ALE	0.84	0.75	-13.7	Friday	BTO
ARBOR RLTY TRST	ABR	0.09	-0.02	0	Friday	BTO
BANCO LATINOAME	BLX	0.69	0.64	-3.28	Friday	BTO
BROOKFIELD ASST	BAM	N/A	0.72	86.36	Friday	BTO
COCA COLA HELNC	CCH	N/A	0.03	-8.16	Friday	N/A
COTY INC-A	COTY	0.29	N/A	-10.34	Friday	BTO
ENBRIDGE INC	ENB	0.43	0.42	-11.11	Friday	BTO
HYATT HOTELS CP	H	0.2	0.2	4.55	Friday	BTO
IPG PHOTONICS	IPGP	0.76	0.67	-3.57	Friday	BTO
ITT CORP	ITT	0.47	0.39	12.5	Friday	BTO
LIFEPOINT HOSP	LPNT	0.8	0.77	3.03	Friday	BTO
LINCOLN ELECTRC	LECO	0.85	0.79	2.38	Friday	BTO
MOBILE MINI INC	MINI	0.31	0.33	-12.5	Friday	BTO
PETROBRAS-ADR C	PBR	0.37	0.58	-51.11	Friday	N/A
PETROBRAS-ADR P	PBR.A	0.34	0.58	-42.11	Friday	AMC
PORTLAND GEN EL	POR	0.48	0.38	-9.09	Friday	BTO
RED ROBIN GOURM	RRGB	0.59	0.59	18.52	Friday	BTO
TRW AUTOMTV HLD	TRW	1.63	1.55	2.7	Friday	BTO
WILLIAM LYON HM	WLH	0.42	-0.02	-33.33	Friday	BTO

 
AGILENT TECH (A): Free Stock Analysis Report
 
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LOEWS CORP (L): Free Stock Analysis Report
 
MASCO (MAS): Free Stock Analysis Report
 
MOSAIC CO/THE (MOS): Free Stock Analysis Report
 
PEPSICO INC (PEP): Free Stock Analysis Report
 
PRUDENTIAL FINL (PRU): Free Stock Analysis Report
 
SMUCKER JM (SJM): Free Stock Analysis Report
 
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