Estimates for 2016 Q1 Falling Sharply

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

This growth challenge isn’t confined to 2015 Q4 alone, the outlook for the current and following quarters has been steadily deteriorating as well. We will discuss the steadily down-trending estimates picture for 2016 Q1 a little later in this write-up, but total Q1 earnings growth for the S&P 500 index are currently expected to be down -7.8% from the same period last year. This is materially down from what was expected for the quarter in early January. In fact, all of the earnings growth for the S&P 500 index in 2016 is now entirely expected to come in the back half of the year, with growth in the first half of the year now expected to be in the negative.

Developments in the oil patch are driving a big part of the negative revisions, but there is plenty of negative momentum in other sectors as well. Estimates for the Technology and Finance sectors have been coming down lately. Take for example the Zacks Consensus EPS estimates for bellwether players like Apple (AAPL) and J.P. Morgan (JPM) from these two sectors: the current Zacks Consensus EPS estimate for Apple is $2.01, which is down from $2.22 a month back while the same for J.P. Morgan has dropped from $1.53 to $1.51. Estimates for other major players in these two sectors like Intel (INTC), MSFT (MSFT), Bank of America (BAC) and Citigroup (C) have similarly come down.

Q4 Scorecard (as of Friday, February 12th)

Total earnings for the 382 S&P 500 members that have reported results already are down -6.4% on -4.6% lower revenues, with 67.4% beating EPS estimates and 48% coming ahead of top-line expectations. At this stage, the Retail and Utilities sectors are the only ones with any sizable number of reports still to come; the reporting cycle is effectively behind us for most of the other sectors.

The table below provides the current Q4 scorecard

Earnings growth for half of the 16 Zacks sectors is in the negative, with the Technology & Finance sectors – the two biggest sectors in the index – showing growth of +0.5% and -1% from the year-earlier level. The Finance sector was earlier in the positive column, thanks to easy comparisons at Citigroup, which has since been more than offset by tough comparisons at AIG (AIG).

The charts below provide a comparison of the results thus far with what we have seen from this same group of 382 S&P 500 members in other recent periods.

As you can see in the above chart(s), while growth for these 382 index members is notably below what we had seen from the same group of companies in other recent periods, the beat ratios are in-line or better relative to other recent periods. This likely means nothing more than estimates had likely fallen more than they needed to in the run up to the start of the Q4 earnings season.

This growth & surprise dichotomy is particularly notable for the Technology sector, though surprises have been fairly numerous in the Medical and Finance sectors as well. We referred to the Finance sector earlier. For the Medical sector, earnings for the 76.9% of the sector companies that have reported are up +7.3% from the same period last year on +9.2% higher revenues, with 75% beating EPS estimates and 62.5% beating revenue estimates.

With results from 50 of the 63 Tech sector companies in the S&P 500 index already out that combined account for 93.6% of sector’s total market cap in the index, total earnings for the quarter are up 0.5% on +2.5% higher revenues, with 76% beating EPS estimates and 62% beating revenue estimates. Strong growth from the likes of Google’s parent Alphabet (GOOGL), Facebook (FB) and a few others was offset by flat to modestly down growth at legacy players like Microsoft (MSFT), Intel (INTC) and others. Even Apple’s earnings were barely in the positive territory in Q4, and its estimates for the current period have been coming down following the Q4 report.

You can see in the right-hand side chart that positive surprises for the sector, both earnings as well revenues, are tracking above other recent periods.

In terms of weak revenue surprises, the sectors that stand out include Utilities (0% revenue beat ratio), Basic Materials (only 17.6% have beat revenues), Transportation (only 7.7% beating revenue estimates), Retail (28.6%) and Aerospace (33.3%).

Q4 As a Whole

The composite (or blended) growth rate for Q4, combining the actual results from the 382 index members that have reported results with estimates for the still-to-come 118 members, shows total earnings declining by -6.5% from the same period last year on -3.9% lower revenues, the third straight quarter of earnings declines for the index.

While Energy remains the big drag, as it has been in other recent quarters, the weakness is broad-based, with 9 of the 16 sectors expected to suffer earnings declines. Total earnings for the Energy sector are expected be down -79.2% on -35.4% lower revenues. Excluding Energy, earnings growth for the S&P 500 would be essentially flat from the year-earlier level (down -0.1% on +0.3% higher revenues).

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

Looking Beyond 2015 Q4

While earnings growth was negative in the last three quarters, the outlook for the current and following periods doesn’t look any better. As referred to earlier, estimates for 2016 Q1 have been coming down at an accelerated pace, with total earnings for the quarter now expected to be down -7.8% from the same period last year.

The chart below shows earnings growth expectations for the current period have evolved since the start of the quarter

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

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

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

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

Here is a list of the 349 companies reporting this week, including 55 S&P 500 members.
 

Company	Ticker	Current Qtr	Year-Ago Qtr	Last EPS Surprise %	Report Day	Time
Generac Holding	GNRC	0.88	0.98	13.58%	Tuesday	BTO
Yandex Nv-A	YNDX	0.18	0.41	-12.50%	Tuesday	BTO
Genuine Parts	GPC	0.99	1.07	0.81%	Tuesday	BTO
Zoetis Inc	ZTS	0.39	0.4	25.00%	Tuesday	BTO
Build-A-Bear Wk	BBW	0.51	0.73	-54.55%	Tuesday	BTO
Landmark Infras	LMRK	0.15	0.12	-71.43%	Tuesday	BTO
Palatin Tech	PTN	-0.07	0.03	0.00%	Tuesday	BTO
Restaurant Brnd	QSR	0.31	-2.25	6.67%	Tuesday	BTO
Surgical Care	SCAI	0.67	0.68	-6.25%	Tuesday	BTO
Sonus Networks	SONS	0.1	0.06	100.00%	Tuesday	BTO
Tile Shop Hldgs	TTS	0.07	0.03	33.33%	Tuesday	BTO
Baxalta Inc	BXLT	0.56	N/A	16.67%	Tuesday	BTO
Hormel Foods Cp	HRL	0.37	0.34	8.82%	Tuesday	BTO
Tegna Inc	TGNA	0.46	1.02	2.78%	Tuesday	BTO
Cementos Pacasm	CPAC	0.16	0.19	6.67%	Tuesday	BTO
Ceragon Netwrks	CRNT	0.01	-0.06	100.00%	Tuesday	BTO
Sagent Pharma	SGNT	-0.01	0.14	114.29%	Tuesday	BTO
Select Income	SIR	0.72	0.65	2.86%	Tuesday	BTO
Student Transpt	STB	0.04	0.04	-11.11%	Tuesday	BTO
Cryolife Inc	CRY	0.05	0.04	900.00%	Tuesday	BTO
Cai Intl Inc	CAI	0.56	0.75	3.33%	Tuesday	AMC
Fossil Grp Inc	FOSL	1.29	3	5.31%	Tuesday	AMC
Harmonic Inc	HLIT	-0.04	-0.01	-50.00%	Tuesday	AMC
North Amer Egy	NOA	-0.01	-0.03	-233.33%	Tuesday	AMC
Fmc Tech Inc	FTI	0.5	0.79	3.39%	Tuesday	AMC
Cimarex Energy	XEC	-0.23	0.87	-66.67%	Tuesday	AMC
Dynagas Lng Ptr	DLNG	0.41	0.44	-2.38%	Tuesday	AMC
Ellington Finl	EFC	0.55	0.56	-10.53%	Tuesday	AMC
Essendant Inc	ESND	0.86	0.88	-1.96%	Tuesday	AMC
Kaiser Aluminum	KALU	1.11	0.85	-6.96%	Tuesday	AMC
Nabors Ind	NBR	-0.27	0.33	0.00%	Tuesday	AMC
Rackspace Hostg	RAX	0.23	0.26	23.81%	Tuesday	AMC
Radiant Logist	RLGT	0.03	0.04	-33.33%	Tuesday	AMC
Terex Corp	TEX	0.51	0.72	-6.45%	Tuesday	AMC
Watts Water Tec	WTS	0.53	0.58	6.35%	Tuesday	AMC
Agilent Tech	A	0.43	0.41	6.38%	Tuesday	AMC
Cerner Corp	CERN	0.53	0.44	-1.96%	Tuesday	AMC
Devon Energy	DVN	0.74	0.83	33.33%	Tuesday	AMC
Express Scripts	ESRX	1.55	1.39	0.69%	Tuesday	AMC
Firstenergy Cp	FE	0.58	0.8	12.79%	Tuesday	AMC
Public Storage	PSA	2.42	2.2	0.89%	Tuesday	AMC
Vornado Rlty Tr	VNO	1.29	1.22	0.00%	Tuesday	AMC
Amer Assets Tr	AAT	0.44	0.42	-4.35%	Tuesday	AMC
Aurinia Pharma	AUPH	-0.16	-0.15	21.74%	Tuesday	AMC
Carriage Svcs-A	CSV	0.42	0.38	-5.71%	Tuesday	AMC
Covanta Holding	CVA	0.14	0.06	10.00%	Tuesday	AMC
Cytokinetcs Inc	CYTK	-0.31	0.23	20.69%	Tuesday	AMC
Danaos Corp	DAC	0.39	0.21	25.00%	Tuesday	AMC
Diodes Inc	DIOD	0.05	0.38	-55.17%	Tuesday	AMC
Ensync Inc	ESNC	-0.09	-0.09	0.00%	Tuesday	AMC
Franklin St Ppt	FSP	0.27	0.27	-3.57%	Tuesday	AMC
Full Circle Cap	FULL	0.11	0.19	0.00%	Tuesday	AMC
Healthstream	HSTM	0.06	0.1	50.00%	Tuesday	AMC
Hersha Hosptly	HT	0.6	0.56	9.84%	Tuesday	AMC
Imprivata Inc	IMPR	-0.21	-0.06	3.57%	Tuesday	AMC
Innospec Inc	IOSP	1.16	1.15	22.92%	Tuesday	AMC
Laredo Petrolm	LPI	0.1	0.15	0.00%	Tuesday	AMC
Mesoblast Ltd	MESO	N/A	N/A		Tuesday	AMC
Rightside Group	NAME	-0.3	0.08	37.93%	Tuesday	AMC
Neenah Paper	NP	0.84	0.75	9.88%	Tuesday	AMC
Potbelly Corp	PBPB	0.06	0.06	-11.11%	Tuesday	AMC
Pdvwireless Inc	PDVW	-0.44	-0.28	0.00%	Tuesday	AMC
Ps Business Pks	PSB	1.23	1.21	0.00%	Tuesday	AMC
Retail Properts	RPAI	0.24	0.27	17.39%	Tuesday	AMC
Incontact Inc	SAAS	-0.09	-0.07	18.18%	Tuesday	AMC
Silver Spring	SSNI	-0.07	-0.02	88.24%	Tuesday	AMC
Transunion	TRU	0.24	N/A	3.57%	Tuesday	AMC
Vasco Data Sec	VDSI	0.19	0.32	41.67%	Tuesday	AMC
Blackstone Mrtg	BXMT	0.64	0.47	13.11%	Tuesday	AMC
Boyd Gaming Cp	BYD	0.14	0	170.00%	Tuesday	AMC
Cheesecake Fact	CAKE	0.52	0.48	5.36%	Tuesday	AMC
Healthcare Rlty	HR	0.41	0.38	2.50%	Tuesday	AMC
Hatteras Fin Cp	HTS	0.43	0.59	-11.76%	Tuesday	AMC
Lantronix Inc	LTRX	-0.05	-0.02	85.71%	Tuesday	AMC
Maxwell Tech	MXWL	0	-0.02	50.00%	Tuesday	AMC
T2 Biosystems	TTOO	-0.61	-0.45	5.00%	Tuesday	AMC
Weingarten Rlty	WRI	0.56	0.51	1.82%	Tuesday	AMC
Zendesk Inc	ZEN	-0.27	-0.23	16.00%	Tuesday	AMC
Zix Corp	ZIXI	0.06	0.03	40.00%	Tuesday	AMC
Acadia Healthcr	ACHC	0.6	0.46	8.77%	Tuesday	AMC
Capstone Mining	CSFFF	-0.06	0	33.33%	Tuesday	AMC
Exactech Inc	EXAC	0.28	0.36	-16.67%	Tuesday	AMC
Midcoast En Ptn	MEP	-0.15	-0.08	88.89%	Tuesday	N/A
Orange-Adr	ORAN	N/A	N/A		Tuesday	N/A
Rti Surgical	RTIX	0.05	0.05	0.00%	Tuesday	N/A
Analog Devices	ADI	0.53	0.62	24.10%	Wednesday	BTO
Altra Indus Mot	AIMC	0.35	0.42	7.50%	Wednesday	BTO
Amag Pharma Inc	AMAG	0.42	0.04	-196.88%	Wednesday	BTO
Astronics Corp	ATRO	0.55	0.83	3.30%	Wednesday	BTO
Cone Midstream	CNNX	0.33	0.26	26.92%	Wednesday	BTO
Enbridge Inc	ENB	N/A	0.4	-10.00%	Wednesday	BTO
Cedar Fair	FUN	-0.07	-0.03	-17.28%	Wednesday	BTO
Vimpelcom Ltd	VIP	N/A	-0.14		Wednesday	BTO
Dr Pepper Snapl	DPS	0.98	0.88	3.85%	Wednesday	BTO
Garmin Ltd	GRMN	0.47	0.77	-1.92%	Wednesday	BTO
Host Hotel&Rsrt	HST	0.35	0.4	6.25%	Wednesday	BTO
Noble Energy	NBL	-0.04	0.38	-40.00%	Wednesday	BTO
Albany Mol Rsch	AMRI	0.29	0.28	0.00%	Wednesday	BTO
Autohome Inc	ATHM	0.25	0.35	23.53%	Wednesday	BTO
Bloomin Brands	BLMN	0.29	0.28	15.38%	Wednesday	BTO
Calumet Speclty	CLMT	0.04	0.86	109.76%	Wednesday	BTO
Dynex Cap Inc	DX	0.23	0.23	14.29%	Wednesday	BTO
Enbridge Egy Pt	EEP	0.18	0.27	4.55%	Wednesday	BTO
Employers Hldgs	EIG	0.48	0.44	46.51%	Wednesday	BTO
Enable Midstrm	ENBL	0.2	0.28	143.48%	Wednesday	BTO
Enzymotec Ltd	ENZY	0.11	0.05	0.00%	Wednesday	BTO
Eros Intl Plc	EROS	0.05	0.36	-65.71%	Wednesday	BTO
Enteromedics In	ETRM	-0.9	-1.35	50.00%	Wednesday	BTO
Forestar Group	FOR	0.44	0.32	-3000.00%	Wednesday	BTO
Gannett Co Inc	GCI	0.55	N/A	16.22%	Wednesday	BTO
Geo Grp Inc/The	GEO	0.9	0.81	3.45%	Wednesday	BTO
Magic Software	MGIC	0.12	0.13	8.33%	Wednesday	BTO
Pioneer Egy Svc	PES	-0.26	0.04	-4.17%	Wednesday	BTO
Radcom Ltd	RDCM	0.06	0.18	-40.00%	Wednesday	BTO
Comscore Inc	SCOR	0.12	0.15	23.53%	Wednesday	BTO
Shopify Inc	SHOP	-0.08	N/A	33.33%	Wednesday	BTO
T-Mobile Us Inc	TMUS	0.13	0.12	-50.00%	Wednesday	BTO
Wci Communities	WCIC	0.38	0.51	22.58%	Wednesday	BTO
Priceline.Com	PCLN	10.9	9.63	4.98%	Wednesday	BTO
Alcobra Ltd	ADHD	-0.24	-0.5	33.33%	Wednesday	BTO
Enlink Mids Llc	ENLC	0.14	0.16	1558.33%	Wednesday	BTO
Enlink Midst Lp	ENLK	0.11	0.21	41.67%	Wednesday	BTO
Medicines Co	MDCO	-1.66	0.11	7.22%	Wednesday	BTO
Sapiens Intl Nv	SPNS	0.12	0.09	0.00%	Wednesday	BTO
Ultrapar Pa-Adr	UGP	0.2	0.23	-21.05%	Wednesday	AMC
Netapp Inc	NTAP	0.52	0.6	12.50%	Wednesday	AMC
Hornbeck Offshr	HOS	0	0.52	-21.43%	Wednesday	AMC
Parker Drilling	PKD	-0.17	0.06	16.67%	Wednesday	AMC
Cf Indus Hldgs	CF	0.86	0.96	-33.78%	Wednesday	AMC
Marriott Intl-A	MAR	0.76	0.68	5.41%	Wednesday	AMC
Marathon Oil Cp	MRO	-0.5	-0.13	52.38%	Wednesday	AMC
Newmont Mining	NEM	0.14	0.17	21.05%	Wednesday	AMC
Williams Cos	WMB	0.18	0.15	57.14%	Wednesday	AMC
Barrick Gold Cp	ABX	0.07	0.15	83.33%	Wednesday	AMC
Albemarle Corp	ALB	0.83	0.99	1.12%	Wednesday	AMC
On Assignment	ASGN	0.74	0.6	-34.21%	Wednesday	AMC
Biotelemetry	BEAT	0.1	0.05	44.44%	Wednesday	AMC
Banco Macro-Adr	BMA	1.73	1.13	10.44%	Wednesday	AMC
Brocade Comm Sy	BRCD	0.2	0.23	0.00%	Wednesday	AMC
Chemed Corp	CHE	1.88	1.75	3.68%	Wednesday	AMC
Chimera Invest	CIM	0.54	0.6	-9.09%	Wednesday	AMC
Copa Hldgs Sa-A	CPA	0.66	2.83	-4.49%	Wednesday	AMC
Castlight Hlth	CSLT	-0.22	-0.22	4.76%	Wednesday	AMC
Commnty Hlth Sy	CYH	0.95	1.23	0.00%	Wednesday	AMC
Denny'S Corp	DENN	0.1	0.11	0.00%	Wednesday	AMC
Earthlink Hldgs	ELNK	-0.12	-0.15	23.08%	Wednesday	AMC
Epam Systems	EPAM	0.51	0.48	2.17%	Wednesday	AMC
Equity Commonwl	EQC	0.33	0.53	-7.69%	Wednesday	AMC
Evertec Inc	EVTC	0.44	0.44	0.00%	Wednesday	AMC
Globant Sa	GLOB	0.24	0.24	0.00%	Wednesday	AMC
Gladstone Comml	GOOD	N/A	0.39	-2.50%	Wednesday	AMC
Iamgold Corp	IAG	-0.1	0.03	-20.00%	Wednesday	AMC
Ipass Inc	IPAS	N/A	-0.04		Wednesday	AMC
Itron Inc	ITRI	0.72	0.36	-20.37%	Wednesday	AMC
Jive Software	JIVE	-0.16	-0.15	45.00%	Wednesday	AMC
James River Grp	JRVR	0.6	0.65	6.56%	Wednesday	AMC
Key Energy Svcs	KEG	-0.31	-0.1	-37.93%	Wednesday	AMC
Ldr Holding	LDRH	-0.18	-0.12	65.00%	Wednesday	AMC
Grand Canyon Ed	LOPE	0.78	0.7	7.69%	Wednesday	AMC
Lattice Semicon	LSCC	0.01	0.03	11.11%	Wednesday	AMC
Mantech Intl -A	MANT	0.37	0.39	-2.78%	Wednesday	AMC
New Gold Inc	NGD	0.01	0.03	100.00%	Wednesday	AMC
Novadaq Tec Inc	NVDQ	-0.16	-0.1	10.00%	Wednesday	AMC
Oil States Intl	OIS	-0.01	1.09	450.00%	Wednesday	AMC
Quidel Corp	QDEL	0.06	0.34	121.43%	Wednesday	AMC
Sharpspring Inc	SHSP	-0.14	-0.07	-46.15%	Wednesday	AMC
Support.Com Inc	SPRT	-0.11	-0.03	-16.67%	Wednesday	AMC
Sunpower Corp-A	SPWR	1.44	0.17	-78.57%	Wednesday	AMC
Questar	STR	0.39	0.35	0.00%	Wednesday	AMC
Tallgrass Enrgy	TEGP	0.14	N/A	-47.06%	Wednesday	AMC
Tallgrass Enrgy	TEP	0.58	0.45	-10.71%	Wednesday	AMC
Urban Edge Prop	UE	0.3	N/A		Wednesday	AMC
Williams Ptr Lp	WPZ	0.5	0.65	-214.29%	Wednesday	AMC
Nvidia Corp	NVDA	0.32	0.36	60.00%	Wednesday	AMC
Cloud Peak Egy	CLD	-0.19	0.26	284.62%	Wednesday	AMC
Godaddy Inc-A	GDDY	-0.03	N/A	55.56%	Wednesday	AMC
Gulfport Engy	GPOR	-0.11	0.12	46.67%	Wednesday	AMC
Kar Auction Svc	KAR	0.41	0.4	-4.55%	Wednesday	AMC
Nova Measuring	NVMI	0.13	0.06	40.00%	Wednesday	AMC
One Gas Inc	OGS	0.73	0.69	7.69%	Wednesday	AMC
Sovran Slf Stor	SSS	1.28	1.13	1.57%	Wednesday	AMC
Tyler Tech Inc	TYL	0.56	0.46	8.93%	Wednesday	AMC
Utd Insurance	UIHC	0.37	0.55	95.65%	Wednesday	AMC
Valmont Inds	VMI	1.4	1.62	0.00%	Wednesday	AMC
Arris Intl Plc	ARRS	0.41	0.71	-2.00%	Wednesday	AMC
Jack In The Box	JACK	1.03	0.93	-4.62%	Wednesday	AMC
Synopsys Inc	SNPS	0.3	0.68	-8.82%	Wednesday	AMC
Keurig Green Mt	GMCR	0.66	0.88	21.43%	Wednesday	N/A
La-Z-Boy Inc	LZB	0.4	0.33	0.00%	Wednesday	N/A
Deutsche Boerse	DBOEY	0.09	0.1	-5.83%	Wednesday	N/A
Hyster-Yale Mat	HY	1.08	1.61	-4.48%	Wednesday	N/A
Univl Fst Prods	UFPI	0.78	0.46	5.88%	Wednesday	N/A
Norsk Hydro Adr	NHYDY	N/A	0.11		Wednesday	N/A
Koninklijke Dsm	RDSMY	N/A	0.14		Wednesday	N/A
Boise Cascade	BCC	0.24	0.4	16.67%	Thursday	BTO
Endurance Intl	EIGI	0.31	0.25	-35.71%	Thursday	BTO
Transalta Corp	TAC	N/A	0.13	-250.00%	Thursday	BTO
Aarons Inc	AAN	0.39	0.39	-18.75%	Thursday	BTO
Agios Pharmact	AGIO	-0.27	-0.76	-20.22%	Thursday	BTO
Cabelas Inc	CAB	1.21	1.11	-2.74%	Thursday	BTO
Cra Intl Inc	CRAI	0.15	0.41	-13.51%	Thursday	BTO
Genesis Energy	GEL	0.46	0.33	-36.59%	Thursday	BTO
Govt Pptys Incm	GOV	0.6	0.58	0.00%	Thursday	BTO
Hyatt Hotels Cp	H	0.24	0.22	31.82%	Thursday	BTO
Melco Crown Ent	MPEL	0.05	0.22	10.00%	Thursday	BTO
Higher One Hldg	ONE	0.05	0.13	-22.22%	Thursday	BTO
Reliance Steel	RS	0.82	1.01	12.62%	Thursday	BTO
Teekay Corp	TK	0.13	0.43	-73.33%	Thursday	BTO
Wabtech	WAB	1.05	0.95	-1.92%	Thursday	BTO
Columbia Pipeln	CPGX	0.17	N/A	25.00%	Thursday	BTO
Discovery Com-A	DISCA	0.46	0.43	20.51%	Thursday	BTO
Discovery Com-C	DISCK	0.39	0.43	20.51%	Thursday	BTO
Duke Energy Cp	DUK	0.94	0.86	-3.29%	Thursday	BTO
Entergy Corp	ETR	1.54	0.75	-1.55%	Thursday	BTO
Welltower Inc	HCN	1.12	1.03	1.82%	Thursday	BTO
Starwood Hotels	HOT	0.79	0.97	2.78%	Thursday	BTO
Laboratory Cp	LH	1.99	1.65	0.00%	Thursday	BTO
Nisource Inc	NI	0.3	0.51	200.00%	Thursday	BTO
Pg&E Corp	PCG	0.45	0.53	-8.70%	Thursday	BTO
Waste Mgmt-New	WM	0.68	0.67	2.78%	Thursday	BTO
Wal-Mart Stores	WMT	1.46	1.61	6.19%	Thursday	BTO
Atlas Air World	AAWW	1.52	1.55	0.00%	Thursday	BTO
Allete Inc	ALE	0.8	0.73	23.00%	Thursday	BTO
Banco Latinoame	BLX	0.75	0.93	17.81%	Thursday	BTO
Cincinnati Bell	CBB	0.02	-0.07	50.00%	Thursday	BTO
Ciber Inc	CBR	0.04	0.07	-66.67%	Thursday	BTO
Cbiz Inc	CBZ	-0.05	0.08	50.00%	Thursday	BTO
Choice Htl Intl	CHH	0.48	0.43	0.00%	Thursday	BTO
Cott Corp Que	COT	-0.02	0.37	-10.00%	Thursday	BTO
Columbia Pipeln	CPPL	0.2	N/A	29.41%	Thursday	BTO
Dana Holding Cp	DAN	0.36	0.53	-22.64%	Thursday	BTO
Denbury Res Inc	DNR	0	0.27	28.57%	Thursday	BTO
Gold Fields-Adr	GFI	N/A	0.02	0.00%	Thursday	BTO
Triple-S Mgmt-B	GTS	0.25	0.1	21.88%	Thursday	BTO
Huntington Ingl	HII	2.3	2.19	12.44%	Thursday	BTO
Independc Contr	ICD	-0.07	0.02	44.44%	Thursday	BTO
Interdigitl Inc	IDCC	0.72	0.36	209.09%	Thursday	BTO
Inteliquent Inc	IQNT	0.27	0.3	4.35%	Thursday	BTO
Indep Realty Tr	IRT	0.21	0.17	0.00%	Thursday	BTO
Knot Offshor Lp	KNOP	0.53	0.68	4.17%	Thursday	BTO
Leidos Holdings	LDOS	0.66	0.69	14.52%	Thursday	BTO
Natl Health Inv	NHI	1.17	1.06	3.42%	Thursday	BTO
Pan Amer Silver	PAAS	-0.08	-0.14	45.45%	Thursday	BTO
Pool Corp	POOL	-0.01	-0.05	4.65%	Thursday	BTO
Six Flags Entmt	SIX	-0.04	-0.38	-4.09%	Thursday	BTO
Sodastream Intl	SODA	0.17	0.35	0.00%	Thursday	BTO
State Auto Finl	STFC	0.51	-0.46	-10.81%	Thursday	BTO
Syntel Inc	SYNT	0.75	0.84	22.67%	Thursday	BTO
Teekay Tankers	TNK	0.42	0.21	-14.29%	Thursday	BTO
Teekay Offshore	TOO	0.34	0.34	-69.77%	Thursday	BTO
Toro Co	TTC	0.59	0.54	7.69%	Thursday	BTO
Travelport Wwd	TVPT	0.13	-0.12	31.25%	Thursday	BTO
Cvr Partners Lp	UAN	0.17	0.34	-333.33%	Thursday	BTO
Ultra Petro Cp	UPL	-0.11	0.62	16.67%	Thursday	BTO
Virgin America	VA	1.24	0.71	4.46%	Thursday	BTO
Valspar Corp	VAL	0.68	0.85	3.05%	Thursday	BTO
Vishay Precisn	VPG	0.15	0.12	63.64%	Thursday	BTO
West Pharm Svc	WST	0.47	0.45	2.33%	Thursday	BTO
Scana Corp	SCG	0.77	0.73	-3.12%	Thursday	BTO
Cvr Refining Lp	CVRR	-0.48	0.32	-8.74%	Thursday	BTO
Dish Network Cp	DISH	0.12	0.88	5.00%	Thursday	BTO
Idacorp Inc	IDA	0.64	0.69	-6.41%	Thursday	BTO
Lawson Products	LAWS	0.04	-0.34	17.39%	Thursday	BTO
Mgm Resorts Int	MGM	0.08	0.01	400.00%	Thursday	BTO
Momenta Pharma	MNTA	-0.1	-0.31	-131.58%	Thursday	BTO
Mazor Robotics	MZOR	-0.13	-0.18	-19.05%	Thursday	BTO
Primero Mining	PPP	-0.03	-0.03	-100.00%	Thursday	BTO
Gibraltar Indus	ROCK	0.13	0.02	38.89%	Thursday	BTO
Teekay Lng Ptnr	TGP	0.5	0.57	-32.00%	Thursday	BTO
Trend Micro Inc	TMICY	0.42	0.42	-3.23%	Thursday	BTO
Braskem Sa	BAK	N/A	-0.07	105.45%	Thursday	BTO
Discovery Com-B	DISCB	0.45	0.43	17.50%	Thursday	BTO
Enviva Partners	EVA	0.31	N/A	3.85%	Thursday	BTO
Flowserve Corp	FLS	0.91	1.16	3.85%	Thursday	AMC
Nordstrom Inc	JWN	1.22	1.32	-19.72%	Thursday	AMC
Century Alum Co	CENX	-0.54	0.64	-84.62%	Thursday	AMC
Us Ecology Inc	ECOL	0.47	0.42	-23.33%	Thursday	AMC
Internap Netwrk	INAP	-0.19	-0.13	-4.35%	Thursday	AMC
Keysight Tech	KEYS	0.41	0.44	18.97%	Thursday	AMC
Materion Corp	MTRN	0.32	0.5	-4.76%	Thursday	AMC
Boston Beer Inc	SAM	1.11	1.4	7.14%	Thursday	AMC
Consol Edison	ED	0.55	0.58	-2.70%	Thursday	AMC
Equinix Inc	EQIX	3.01	N/A	-0.56%	Thursday	AMC
Fluor Corp-New	FLR	0.93	1.41	7.08%	Thursday	AMC
Alliance Fiber	AFOP	0.23	0.22	-44.44%	Thursday	AMC
Arista Networks	ANET	0.51	0.43	6.67%	Thursday	AMC
Amer Railcar	ARII	1.51	1.06	-2.13%	Thursday	AMC
Yamana Gold Inc	AUY	-0.01	-0.02	0.00%	Thursday	AMC
Basic Egy Svcs	BAS	-1.34	0.11	-7.69%	Thursday	AMC
Bj'S Restaurant	BJRI	0.39	0.31	25.81%	Thursday	AMC
Calatlantic Grp	CAA	0.74	0.8	-6.10%	Thursday	AMC
Century Communt	CCS	0.62	0.34	0.00%	Thursday	AMC
Cedar Shopn Ctr	CDR	0.14	0.13	0.00%	Thursday	AMC
Chefs Warehouse	CHEF	0.24	0.2	16.67%	Thursday	AMC
Chesapeake Lodg	CHSP	0.54	0.44	0.00%	Thursday	AMC
Americas Car-Mt	CRMT	0.48	0.82	-58.57%	Thursday	AMC
Financial Engin	FNGN	0.17	0.18	0.00%	Thursday	AMC
First Indl Rlty	FR	0.34	0.32	0.00%	Thursday	AMC
Healthcare Trst	HTA	0.4	0.37	0.00%	Thursday	AMC
Intricon Corp	IIN	0.13	0.09	-23.08%	Thursday	AMC
Ironwood Pharma	IRWD	-0.17	-0.27	-25.00%	Thursday	AMC
Lasalle Htl Prp	LHO	0.64	0.59	-2.25%	Thursday	AMC
Mdc Ptnrs Inc	MDCA	0.29	-0.17	-188.24%	Thursday	AMC
Allscripts Hlth	MDRX	0.1	0.08	25.00%	Thursday	AMC
Novatel Wireles	MIFI	-0.04	-0.01	-50.00%	Thursday	AMC
Marin Software	MRIN	-0.16	-0.23	20.69%	Thursday	AMC
Pc Mall Inc	PCMI	0.11	0.16	18.18%	Thursday	AMC
Prothena Cp Plc	PRTA	-0.79	-0.48	-10.61%	Thursday	AMC
Rexford Ind Rty	REXR	0.2	0.19	5.26%	Thursday	AMC
Sjw Corp	SJW	0.29	0.28	-19.30%	Thursday	AMC
Startek Inc	SRT	-0.25	-0.08	-164.71%	Thursday	AMC
Tracon Pharmact	TCON	-0.62	N/A	-3.92%	Thursday	AMC
Trinity Inds In	TRN	1.07	0.86	13.91%	Thursday	AMC
Univl Electrs	UEIC	0.85	0.7	-6.02%	Thursday	AMC
Encore Wire Cp	WIRE	0.51	0.24	52.17%	Thursday	AMC
Washington Reit	WRE	0.44	0.43	0.00%	Thursday	AMC
Appld Matls Inc	AMAT	0.25	0.27	3.57%	Thursday	AMC
Cubesmart	CUBE	0.33	0.28	6.25%	Thursday	AMC
Marchex Inc	MCHX	-0.01	-0.04	-100.00%	Thursday	AMC
Nmi Holdings-A	NMIH	-0.09	-0.17	33.33%	Thursday	AMC
Wageworks Inc	WAGE	0.19	0.16	36.36%	Thursday	AMC
Yume Inc	YUME	-0.01	0.07	13.64%	Thursday	AMC
Amn Hlthcr Svcs	AHS	0.41	0.21	33.33%	Thursday	AMC
Innerworkings	INWK	0.07	0.07	22.22%	Thursday	AMC
Truecar Inc	TRUE	-0.15	-0.11	25.00%	Thursday	AMC
Patterson Cos.	PDCO	0.67	0.55	-6.67%	Thursday	N/A
Quanta Services	PWR	0.25	0.48	3.85%	Thursday	N/A
Spark New Zeald	NZTCY	N/A	N/A		Thursday	N/A
Semicon Mfg-Adr	SMI	0.06	0.04	100.00%	Thursday	N/A
Turkcell Il-Adr	TKC	N/A	0.23		Thursday	N/A
Circor Intl	CIR	0.63	1.08	4.92%	Friday	BTO
Ameren Corp	AEE	0.18	0.19	7.63%	Friday	BTO
Cabot Oil & Gas	COG	-0.02	0.22	-50.00%	Friday	BTO
Deere & Co	DE	0.71	1.12	45.95%	Friday	BTO
Public Sv Entrp	PEG	0.48	0.49	1.27%	Friday	BTO
Pinnacle West	PNW	0.27	0.05	-1.29%	Friday	BTO
V F Corp	VFC	1.02	0.98	-4.46%	Friday	BTO
Barnes Grp	B	0.66	0.62	-3.17%	Friday	BTO
Brady Corp Cl A	BRC	0.22	0.29	32.14%	Friday	BTO
Calgon Carbon	CCC	0.16	0.23	-8.00%	Friday	BTO
Commscope Hldg	COMM	0.41	0.36	0.00%	Friday	BTO
Enerplus Corp	ERF	-0.05	0.58	-433.33%	Friday	BTO
Gentherm Inc	THRM	0.56	0.55	31.03%	Friday	BTO
Crossamerica Lp	CAPL	0.13	-0.6	141.67%	Friday	BTO
Cst Brands Inc	CST	0.56	1.02	152.38%	Friday	BTO
Donegal Grp -A	DGICA	0.38	0.15	-33.33%	Friday	BTO
Aegon N V	AEG	N/A	0.24		Friday	N/A
Allianz Ag-Adr	AZSEY	0.35	0.31	-8.33%	Friday	N/A
James Hardi-Adr	JHX	N/A	0.11		Friday	N/A

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