Earnings Growth Returns, Will it Continue?

Corporate earnings have started growing again, with growth in the ongoing Q4 earnings season on track to reach its highest level in 8 quarters. Growth is still modest – the Q4 earnings growth is currently on track to reach +5.2% and the final growth tally for the quarter will at best be a couple of percentage points higher. But this is still a notable improvement over what we were experiencing in the recent past.

Please recall that earnings growth turned positive only in 2016 Q3, having declined in each of the preceding 5 quarters, as the chart below of year-over-year earnings growth for the S&P 500 index shows.

Positive surprises, particularly on the earnings front, are tracking below other historical periods at this stage. We will see if this trend continues this week as we enter the heart of the earnings season, with more 400 companies coming out with quarterly results, including 106 S&P 500 members.

Q4 Scorecard (as of January 27, 2017)

We have crossed the one-third mark in the Q4 reporting cycle, with results from 170 S&P 500 members, or 33.9% of the index’s total membership, already out. Total earnings for these 170 index members are up +6.0% on +3.1% higher revenues, with 64.1% beating EPS estimates and 54.7% coming ahead of top-line expectations.

The table below provides the current Q4 scorecard

The charts below provide a comparison of the results thus far with what we have seen from this same group of 170 S&P 500 members in other recent periods.

As you can see, the Q4 growth pace is notably tracking above what we had seen from the same group of 170 index members in other recent periods. But positive surprises (right-hand chart above) are tracking on the low side at this stage, particularly on the earnings front. The 64.1% proportion of Q4 companies beating EPS estimates compares to 81.2% in the preceding quarter, 76.3% as the 4-quarter average and 72.2% as the 12-quarter average. Positive revenue surprises are tracking below what we had seen from the same group of companies in Q3, but are roughly in-line with historical periods.

The chart below compares the proportion of companies reporting Q4 results that are beating both EPS and revenue estimates with what this same group of companies had reported in other recent periods.

Standout Sectors

Sectors with strong growth and better than expected results include the Finance, Technology, Construction, Industrial Products, Basic Materials and Consumer Discretionary sectors. Positive surprises for all of these sectors are tracking above the index level.  

Finance: With results from 57.7% of the sector’s market cap in the S&P 500 index already out, total earnings for the sector are up +11.3% from the same period last year on +3.1% higher revenues, with +66.7% beating EPS estimates and +46.2% beating top-line estimates.

This is a better growth performance than we have seen from the sector in other recent periods, as the comparison charts below show. Please note that positive surprises are as hard to come by in the Finance sector as they are elsewhere.

Strong Finance sector growth is a big driver of the aggregate growth performance for the S&P 500 index as a whole. Excluding the Finance sector, the Q4 growth pace still compares favorably with other recent periods, but a lot less so, as the right-hand chart below shows.

Technology: For the Technology sector, we now have Q4 results from 59.6% of the sector’s total market cap. Total earnings for these companies are up +7.2% from the same period last year on +4.9% higher revenues, with 69% beating EPS estimates and 82.8% beating revenue estimates.

We will see what this week’s Apple (AAPL) and Facebook (FB) reports bring, but the sector’s Q4 earnings and revenue growth is about in-line with what we saw from this same group of Tech companies in the preceding quarter (2016 Q3), though it is notably tracking above the 4-quarter and 12-quarter averages. With respect to positive surprises, Tech companies appear to be beating EPS estimates at a lower proportion than has historically been the case, though the proportion of positive earnings surprises remains above the index level. Revenue surprises, on the other hand, are tracking notably above historical periods.

Key Reports for the Week of January 30th

Tuesday – 1/31/2017: Monday has a relatively light reporting docket, but Tuesday is very busy with more than 90 companies reporting results, including 33 S&P 500 members (of which 22 are in the morning). The focus will be on Apple (AAPL), which reports after the market’s close. Exxon (XOM), Pfizer (PFE), Eli Lilly (LLY) and Under Armour (UAA) will be the key reports in the morning.

Apple is expected to report $3.22 in earnings on $76.2 billion in revenues, which compare to $3.28 on $75.9 billion in revenues in the year-earlier period. The stock is up +9.7% since November 8th vs. +7% for the S&P 500 index and +6.1% for the Zacks Technology sector. December quarter estimates have been stable in recent days, though they have come down for the March quarter.  

Wednesday – 2/01/2017: Facebook (FB) is the most high profile of the 27 index members reporting results today (it will report after the market’s close). The focus will be on the social media giant’s ad revenues and daily active users, but the current Zacks Consensus EPS estimate is $1.13 on $8.4 billion in revenues. This compares to EPS of $0.59 on $5.8 billion in revenues in the year-earlier period. Estimates have modestly inched up in recent days. The stock has performed in-line with the Zacks Tech sector since November 8th, up +6.3% vs. +6.1%.

Thursday – 2/02/2017: On a busy reporting day with 35 index members coming out with Q4 results (23 in the morning & 12 after the market’s close), the notable reports are from CME Group (CME) and International Paper (IP) in the morning and Amazon (AMZN) in the evening.

Amazon is expected to report $1.41 in earnings (up +41.5% year over year) on $44.8 billion in revenues (up +25.4% in revenues). Estimates have come down ahead of the earnings report, but Amazon has never really been an EPS story; it is all top-line growth, particularly gains in its cloud business, Amazon Web Services. Amazon, along with Microsoft (MSFT), which came out with impressive cloud numbers of its own, has staked a well-regarded claim to leadership in the fast-growing cloud business. The stock has been a strong performer over the past year, up +31.4% vs. +12.4% gain for the Zacks Retail sector.   

Friday – 2/03/2017: AutoNation (AN) and Hershey (HSY) are the notable reports today, both in the morning.

Q4 Expectations As a Whole

For Q4 as a whole, combining the actual results from the 170 S&P 500 members that have reported with estimates for the still-to-come 330 companies, total earnings are expected to be up +5.2% from the same period last year on +4.0% higher revenues. This would follow the +3.8% growth in Q3 earnings on +2.3% higher revenues, the first instance of positive earnings growth for the index after five quarters of back-to-back declines. Comparisons for the Energy sector, a big driver of the earnings recession, turn positive in Q4, with the sector’s earnings growth turning positive for the first time after 8 quarters of declines.

The chart below shows the Q3 earnings growth contrasted with declines in the preceding 5 quarters. As you can see in the chart below, the growth pace is expected to ramp up in 2017.

The table below shows the summary picture Q4 contrasted with what was actually achieved in the preceding quarter.

For a complete analysis of the Q4 earnings season, please check out our weekly Earnings Trends report - 3 Takeaways from the Q4 Earnings Season

Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>

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Here is a list of the 413 companies reporting this week, including 106 S&P 500 members.

Company	Ticker	Current Qtr	Year-Ago Qtr	Last EPS Surprise %	Report Day	Time
AFFIL MANAGERS	AMG	3.7	3.61	0.67%	Monday	BTO
ALLIANCE RES	ARLP	0.86	0.71	13.75%	Monday	BTO
BOOZ ALLEN HMLT	BAH	0.4	0.41	6.98%	Monday	BTO
CAPSTAR FIN HLD	CSTR	0.22	N/A	0.00%	Monday	BTO
ENTERPRISE PROD	EPD	0.32	0.35	0.00%	Monday	BTO
DORIAN LPG LTD	LPG	-0.18	0.87	-92.31%	Monday	BTO
ALLIANCE HLDGS	AHGP	0.77	0.96	10.96%	Monday	BTO
OPUS BANK	OPB	0.44	0.5	-18.03%	Monday	BTO
GENL GRWTH PPTY	GGP	0.43	0.43	0.00%	Monday	AMC
PRINCIPAL FINL	PFG	1.15	1.02	2.68%	Monday	AMC
LEGGETT & PLATT	LEG	0.58	0.64	8.06%	Monday	AMC
UDR INC	UDR	0.45	0.42	0.00%	Monday	AMC
GRACO INC	GGG	0.85	0.93	7.95%	Monday	AMC
BOFI HLDG INC	BOFI	0.48	0.44	0.00%	Monday	AMC
ADV ENERGY INDS	AEIS	0.77	0.28	4.29%	Monday	AMC
HERITAGE OAKS	HEOP	0.13	0.1	0.00%	Monday	AMC
SERVISFIRST BCS	SFBS	0.35	0.37	8.33%	Monday	AMC
WERNER ENTRPRS	WERN	0.26	0.51	0.00%	Monday	AMC
PACKAGING CORP	PKG	1.16	1.08	-0.76%	Monday	AMC
DHT HOLDINGS	DHT	0.12	0.31	-66.67%	Monday	AMC
ALEXANDRIA REAL	ARE	1.42	1.33	0.72%	Monday	AMC
CNX COAL RESRCS	CNXC	0.52	0.37	-22.22%	Monday	AMC
CORCEPT THERAPT	CORT	0.02	0.02	100.00%	Monday	AMC
HEARTLAND FINCL	HTLF	0.75	0.67	9.46%	Monday	AMC
REINSURANCE GRP	RGA	2.5	2.84	4.68%	Monday	AMC
RAMBUS INC	RMBS	0.13	0.16	20.00%	Monday	AMC
RAYONIER ADV MT	RYAM	0.18	0.32	62.96%	Monday	AMC
SANMINA CORP	SANM	0.59	0.55	-4.48%	Monday	AMC
TESSCO TECH INC	TESS	0.14	0.35	9.09%	Monday	AMC
TELEKOM AUSTRIA	TKAGY	N/A	0.19	76.92%	Monday	AMC
IDEX CORP	IEX	0.93	0.94	0.00%	Monday	AMC
CRANE CO	CR	0.98	1.12	5.94%	Monday	AMC
INTEGR DEVICE	IDTI	0.27	0.3	7.69%	Monday	AMC
BERKSHIRE HILLS	BHLB	0.57	0.54	3.64%	Monday	AMC
AMERISOURCEBRGN	ABC	1.24	1.27	6.56%	Tuesday	BTO
LILLY ELI & CO	LLY	0.99	0.78	-8.33%	Tuesday	BTO
NUCOR CORP	NUE	0.34	0.46	-2.22%	Tuesday	BTO
MASTERCARD INC	MA	0.85	0.79	10.20%	Tuesday	BTO
ZIMMER BIOMET	ZBH	2.11	2.09	0.00%	Tuesday	BTO
THERMO FISHER	TMO	2.37	2.12	3.05%	Tuesday	BTO
DANAHER CORP	DHR	1.03	1.27	4.82%	Tuesday	BTO
HCA HOLDINGS	HCA	1.78	1.69	12.59%	Tuesday	BTO
PACCAR INC	PCAR	0.87	0.98	-1.01%	Tuesday	BTO
PENTAIR PLC	PNR	0.73	1.13	6.85%	Tuesday	BTO
UTD PARCEL SRVC	UPS	1.68	1.57	0.70%	Tuesday	BTO
PFIZER INC	PFE	0.5	0.53	-1.61%	Tuesday	BTO
VALERO ENERGY	VLO	0.74	1.79	36.26%	Tuesday	BTO
EXXON MOBIL CRP	XOM	0.72	0.67	5.00%	Tuesday	BTO
NASDAQ INC	NDAQ	0.94	0.89	0.00%	Tuesday	BTO
SIMON PROPERTY	SPG	2.51	2.73	0.75%	Tuesday	BTO
UNDER ARMOUR-C	UA	0.25	N/A	N/A	Tuesday	BTO
UNDER ARMOUR-A	UAA	0.25	0.25	16.00%	Tuesday	BTO
COACH INC	COH	0.73	0.68	2.27%	Tuesday	BTO
HARLEY-DAVIDSON	HOG	0.31	0.22	1.59%	Tuesday	BTO
AETNA INC-NEW	AET	1.45	1.37	2.48%	Tuesday	BTO
XEROX CORP	XRX	0.25	0.32	0.00%	Tuesday	BTO
TAYLOR MORRISON	TMHC	0.58	0.53	6.52%	Tuesday	BTO
IMPERIAL OIL LT	IMO	0.27	0.09	25.00%	Tuesday	BTO
STIFEL FINL	SF	0.63	0.51	16.95%	Tuesday	BTO
CONSOL ENERGY	CNX	-0.01	-0.11	-36.36%	Tuesday	BTO
SCOTTS MIRCL-GR	SMG	-1.27	-1.13	-15.38%	Tuesday	BTO
CNH INDUSTRIAL	CNHI	0.11	0.19	0.00%	Tuesday	BTO
POTLATCH CORP	PCH	0.3	0.09	-2.86%	Tuesday	BTO
ANIXTER INTL	AXE	1.23	0.88	2.99%	Tuesday	BTO
MIDSOUTH BANCRP	MSL	0.13	0.15	40.00%	Tuesday	BTO
SPRINT CORP	S	-0.08	-0.21	42.86%	Tuesday	BTO
MANPOWER INC WI	MAN	1.7	1.66	8.72%	Tuesday	BTO
CIT GROUP	CIT	0.79	1.13	-7.59%	Tuesday	BTO
WADDELL&REED -A	WDR	0.41	0.76	25.49%	Tuesday	BTO
AUDIOCODES LTD	AUDC	0.05	0.07	75.00%	Tuesday	BTO
BANCO SANT -ADR	BSAC	0.38	0.25	-2.50%	Tuesday	BTO
NETSCOUT SYSTMS	NTCT	0.47	0.5	0.00%	Tuesday	BTO
TWIN DISC	TWIN	-0.2	-0.18	17.24%	Tuesday	BTO
MAKEMYTRIP LTD	MMYT	-0.5	-0.47	-30.14%	Tuesday	BTO
NINTENDO LTD	NTDOY	0.13	0.25	-100.00%	Tuesday	BTO
NUSTAR ENERGY	NS	0.54	0.61	0.00%	Tuesday	BTO
1800FLOWERS.COM	FLWS	0.94	0.92	0.00%	Tuesday	BTO
G&K SVCS A	GK	0.99	0.92	-1.11%	Tuesday	BTO
HUBBELL INC	HUBB	1.23	1.31	8.67%	Tuesday	BTO
CAPITAL PRODUCT	CPLP	0.09	0.1	-12.50%	Tuesday	BTO
NUSTAR GP HLDGS	NSH	0.39	0.3	8.11%	Tuesday	BTO
ALLY FINANCIAL	ALLY	0.49	0.52	-5.08%	Tuesday	BTO
KYOCERA CP ADR	KYO	N/A	0.19	N/A	Tuesday	BTO
ANADARKO PETROL	APC	-0.51	-0.57	-56.14%	Tuesday	AMC
ARCONIC INC	ARNC	0.11	0.12	-5.88%	Tuesday	AMC
APPLE INC	AAPL	3.22	3.28	0.60%	Tuesday	AMC
CH ROBINSON WWD	CHRW	0.84	0.88	-7.22%	Tuesday	AMC
BOSTON PPTYS	BXP	1.5	1.28	-0.70%	Tuesday	AMC
ILLUMINA INC	ILMN	0.81	0.81	11.49%	Tuesday	AMC
EQUITY RESIDENT	EQR	0.79	0.92	0.00%	Tuesday	AMC
CHUBB LTD	CB	2.43	2.38	9.09%	Tuesday	AMC
ELECTR ARTS INC	EA	2.15	1.73	48.28%	Tuesday	AMC
FORTUNE BRD H&S	FBHS	0.69	0.56	2.56%	Tuesday	AMC
AFLAC INC	AFL	1.64	1.56	4.60%	Tuesday	AMC
UTD STATES STL	X	0.03	-0.23	-54.55%	Tuesday	AMC
ADV MICRO DEV	AMD	-0.04	-0.12	100.00%	Tuesday	AMC
BRANDYWINE RT	BDN	0.33	0.39	0.00%	Tuesday	AMC
OCLARO INC	OCLR	0.19	0	20.00%	Tuesday	AMC
VIAVI SOLUTIONS	VIAV	0.05	0.07	40.00%	Tuesday	AMC
WABASH NATIONAL	WNC	0.38	0.51	4.17%	Tuesday	AMC
BERKLEY (WR) CP	WRB	0.83	0.89	-1.12%	Tuesday	AMC
ALIGN TECH INC	ALGN	0.67	0.6	23.53%	Tuesday	AMC
ALLEGIANT TRAVL	ALGT	2.4	3.38	3.38%	Tuesday	AMC
SILGAN HOLDINGS	SLGN	0.48	0.48	-1.60%	Tuesday	AMC
RENAISSANCERE	RNR	1.42	3.07	-9.52%	Tuesday	AMC
TELENAV INC	TNAV	-0.17	-0.19	12.50%	Tuesday	AMC
ACCURAY INC	ARAY	-0.07	-0.08	-20.00%	Tuesday	AMC
MA-COM TECH SOL	MTSI	0.41	0.18	-4.35%	Tuesday	AMC
PLANTRONICS INC	PLT	0.61	0.67	13.79%	Tuesday	AMC
ACXIOM CORP	ACXM	0.06	0.08	100.00%	Tuesday	AMC
CREDIT ACCEPT	CACC	4.46	3.84	6.09%	Tuesday	AMC
MICROSTRATEGY	MSTR	2.57	3.38	38.32%	Tuesday	AMC
OLIN CORP	OLN	0.31	0.01	0.00%	Tuesday	AMC
KEY TRONIC	KTCC	0.16	0.1	-5.88%	Tuesday	AMC
NEWMARKET CORP	NEU	3.87	4.44	17.88%	Tuesday	AMC
BOOT BARN HLDGS	BOOT	0.4	0.45	0.00%	Tuesday	AMC
FAIR ISAAC INC	FICO	0.67	0.67	35.14%	Tuesday	AMC
MATCH GROUP INC	MTCH	0.24	0.18	25.00%	Tuesday	AMC
MANHATTAN ASOC	MANH	0.39	0.36	9.30%	Tuesday	AMC
FIBRIA CELULOSE	FBR	0.1	0.47	-29.63%	Tuesday	N/A
BANCO DE CHILE	BCH	N/A	1.2	0.75%	Tuesday	N/A
FIRST BK HAM NJ	FRBA	0.17	0.07	14.29%	Tuesday	N/A
NOMURA HLDG-ADR	NMR	N/A	0.08	N/A	Tuesday	N/A
RICOH LTD ADR	RICOY	N/A	0.19	N/A	Tuesday	N/A
FUJIFILM HLDGS	FUJIY	N/A	0.66	N/A	Tuesday	N/A
WEC ENERGY GRP	WEC	0.62	0.63	15.00%	Wednesday	BTO
AUTOMATIC DATA	ADP	0.81	0.72	11.69%	Wednesday	BTO
INGERSOLL RAND	IR	0.92	0.94	9.30%	Wednesday	BTO
ANTHEM INC	ANTM	1.59	1.14	-1.61%	Wednesday	BTO
BAXTER INTL	BAX	0.52	0.43	27.27%	Wednesday	BTO
MARATHON PETROL	MPC	0.26	0.79	-25.64%	Wednesday	BTO
JOHNSON CONTRLS	JCI	0.51	0.44	18.63%	Wednesday	BTO
DOMINION RES VA	D	1	0.7	9.62%	Wednesday	BTO
ALTRIA GROUP	MO	0.67	0.67	1.23%	Wednesday	BTO
PPL CORP	PPL	0.51	0.43	6.78%	Wednesday	BTO
AVERY DENNISON	AVY	0.93	0.85	1.00%	Wednesday	BTO
PITNEY BOWES IN	PBI	0.58	0.48	-8.33%	Wednesday	BTO
MERITOR INC	MTOR	0.19	0.33	13.33%	Wednesday	BTO
AB ELECTROLUX	ELUXY	N/A	-0.32	N/A	Wednesday	BTO
VANTIV INC-A	VNTV	0.69	0.62	7.69%	Wednesday	BTO
CELANESE CP-A	CE	1.51	1.25	3.73%	Wednesday	BTO
MDC HLDGS	MDC	0.68	0.44	-14.29%	Wednesday	BTO
LITTELFUSE INC	LFUS	1.52	1.21	0.00%	Wednesday	BTO
NATUS MEDICAL	BABY	0.52	0.51	8.33%	Wednesday	BTO
INVEST TECH-NEW	ITG	0.11	-0.07	38.46%	Wednesday	BTO
SANDVIK AB	SDVKY	N/A	-0.01	-110.00%	Wednesday	BTO
SPIRIT AEROSYS	SPR	1.02	0.95	8.41%	Wednesday	BTO
MPLX LP	MPLX	0.21	-0.14	23.53%	Wednesday	BTO
USG CORP	USG	0.36	0.42	2.22%	Wednesday	BTO
ENERGIZER HLDGS	ENR	1.25	1.16	8.00%	Wednesday	BTO
SPIRE INC	SR	1.07	1.04	-3.23%	Wednesday	BTO
DOMINION MIDSTR	DM	0.25	0.32	-3.23%	Wednesday	BTO
CGI GRP INC -A	GIB	0.67	0.63	-1.45%	Wednesday	BTO
MALIBU BOATS-A	MBUU	0.32	0.29	0.00%	Wednesday	BTO
SILICON LAB INC	SLAB	0.45	0.36	42.86%	Wednesday	BTO
MONRO MUFFLER	MNRO	0.52	0.51	-5.36%	Wednesday	BTO
CEVA INC	CEVA	0.21	0.11	13.33%	Wednesday	BTO
OMNOVA SOLUTION	OMN	0.14	0.13	-17.65%	Wednesday	BTO
EVERCORE PARTNR	EVR	1.34	1.22	24.49%	Wednesday	BTO
GRAHAM CORP	GHM	0.09	0.13	40.00%	Wednesday	BTO
MERITAGE HOMES	MTH	1.19	1.26	2.33%	Wednesday	BTO
BROOKFIELD INFR	BIP	0.66	0.03	1.49%	Wednesday	BTO
VOLVO AB-B	VLVLY	0.23	N/A	-16.67%	Wednesday	BTO
BANCO BILBAO VZ	BBVA	N/A	0.15	N/A	Wednesday	BTO
TUPPERWARE BRND	TUP	1.37	1.35	8.75%	Wednesday	BTO
TRACTOR SUPPLY	TSCO	0.92	0.82	1.52%	Wednesday	AMC
HOLOGIC INC	HOLX	0.51	0.46	4.00%	Wednesday	AMC
FACEBOOK INC-A	FB	1.13	0.59	14.29%	Wednesday	AMC
LINCOLN NATL-IN	LNC	1.7	1.54	12.96%	Wednesday	AMC
TORCHMARK CORP	TMK	1.12	1.05	2.68%	Wednesday	AMC
UNUM GROUP	UNM	0.98	0.95	4.21%	Wednesday	AMC
EDWARDS LIFESCI	EW	0.71	0.63	0.00%	Wednesday	AMC
ALLSTATE CORP	ALL	1.61	1.6	1.61%	Wednesday	AMC
AVALONBAY CMMTY	AVB	2.09	1.99	-0.47%	Wednesday	AMC
QORVO INC	QRVO	1.06	0.82	-8.40%	Wednesday	AMC
XL GROUP LTD	XL	0.41	0.65	4.76%	Wednesday	AMC
AMERIPRISE FINL	AMP	2.43	2.47	-4.98%	Wednesday	AMC
METLIFE INC	MET	1.35	1.23	12.28%	Wednesday	AMC
SYMANTEC CORP	SYMC	0.21	0.22	0.00%	Wednesday	AMC
MID-AMER APT CM	MAA	1.49	1.45	0.00%	Wednesday	AMC
NIC INC	EGOV	0.14	0.13	33.33%	Wednesday	AMC
MDU RESOURCES	MDU	0.29	0.25	4.65%	Wednesday	AMC
LANDSTAR SYSTEM	LSTR	0.87	0.88	6.17%	Wednesday	AMC
PAREXEL INTL CP	PRXL	0.83	0.9	-11.63%	Wednesday	AMC
EASTGROUP PPTYS	EGP	1.07	0.94	0.00%	Wednesday	AMC
TETRA TECH NEW	TTEK	0.47	0.39	0.00%	Wednesday	AMC
AGNC INVESTMENT	AGNC	0.64	0.54	16.36%	Wednesday	AMC
LANNETT INC	LCI	0.83	0.95	10.00%	Wednesday	AMC
SEACOAST BKNG A	SBCF	0.29	0.19	3.70%	Wednesday	AMC
AMER FINL GROUP	AFG	1.62	1.52	-1.31%	Wednesday	AMC
BLACK HILLS COR	BKH	0.99	0.71	14.29%	Wednesday	AMC
INTEVAC INC	IVAC	0.07	-0.12	71.43%	Wednesday	AMC
BLUE CAP REINSR	BCRH	0.32	0.62	80.95%	Wednesday	AMC
SHUTTERFLY INC	SFLY	2.73	3.57	10.42%	Wednesday	AMC
UNIVL TECH INST	UTI	-0.1	-0.03	55.17%	Wednesday	AMC
WEATHERFORD INT	WFT	-0.32	-0.13	-62.50%	Wednesday	AMC
NXP SEMICONDUCT	NXPI	1.41	0.84	-20.44%	Wednesday	AMC
MANITOWOC INC	MTW	-0.17	0.43	-7.69%	Wednesday	AMC
BLACK KNGHT FIN	BKFS	0.29	0.25	-3.45%	Wednesday	AMC
OWENS-ILLINOIS	OI	0.47	0.4	3.03%	Wednesday	AMC
AMERIGAS PARTNR	APU	1.08	0.83	-2.13%	Wednesday	AMC
CABOT CORP	CBT	0.69	0.51	6.38%	Wednesday	AMC
CELADON GROUP	CGI	0.03	0.24	-242.86%	Wednesday	AMC
LEGG MASON INC	LM	0.64	1.45	8.62%	Wednesday	AMC
AXIS CAP HLDGS	AXS	0.93	1.23	63.30%	Wednesday	AMC
AMDOCS LTD	DOX	0.84	0.79	0.00%	Wednesday	AMC
WEST CORP	WSTC	0.65	0.7	0.00%	Wednesday	AMC
AXCELIS TECH	ACLS	0.1	0.04	75.00%	Wednesday	AMC
BROOKS AUTOMATN	BRKS	0.2	0.02	46.67%	Wednesday	AMC
CAVIUM INC	CAVM	0.18	0.05	-214.29%	Wednesday	AMC
CADENCE DESIGN	CDNS	0.2	0.25	27.78%	Wednesday	AMC
EXPONENT INC	EXPO	0.34	0.36	16.67%	Wednesday	AMC
EXTREME NETWRKS	EXTR	0.03	0.05	100.00%	Wednesday	AMC
UGI CORP	UGI	0.75	0.64	0.00%	Wednesday	AMC
PC CONNECTION	CNXN	0.51	0.51	0.00%	Wednesday	AMC
FNF GROUP	FNF	0.62	0.55	-8.00%	Wednesday	AMC
CIRRUS LOGIC	CRUS	1.53	0.7	30.53%	Wednesday	AMC
CSG SYS INTL	CSGS	0.51	0.73	42.22%	Wednesday	AMC
BOTTOMLINE TECH	EPAY	0.06	0.17	-50.00%	Wednesday	AMC
EXAR CORP	EXAR	0.02	0.05	-16.67%	Wednesday	AMC
KIMBALL ELECTRN	KE	0.2	0.16	33.33%	Wednesday	AMC
POWER INTGRATIO	POWI	0.43	0.49	15.22%	Wednesday	AMC
CBL&ASSOC PPTYS	CBL	0.67	0.71	0.00%	Wednesday	AMC
CACI INTL A	CACI	1.43	1.6	54.76%	Wednesday	AMC
QIAGEN NV	QGEN	0.39	0.32	7.41%	Wednesday	AMC
MELLANOX TECH	MLNX	0.52	0.5	-5.00%	Wednesday	AMC
CONMED CORP	CNMD	0.56	0.52	0.00%	Wednesday	AMC
IAC/INTERACTIV	IAC	0.79	0.71	20.41%	Wednesday	AMC
ALLIED WORLD AS	AWH	0.63	0.47	-4.62%	Wednesday	AMC
HOULIHAN LOKEY	HLI	0.51	0.47	2.78%	Wednesday	AMC
KIRBY CORP	KEX	0.52	0.94	3.51%	Wednesday	AMC
REXNORD CORP	RXN	0.24	0.38	0.00%	Wednesday	AMC
MURPHY USA INC	MUSA	1.03	0.69	-26.11%	Wednesday	AMC
HILLENBRAND INC	HI	0.4	0.41	1.75%	Wednesday	AMC
HITACHI	HTHIY	0.48	1.33	263.33%	Wednesday	N/A
ELECTRO SCI IND	ESIO	-0.32	-0.14	-11.11%	Wednesday	N/A
COLOPLAST AS AD	CLPBY	N/A	N/A	N/A	Wednesday	N/A
SIEMENS AG-ADR	SIEGY	1.88	1.95	-3.68%	Wednesday	N/A
ROCHE HLDG LTD	RHHBY	N/A	N/A	N/A	Wednesday	N/A
CME GROUP INC	CME	1.08	0.92	0.96%	Thursday	BTO
EQT CORP	EQT	-0.09	-0.06	40.91%	Thursday	BTO
INTL PAPER	IP	0.7	0.87	-3.19%	Thursday	BTO
XCEL ENERGY INC	XEL	0.44	0.41	3.45%	Thursday	BTO
HARRIS CORP	HRS	1.38	1.49	2.96%	Thursday	BTO
BOSTON SCIENTIF	BSX	0.29	0.26	0.00%	Thursday	BTO
EATON CORP PLC	ETN	1.1	1.17	0.88%	Thursday	BTO
BECTON DICKINSO	BDX	2.11	1.96	1.44%	Thursday	BTO
DELPHI AUTO PLC	DLPH	1.6	1.39	5.63%	Thursday	BTO
ESTEE LAUDER	EL	1.16	1.22	6.33%	Thursday	BTO
PARKER HANNIFIN	PH	1.4	1.52	2.55%	Thursday	BTO
CIGNA CORP	CI	1.74	1.87	1.57%	Thursday	BTO
CONOCOPHILLIPS	COP	-0.39	-0.9	4.35%	Thursday	BTO
MARSH &MCLENNAN	MMC	0.84	0.71	0.00%	Thursday	BTO
MERCK & CO INC	MRK	0.88	0.93	9.18%	Thursday	BTO
BALL CORP	BLL	0.86	0.8	4.35%	Thursday	BTO
IDEXX LABS INC	IDXX	0.51	0.48	5.08%	Thursday	BTO
PHILIP MORRIS	PM	1.13	0.81	1.63%	Thursday	BTO
RYDER SYS	R	1.4	1.66	1.21%	Thursday	BTO
SNAP-ON INC	SNA	2.4	2.22	3.26%	Thursday	BTO
CMS ENERGY	CMS	0.28	0.38	16.67%	Thursday	BTO
RALPH LAUREN CP	RL	1.65	2.27	11.76%	Thursday	BTO
XYLEM INC	XYL	0.65	0.6	1.89%	Thursday	BTO
MIX TELEMATICS	MIXT	0.07	0.03	133.33%	Thursday	BTO
OM ASSET MGMT	OMAM	0.32	0.3	6.67%	Thursday	BTO
BEACON ROOFING	BECN	0.44	0.41	-3.30%	Thursday	BTO
MAGELLAN MDSTRM	MMP	0.94	0.86	3.41%	Thursday	BTO
KENNAMETAL INC	KMT	0.22	0.14	-21.43%	Thursday	BTO
GROUP 1 AUTO	GPI	1.69	1.51	-5.77%	Thursday	BTO
GARTNER INC -A	IT	0.96	0.92	16.00%	Thursday	BTO
MKS INSTRUMENTS	MKSI	1	0.34	12.82%	Thursday	BTO
INGREDION INC	INGR	1.63	1.42	12.00%	Thursday	BTO
TELENOR ASA-ADS	TELNY	N/A	-0.17	145.45%	Thursday	BTO
COLFAX CORP	CFX	0.45	0.51	11.43%	Thursday	BTO
SMITH (AO) CORP	AOS	0.46	0.45	4.44%	Thursday	BTO
OLD DOMINION FL	ODFL	0.86	0.85	6.19%	Thursday	BTO
VALERO EGY PTNR	VLP	0.73	0.66	16.67%	Thursday	BTO
EQT MIDSTRM PTR	EQM	1.38	1.26	-1.60%	Thursday	BTO
SIRIUS XM HLDGS	SIRI	0.04	0.03	0.00%	Thursday	BTO
SENSATA TECHNOL	ST	0.74	0.66	0.00%	Thursday	BTO
AUTOLIV INC	ALV	1.82	2.08	18.12%	Thursday	BTO
PRESTIGE BRANDS	PBH	0.56	0.53	3.28%	Thursday	BTO
CDK GLOBAL INC	CDK	0.56	0.44	13.21%	Thursday	BTO
CARPENTER TECH	CRS	0.06	0.24	-136.36%	Thursday	BTO
EQT GP HOLDINGS	EQGP	0.22	0.17	5.26%	Thursday	BTO
MSCI INC-A	MSCI	0.76	0.66	5.48%	Thursday	BTO
MOBILE MINI INC	MINI	0.37	0.41	-18.42%	Thursday	BTO
MSG NETWORKS	MSGN	0.52	0.45	22.73%	Thursday	BTO
BANCO BRADESCO	BBD	0.23	0.22	8.70%	Thursday	BTO
DSP GROUP INC	DSPG	0.03	0.03	85.71%	Thursday	BTO
GAMING AND LEIS	GLPI	0.75	0.68	4.05%	Thursday	BTO
KEMET CORP	KEM	0.06	0.02	175.00%	Thursday	BTO
KULICKE & SOFFA	KLIC	0.11	0	25.00%	Thursday	BTO
LAZARD LTD	LAZ	0.99	0.92	11.84%	Thursday	BTO
NATL FUEL GAS	NFG	0.85	0.78	26.92%	Thursday	BTO
TRIUMPH GRP INC	TGI	1.24	1.39	-14.53%	Thursday	BTO
BROOKFLD RENWBL	BEP	-0.03	-0.09	7.69%	Thursday	BTO
MITEK SYSTEMS	MITK	-0.02	0.01	25.00%	Thursday	BTO
NY TIMES A	NYT	0.23	0.37	20.00%	Thursday	BTO
ROYAL DTCH SH-A	RDS.A	0.69	0.58	29.63%	Thursday	BTO
INTRAWEST RESRT	SNOW	-0.65	-0.6	-5.66%	Thursday	BTO
SURMODICS	SRDX	0.09	0.38	188.89%	Thursday	BTO
TELEDYNE TECH	TDY	1.37	1.41	16.92%	Thursday	BTO
ASSA ABLOY AB	ASAZY	0.1	0.11	-8.33%	Thursday	BTO
ATTUNITY LTD	ATTU	-0.06	-0.05	-600.00%	Thursday	BTO
DASSAULT SY-ADR	DASTY	0.62	0.77	10.53%	Thursday	BTO
KELLY SVCS A	KELYA	0.52	0.88	2.33%	Thursday	BTO
PANASONIC CORP	PCRFY	0.13	0.17	-25.00%	Thursday	BTO
SWEDBANK AB-ADR	SWDBY	N/A	0.4	24.39%	Thursday	BTO
UNITIL CORP	UTL	0.72	0.67	78.57%	Thursday	BTO
HARMONY GOLD	HMY	N/A	0.01	N/A	Thursday	BTO
ING GROEP-ADR	ING	N/A	0.23	N/A	Thursday	BTO
VODAFONE GP PLC	VOD	N/A	N/A	N/A	Thursday	BTO
SALLY BEAUTY CO	SBH	0.45	0.43	-2.38%	Thursday	BTO
NOKIA CP-ADR A	NOK	0.08	0.17	0.00%	Thursday	BTO
ENTEGRIS INC	ENTG	0.21	0.2	0.00%	Thursday	BTO
BELDEN INC	BDC	1.41	1.63	2.38%	Thursday	BTO
NOVO-NORDISK AS	NVO	0.51	0.47	3.57%	Thursday	BTO
BCE INC	BCE	0.57	0.53	1.45%	Thursday	BTO
ROYAL GOLD INC	RGLD	0.39	0.23	9.52%	Thursday	BTO
LEE ENTRPRS	LEE	0.15	0.22	100.00%	Thursday	BTO
SKF AB	SKFRY	0.28	0.22	N/A	Thursday	BTO
PENN NATL GAMNG	PENN	-0.15	N/A	88.89%	Thursday	BTO
EDGEWELL PERSNL	EPC	0.66	0.68	10.42%	Thursday	BTO
SUBURB PROPANE	SPH	0.67	0.27	-17.86%	Thursday	BTO
VIRTU FINL INC	VIRT	0.21	0.16	-42.86%	Thursday	BTO
HARTFORD FIN SV	HIG	0.95	1.07	11.58%	Thursday	AMC
VISA INC-A	V	0.78	0.69	6.85%	Thursday	AMC
AMGEN INC	AMGN	2.78	2.61	8.24%	Thursday	AMC
ESSEX PPTY TR	ESS	2.82	2.63	1.81%	Thursday	AMC
KIMCO REALTY CO	KIM	0.38	0.37	123.53%	Thursday	AMC
MOTOROLA SOLUTN	MSI	1.8	1.5	14.04%	Thursday	AMC
CHIPOTLE MEXICN	CMG	0.54	2.17	-50.00%	Thursday	AMC
PERKINELMER INC	PKI	0.86	0.86	3.03%	Thursday	AMC
HANESBRANDS INC	HBI	0.57	0.44	0.00%	Thursday	AMC
APARTMENT INVT	AIV	0.6	0.58	-1.79%	Thursday	AMC
METTLER-TOLEDO	MTD	5.11	4.65	6.58%	Thursday	AMC
AMAZON.COM INC	AMZN	1.41	1	-38.82%	Thursday	AMC
BRISTOW GROUP	BRS	-0.47	0.67	32.69%	Thursday	AMC
CENTRAL GARDEN	CENT	0.03	0.01	160.00%	Thursday	AMC
VALIDUS HOLDING	VR	0.78	1.24	-1.92%	Thursday	AMC
ACETO CORP	ACET	0.34	0.36	-3.45%	Thursday	AMC
DCT INDUSTRIAL	DCT	0.57	0.53	10.91%	Thursday	AMC
PENNYMAC MORTGE	PMT	0.41	0.21	28.95%	Thursday	AMC
SKYWEST INC	SKYW	0.51	0.49	11.11%	Thursday	AMC
EPLUS INC	PLUS	1.63	1.4	30.00%	Thursday	AMC
SELECT INS GRP	SIGI	0.75	0.81	-19.48%	Thursday	AMC
XPLORE TECH CP	XPLR	0.01	0.07	100.00%	Thursday	AMC
CALLAWAY GOLF	ELY	-0.17	-0.33	45.45%	Thursday	AMC
HUB GROUP INC-A	HUBG	0.47	0.63	-1.82%	Thursday	AMC
DECKERS OUTDOOR	DECK	4.24	4.78	3.36%	Thursday	AMC
PAYLOCITY HLDG	PCTY	-0.08	-0.01	42.86%	Thursday	AMC
FORTINET INC	FTNT	0.08	0.03	133.33%	Thursday	AMC
ATHENAHEALTH IN	ATHN	0.27	0.45	66.67%	Thursday	AMC
GOPRO INC-A	GPRO	0.09	-0.21	-29.63%	Thursday	AMC
NATURAL GROCERS	NGVC	0.14	0.17	-22.22%	Thursday	AMC
TABLEAU SOFTWAR	DATA	-0.37	-0.57	-14.29%	Thursday	AMC
DEVRY EDUCATION	DV	0.73	0.68	9.76%	Thursday	AMC
PIXELWORKS INC	PXLW	-0.03	-0.11	42.86%	Thursday	AMC
RUDOLPH TECH	RTEC	0.18	0.13	-7.41%	Thursday	AMC
MINERAL TECH	MTX	1.07	1	0.86%	Thursday	AMC
ULTRATECH STEP	UTEK	0.12	-0.27	29.41%	Thursday	AMC
ENOVA INTL INC	ENVA	0.21	0.13	33.33%	Thursday	AMC
AMER MOVIL-ADR	AMX	-0.04	0.28	-82.35%	Thursday	AMC
M/I HOMES INC	MHO	1.06	0.59	0.00%	Thursday	AMC
SENSUS HEALTHCR	SRTS	-0.03	N/A	100.00%	Thursday	AMC
HANOVER INSURAN	THG	1.59	1.82	2.81%	Thursday	AMC
COMP SCIENCE	CSC	0.71	0.71	27.08%	Thursday	AMC
CROWN HLDGS INC	CCK	0.71	0.7	2.31%	Thursday	AMC
KITE REALTY GRP	KRG	0.51	0.5	0.00%	Thursday	AMC
MUELLER WATER	MWA	0.05	0.04	-5.56%	Thursday	AMC
FIREEYE INC	FEYE	-0.49	-0.73	32.35%	Thursday	AMC
CYPRESS SEMICON	CY	0.07	0.06	-12.50%	Thursday	AMC
GIGAMON INC	GIMO	0.18	0.12	23.08%	Thursday	AMC
POST HOLDINGS	POST	0.54	0.52	41.86%	Thursday	AMC
ESTERLINE TECHN	ESL	0.46	0.62	23.27%	Thursday	AMC
PENNYMAC FIN SV	PFSI	0.77	0.58	20.45%	Thursday	AMC
OPEN TEXT CORP	OTEX	0.29	0.49	67.35%	Thursday	AMC
SIMPSON MFG INC	SSD	0.4	0.3	10.71%	Thursday	AMC
DEUTSCHE BK AG	DB	N/A	-1.14	N/A	Thursday	N/A
INFINEON TECH	IFNNY	0.19	N/A	-8.00%	Thursday	N/A
EISAI CO LTD	ESALY	N/A	N/A	N/A	Thursday	N/A
FERRARI NV	RACE	0.53	0.31	22.22%	Thursday	N/A
DANSKE BANK A/	DNKEY	N/A	N/A	22.58%	Thursday	N/A
DNB ASA	DNHBY	N/A	N/A	N/A	Thursday	N/A
KOBE STEEL-ADR	KBSTY	N/A	-0.31	N/A	Thursday	N/A
MITSUBIS CP-ADR	MSBHY	N/A	0.88	N/A	Thursday	N/A
OLYMPUS CORP	OCPNY	N/A	0.57	N/A	Thursday	N/A
DENSO CORP	DNZOY	0.36	0.41	N/A	Thursday	N/A
KAO CORP ADR	KCRPY	N/A	N/A	N/A	Thursday	N/A
LYONDELLBASEL-A	LYB	2.09	2.2	0.43%	Friday	BTO
CLOROX CO	CLX	1.22	1.14	-4.23%	Friday	BTO
PHILLIPS 66	PSX	0.38	1.31	17.98%	Friday	BTO
WEYERHAEUSER CO	WY	0.15	0.24	4.55%	Friday	BTO
AUTONATION INC	AN	0.96	0.96	-2.63%	Friday	BTO
HERSHEY CO/THE	HSY	1.08	1.08	9.32%	Friday	BTO
HONDA MOTOR	HMC	0.49	0.57	64.41%	Friday	BTO
STORA ENSO -ADR	SEOAY	0.17	0.85	5.56%	Friday	BTO
APOLLO GLOBAL-A	APO	0.77	0.08	13.73%	Friday	BTO
WISDOMTREE INV	WETF	0.06	0.15	0.00%	Friday	BTO
BERRY PLASTICS	BERY	0.45	0.35	23.73%	Friday	BTO
PHILLIPS 66 PTR	PSXP	0.77	0.61	0.00%	Friday	BTO
ADIENT PLC	ADNT	2.09	N/A	N/A	Friday	BTO
SAIA INC	SAIA	0.43	0.41	8.00%	Friday	BTO
MADISON SQUAR-A	MSG	2.06	1.74	0.00%	Friday	BTO
REGIS CORP/MN	RGS	-0.01	0.03	125.00%	Friday	BTO
NORBORD INC	OSB	0.51	0.19	31.37%	Friday	BTO
TUESDAY MORNING	TUES	0.39	0.43	4.76%	Friday	BTO
ITOCHU CORP	ITOCY	N/A	0.7	N/A	Friday	BTO
METRO AG	MTTRY	N/A	N/A	N/A	Friday	BTO
METSO CORP -ADR	MXCYY	N/A	0.1	N/A	Friday	BTO
ATWOOD OCEANICS	ATW	0.15	1.32	8.62%	Friday	AMC
JAMES HARDI-ADR	JHX	N/A	0.13	N/A	Friday	N/A
MITSUBISHI-UFJ	MTU	N/A	0.15	N/A	Friday	N/A

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