Business

Q4 Earnings Season Winding Down

Q4 Earnings Season Winding Down

The Q4 earnings season isn’t over yet, with almost 400 companies releasing results this week, including 41 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 been good enough; it has certainly been no worse than other recent quarters. In fact, this earnings season is better than recent quarters in terms of earnings growth and positive surprises, both EPS and revenue surprises. Where it’s no different from other recent quarters is in terms of lackluster top-line growth and continued negative guidance.

Q4 Earnings Season Winding Down

In other words, we didn’t see any improvement on the guidance front, which has been weak for more than a year now. And this is prompting estimates for the current quarter to come down, as the chart below shows.

With companies in the retail sector starting to report fourth quarter results in greater numbers this week and beyond, we will likely see even more negative guidance. They don’t even need to try very hard to explain their dire straits – they can safely blame everything on the weather. Wal-Mart (WMT) which reports on Thursday had already pre-announced its Q4 problems, but we will likely see a lot more negative guidance from other retailers in the coming days. Total earnings for the sector are expected to be down -4.6% in Q4, which is a material downgrade from the +1.1% growth expected at the start of the reporting season.

Q4 Earnings Scorecard (as of Friday, 2/14/2014)

Total earnings for the 401 S&P 500 members that have reported already, combined accounting for 86.2% of the index’s total market capitalization,  are up +11.1% from the same period last year, with a ‘beat ratio’ of 68.6% and a median surprise of +2.4%. Total revenues are barely in the positive column, up only +0.8%, with a revenue ‘beat ratio’ of 61.1% 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 401 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 +6.9% from the ‘headline’ +11.1%, 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 -8.9% drop in reported revenues. Excluding these two sectors, total revenue growth for the S&P 500 improves to +4.2%, which compares to +4% gain for the same group of companies in Q3 and the 4-quarter average of +2.5%. What this means is that top-line growth is weak, but it’s not as weak as the ‘headline’ +0.8% gain would make you believe.

The Composite Growth Picture

The ‘composite’ picture for Q4, where we combine results from the 401 companies that have reported already with the 99 still to come, is for growth rate of +9.2%. 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 +9.2% 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 +6.1% once the sector is excluded. Energy continues to be a drag on aggregate growth, with total earnings for the sector expected to be down -10.3% in Q4 after declining -8.4% in Q3. Excluding the Energy sector, total Q4 earnings for the S&P 500 would be up +12.1% vs. +6.9% in Q3.

Technology earnings are expected be up +4.5% after the +5.6% gain in Q3. While Google (GOOG) and Facebook (FB) did extremely well, the sector overall has had a good earnings season as well. With Q4 results from 93.7% of the sector’s total market capitalization already out, total earnings for the sector are up +5.6% on +5.2% 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 are notably better, indicating that expectations may have fallen a bit too low in the run up to the start of the reporting season.

Of the Tech sector companies that have reported already (57 out of 65 Tech sector companies in the S&P 500 accounting for 93.7% of the sector’s total market cap have reported results), 86.0% have beat earnings expectations, up from Q3’s 70.2% earnings beat ratio and the 4-quarter average of 75.4%. Positive revenue surprises have been materially widespread relative to recent quarters as well, with Q4 revenue beat ratio currently tracking 75.4% vs. 61.4% in Q3 and the 4-quarter average of 57.0%.

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 +10.2% this year and +11.0% in 2015, pronounced acceleration from the flat reading in 2013.

For a more detailed look at the Q4 earnings season, please check our weekly Earnings Trends report.

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 saw on the guidance front didn’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 to come down more if current trends persist.

Monday-2/17

  • Presidents Day, Market Closed.

Tuesday -2/18

  • We will get the February Empire State regional manufacturing survey before the market opens, while the homebuilder sentiment index will come out a little later. We will likely see weather play roles in both readings, as has been in the norm in all recent economic data.
  • Coca Cola (KO) and Medtronic (MDT) are among the notable reports in the morning, while Herbalife (HLF) and Panera Bread (PNRA) will report after the close.

Wednesday-2/19

  • The January Housing Starts numbers in the morning are expected to have lost ground, for the same reason that has been weighing on all data lately. The expectation is that Starts dropped to 963K in the month from December’s 999K level.
  • We will also get minutes of the last FOMC meeting in the afternoon where they continued with the Taper program.
  • Devon Energy (DVN) and Marriott International (MAR) are among the companies reporting in the morning, while Tesla Motors (TSLA) will be in the spotlight after the close.
  • Zacks Earnings ESP, or Expected Surprise Prediction, our proprietary leading indicator of earnings surprises, is showing Tesla coming out an earnings beat.
  • To get a better understanding of Zacks Earnings Surprise Predictor, please click here.

Thursday -2/20

  • A busy day on the economic calendar, as in addition to weekly Jobless Claims, we will get the January CPI and Leading Indicators and the February Philly Fed regional manufacturing survey.
  • Wal-Mart (WMT) is the notable report in the morning, while Priceline (PCLN), Groupon (GRPN) and Nordstrom (JWN) are reports after the close.

Friday-2/21

  • The January Existing Home sales data coming out after the market’s open is expected to have eased from the prior month’s pace.
  • Charter Communication (CHTR), Dish Network (DISH) and Pilgrim Pride (PPC) are among the notable reports today, all in the morning.

Here is a list of the 381 companies reporting this week, including 41 S&P 500 members.

Company Ticker Current Qtr Year-Ago Qtr Last EPS Surprise % Report Day Time
ATLAS PIPLN PTRAPL0.120.18-107.14MondayAMC
CHEMED CORPCHE1.341.5213.91MondayAMC
DIANA CONTAINERDCIX0.010.0150MondayBTO
HOLLYSYS AUTOMTHOLI0.270.23-32.56MondayBTO
KAISER ALUMINUMKALU0.880.65-8.16MondayAMC
PARKWAY PPTYPKY0.070.2715.38MondayAMC
SEMICON MFG-ADRSMI0.020.06140MondayAMC
ANALOG DEVICESADI0.480.446.9TuesdayAMC
CF INDUS HLDGSCF4.467.271.3TuesdayAMC
COCA COLA COKO0.460.450TuesdayBTO
DENTSPLY INTLXRAY0.60.561.79TuesdayBTO
DUKE ENERGY CPDUK0.940.7-3.31TuesdayBTO
FLUOR CORP-NEWFLR0.981.581.94TuesdayAMC
GENUINE PARTSGPC0.920.93-6.67TuesdayBTO
MEDTRONICMDT0.910.931.11TuesdayBTO
NABORS INDNBR0.20.35.26TuesdayAMC
NISOURCE INCNI0.460.440TuesdayBTO
WASTE MGMT-NEWWM0.60.574.84TuesdayBTO
ACCESS MIDSTRMACMP0.430.2-33.33TuesdayAMC
ACTIVE POWERACPW-0.17-0.02-23.08TuesdayBTO
AMER ASSETS TRAAT0.390.382.63TuesdayAMC
AMER WOODMARKAMWD0.280.14-12.82TuesdayBTO
AMERICAS CAR-MTCRMT0.720.84-26.51TuesdayAMC
AMREIT INCAMRE0.260.249.09TuesdayAMC
ANI PHARMACEUTANIP0.24-0.96N/ATuesdayBTO
BLACKSTONE MRTGBXMT0.3740.616TuesdayAMC
BRIDGESTONE ADRBRDCYN/A0.39N/ATuesdayN/A
BRUKER CORPBRKR0.280.28-4.76TuesdayAMC
CAPELLA EDUCATNCPLA0.760.7320TuesdayBTO
CHATHAM LODGINGCLDT0.280.214.35TuesdayAMC
CHOICE HTL INTLCHH0.460.454.48TuesdayBTO
COLUMBIA SPORTSCOLM0.891.159.79TuesdayAMC
COMMNTY HLTH SYCYH0.690.854.35TuesdayAMC
CUMULUS MEDIACMLS0.10.16-88.89TuesdayBTO
DAKTRONICS INCDAKT0.10.0622.73TuesdayBTO
DIANA SHIPPINGDSX-0.060.0633.33TuesdayBTO
EDUCATION RLTYEDR0.20.1614.29TuesdayBTO
ENPHASE ENERGYENPH-0.04-0.16-27.27TuesdayAMC
FRANKLIN ST PPTFSP0.270.250TuesdayAMC
FREIGHTCAR AMERRAIL0.02-0.08-14.29TuesdayAMC
FRESH DEL MONTEFDP-0.260-77.5TuesdayBTO
GILAT SATELLITEGILT00.17-500TuesdayBTO
GLADSTONE COMMLGOOD0.380.38-5TuesdayAMC
GOVT PPTYS INCMGOV0.520.53-1.92TuesdayBTO
GREENLIGHT CAPGLRE2.42-1.627.14TuesdayAMC
HAWAIIAN ELECHE0.370.392.13TuesdayAMC
HEALTHCARE TRSTHTA0.170.16-5.88TuesdayBTO
HEALTHSTREAMHSTM0.070.070TuesdayAMC
HEICO CORPHEI0.340.287.32TuesdayAMC
HERBALIFE LTDHLF1.281.0523.68TuesdayAMC
INNERWORKINGSINWK-0.010.15-66.67TuesdayAMC
INNOPHOS HLDGSIPHS0.630.62-32.53TuesdayAMC
KAR AUCTION SVCKAR0.260.21-22.22TuesdayAMC
LA-Z-BOY INCLZB0.350.2815.38TuesdayAMC
LCA-VISION INCLCAV-0.09-0.2420TuesdayBTO
MANNKIND CORPMNKD-0.14-0.23-21.43TuesdayAMC
MEADOWBROOK INSMIG0.120-23.08TuesdayAMC
NATL HEALTH INVNHI0.880.844.44TuesdayBTO
NEENAH PAPERNP0.560.6-4.69TuesdayAMC
NORWEGIAN CRUISNCLH0.170.01-1.18TuesdayBTO
NOVA MEASURINGNVMI0.110.0214.29TuesdayBTO
NPS PHARMA INCNPSP0.02-0.1450TuesdayAMC
OCEANEERING INTOII0.840.742.13TuesdayAMC
OI SAOIBR0.020.12266.67TuesdayN/A
ORBOTECH LTDORBK0.310.0729.17TuesdayBTO
PALATIN TECHPTN-0.05-0.020TuesdayBTO
PANERA BREAD COPNRA1.951.750TuesdayAMC
PENN RE INV TRPEI0.580.60TuesdayAMC
PHOTRONICS INCPLAB0.050.0428.57TuesdayAMC
POTBELLY CORPPBPB0.05N/A11.11TuesdayAMC
PS BUSINESS PKSPSB1.21.250TuesdayAMC
RETAIL PROPERTSRPAI0.250.2212.5TuesdayAMC
SM ENERGY COSM1.430.4541.28TuesdayAMC
SYKES ENTRP INCSYKE0.410.3939.29TuesdayAMC
TEREX CORPTEX0.490.1932.76TuesdayAMC
ULTRA CLEAN HLDUCTT0.23033.33TuesdayAMC
UNITED FIRE GRPUFCS0.51-0.12-22.22TuesdayBTO
USA COMPRESSIONUSAC0.19N/A-61.54TuesdayBTO
VASCO DATA SECVDSI0.080.0571.43TuesdayBTO
WAL-MART MX-ADRWMMVY0.370.36-11.54TuesdayN/A
WATTS WATER TECWTS0.640.61-10.77TuesdayAMC
WOLVERINE WORLDWWW0.20.2410.48TuesdayBTO
YAMANA GOLD INCAUY0.080.2628.57TuesdayAMC
ZIX CORPZIXI0.060.040TuesdayAMC
DEVON ENERGYDVN1.090.788.4WednesdayBTO
FLOWSERVE CORPFLS10.947.14WednesdayAMC
GARMIN LTDGRMN0.610.6615WednesdayBTO
HEALTH CR REITHCN0.970.85-10.42WednesdayBTO
HOST HOTEL&RSRTHST0.310.4-3.85WednesdayBTO
MARRIOTT INTL-AMAR0.50.5615.56WednesdayAMC
SAFEWAY INCSWY0.470.94-37.5WednesdayAMC
WILLIAMS COSWMB0.210.2535.71WednesdayAMC
ACADIA HEALTHCRACHC0.290.1911.11WednesdayAMC
ALEXANDR&BALDWNALEX0.170.230WednesdayAMC
ALTRA HOLDINGSAIMC0.370.368.11WednesdayBTO
AMER RAILCARARII0.991.140WednesdayAMC
ANGLOGOLD LTDAU0.090.282200WednesdayN/A
APOLLO RES MTGEAMTG0.410.6414.06WednesdayAMC
ARRIS GROUP INCARRS0.420.2228.57WednesdayAMC
AVG TECHNOLOGSAVG0.350.2213.95WednesdayAMC
AVIS BUDGET GRPCAR0.12-0.07-3.9WednesdayAMC
BASIC EGY SVCSBAS-0.26-0.27-20WednesdayAMC
BJ’S RESTAURANTBJRI0.060.27-23.53WednesdayAMC
BLACKHAWK NETWKHAWK0.81N/A0WednesdayAMC
BRIXMOR PPTY GPBRX0.44N/AN/AWednesdayAMC
CALGON CARBONCCC0.190.190WednesdayBTO
CALUMET SPECLTYCLMT0.090.65-411.11WednesdayBTO
CARLSBERG A/SCABGYN/A0.290WednesdayN/A
CARLYLE GROUPCG0.910.47-20.31WednesdayBTO
CHINA DISTANCEDL0.070.0422.73WednesdayAMC
CIMAREX ENERGYXEC1.411.185.88WednesdayBTO
CINEMARK HLDGSCNK0.390.3423.21WednesdayBTO
COEUR DALENE MICDE-0.180.28-26.32WednesdayN/A
CONCHO RESOURCSCXO0.960.961.92WednesdayAMC
CORPBANCA -ADRBCA0.480.4-16.67WednesdayAMC
COSTAR GRP INCCSGP0.540.3614.89WednesdayAMC
CURTISS WRIGHTCW0.960.95-1.3WednesdayAMC
DEALERTRACK HLDTRAK0.20.2317.24WednesdayAMC
DENNY’S CORPDENN0.080.070WednesdayAMC
DIAMOND RESORTSDRII0.17N/A-300WednesdayAMC
DIXIE GRP INCDXYN0.05-0.0366.67WednesdayBTO
DYNEX CAP INCDX0.290.34-3.57WednesdayBTO
EARTHLINK HLDGSELNK-0.190.0354.55WednesdayAMC
EATON VANCEEV0.610.5-9.84WednesdayBTO
ENERGY TRAN EQTETE0.270.03-18.75WednesdayAMC
ENERGY TRAN PTRETP0.590.44-15WednesdayAMC
EPAM SYSTEMSEPAM0.390.33-2.86WednesdayAMC
EQUINIX INCEQIX0.780.7828.07WednesdayAMC
EQUITY ONE INCEQY0.30.33.45WednesdayAMC
ESSENT GROUPESNT0.2N/AN/AWednesdayBTO
EXACTECH INCEXAC0.310.299.52WednesdayAMC
FRANKLIN ELECFELE0.30.290WednesdayAMC
GEO GRP INC/THEGEO0.67N/A2.86WednesdayBTO
GOLDEN STAR RESGSS-0.010.03125WednesdayAMC
GOODRICH PETROLGDP-0.48-0.1921.74WednesdayAMC
HEALTHCARE RLTYHR0.340.31-3.03WednesdayAMC
HEALTHSOUTH CPHLS0.440.454.88WednesdayAMC
HECLA MININGHL0.010.030WednesdayBTO
HELIX EGY SOLUTHLX0.320.9231.03WednesdayAMC
HOMEAWAY INCAWAY0.070.0520WednesdayAMC
HORNBECK OFFSHRHOS0.640.313.64WednesdayAMC
HUDBAY MINERALSHBM-0.040.03300WednesdayN/A
HYSTER-YALE MATHY1.471.34-5.41WednesdayAMC
IAMGOLD CORPIAG0.050.2440WednesdayAMC
ICAD INCICAD-0.12-0.1521.43WednesdayAMC
INNODATA ISOGENINOD-0.020.05100WednesdayBTO
INTERFACE INC ATILE0.220.160WednesdayAMC
JACK IN THE BOXJACK0.650.5415.38WednesdayAMC
KNOT OFFSHOR LPKNOP0.3N/A164.29WednesdayBTO
LAFARGE SA-ADRLFRGYN/A0.15-14.81WednesdayN/A
LASALLE HTL PRPLHO0.5505.88WednesdayAMC
LEGACY RESERVESLGCY0.320.3211.76WednesdayAMC
LIFELOCK INCLOCK0.160.0714.29WednesdayAMC
LITHIA MOTORSLAD0.920.742.73WednesdayBTO
LUMBER LIQUIDATLL0.720.58.96WednesdayBTO
MACQUARIE INFRAMIC0.330.78-29.55WednesdayAMC
MAIDEN HOLDINGSMHLD0.28-0.136.9WednesdayAMC
MANTECH INTL -AMANT0.410.55-7.69WednesdayAMC
MEDICINES COMDCO0.140.71100WednesdayBTO
MGM RESORTS INTMGM0-0.23166.67WednesdayBTO
MILLENNIAL MEDAMM-0.090.0342.86WednesdayAMC
MURPHY USA INCMUSA0.71N/AN/AWednesdayN/A
NAVIOS MARI HLDNM-0.07-0.08-9.09WednesdayBTO
NEOGENOMICS INCNEO0.020100WednesdayBTO
NORANDA ALUMINMNOR-0.2-0.12-3.45WednesdayBTO
NORTH AMER EGYNOA-0.050.08-50WednesdayAMC
NORTHWESTERN CPNWE0.780.78-7.14WednesdayBTO
OIL STATES INTLOIS1.491.780WednesdayAMC
OMNICARE INCOCR0.90.861.11WednesdayBTO
ON ASSIGNMENTASGN0.320.218.57WednesdayAMC
PENN VIRGINIAPVA-0.05-0.2286.67WednesdayAMC
PGT INCPGTI0.10.068.33WednesdayAMC
QTS REALTY TRSTQTS0.43N/AN/AWednesdayAMC
QUESTARSTR0.370.3811.76WednesdayAMC
REGENCY ENERGYRGP0.1-0.04-50WednesdayAMC
REX ENERGY CORPREXX0.140.09-47.06WednesdayAMC
RUBICON TECHNOLRBCN-0.23-0.05-18.18WednesdayAMC
SIX FLAGS ENTMTSIX-0.20.25-20.78WednesdayBTO
SONIC AUTOMOTVESAH0.590.52-4.17WednesdayBTO
SPIRIT AIRLINESSAVE0.50.2714.49WednesdayBTO
SUNEDISON INCSUNE0.120.08100WednesdayBTO
SUNOCO LOGISTICSXL0.711.1-47.67WednesdayAMC
SYNOPSYS INCSNPS0.310.5542.86WednesdayAMC
TASEKO MINES LTTGB0.01-0.0475WednesdayN/A
TERNIUM SA-ADRTX0.61-1.29-10.71WednesdayBTO
TESARO INCTSRO-0.85-0.66-22.22WednesdayAMC
TESLA MOTORSTSLA0.04-0.7827.78WednesdayAMC
TRINITY INDS INTRN1.410.98.62WednesdayAMC
TURKCELL IL-ADRTKCN/A0.29N/AWednesdayN/A
ULTRAPAR PA-ADRUGP0.290.29-6.9WednesdayN/A
UTD INSURANCEUIHC0.290.090WednesdayAMC
UTD ONLINE INCUNTD0.330.7712.5WednesdayAMC
VECTREN CORPVVC0.570.528.33WednesdayAMC
VEECO INSTRS-DEVECO-0.37-0.15-8.33WednesdayAMC
WABTECHWAB0.790.671.33WednesdayBTO
WILLIAMS PTNRSWPZ0.40.42100WednesdayAMC
ZEBRA TECH CL AZBRA0.790.7111.59WednesdayBTO
ACTAVIS PLCACT3.061.59-0.48ThursdayBTO
CABOT OIL & GASCOG0.170.1214.29ThursdayAMC
DENBURY RES INCDNR0.310.367.14ThursdayBTO
DIRECTVDTV1.281.5511.88ThursdayBTO
ENSCO PLCESV1.611.372.42ThursdayBTO
EXPRESS SCRIPTSESRX1.121.050ThursdayAMC
HEWLETT PACKARDHPQ0.850.821ThursdayAMC
HORMEL FOODS CPHRL0.570.487.41ThursdayBTO
INTUIT INCINTU0.040.1710ThursdayAMC
MOHAWK INDS INCMHK1.741.015.76ThursdayAMC
NEWMONT MININGNEM0.421.1143.75ThursdayAMC
NORDSTROM INCJWN1.331.44.55ThursdayAMC
PATTERSON COSPDCO0.570.520ThursdayBTO
PRICELINE.COMPCLN7.666.416.59ThursdayAMC
PUBLIC STORAGEPSA2.021.865.26ThursdayAMC
PUBLIC SV ENTRPPEG0.470.410ThursdayBTO
SCANA CORPSCG0.770.782.17ThursdayBTO
WAL-MART STORESWMT1.61.670.88ThursdayBTO
51JOBS INC-ADRJOBS0.760.65-5.88ThursdayAMC
ACACIA RESEARCHACTG-0.070.69-300ThursdayAMC
AEGON N VAEGN/A0.29N/AThursdayN/A
AERCAP HLDGS NVAER0.650.5524.59ThursdayBTO
AGRIUM INCAGU0.882.163.39ThursdayAMC
ALAMOS GOLD INCAGI0.030.310ThursdayBTO
ALLSCRIPTS HLTHMDRX0.040.08-75ThursdayAMC
ALTISOURCE RESIRESI0.26N/A35.71ThursdayBTO
AMN HLTHCR SVCSAHS0.160.1512.5ThursdayAMC
ANADIGICS CORPANAD-0.12-0.217.14ThursdayAMC
ARMADA HOFFLERAHH0.2N/A0ThursdayBTO
ARUBA NETWORKSARUN0.010.05-300ThursdayAMC
AUTOBYTEL INCABTL0.080.0485.71ThursdayAMC
AVIV REIT INCAVIV0.4N/A2.38ThursdayBTO
BAE SYSTEMS-ADRBAESYN/AN/AN/AThursdayN/A
BILL BARRETT CPBBG-0.040.20ThursdayAMC
BLUCORA INCBCOR0.320.13214.29ThursdayAMC
BRADY CORP CL ABRC0.370.38-12.5ThursdayBTO
BUILDERS FIRSTSBLDR0.03-0.08200ThursdayAMC
CEDAR FAIRFUN-0.11-0.217.79ThursdayBTO
CENTURY ALUM COCENX-0.22-0.086.06ThursdayAMC
CHESAPEAKE LODGCHSP0.420.413.39ThursdayAMC
CINCINNATI BELLCBB0.01-0.01400ThursdayBTO
CLEAR CHANL OUTCCO0.060.05200ThursdayBTO
COGENT COMM GRPCCOI0.05-0.01-28.57ThursdayBTO
COLONY FINL INCCLNY0.390.31-8.57ThursdayAMC
COMMSCOPE HLDGCOMM0.27N/AN/AThursdayAMC
CRYOLIFE INCCRYN/A0.08200ThursdayBTO
CURIS INCCRIS-0.07-0.0750ThursdayBTO
CVENT INCCVT-0.03N/A100ThursdayAMC
CVR ENERGY INCCVI0.281.02-90.24ThursdayBTO
CVR PARTNERS LPUAN0.320.21-3.57ThursdayBTO
CVR REFINING LPCVRR0.36N/A18.37ThursdayBTO
CYBERONICS INCCYBX0.490.472.04ThursdayBTO
CYRUSONE INCCONE0.35N/A10ThursdayBTO
DANA HOLDING CPDAN0.450.38-12.96ThursdayBTO
DATALINK CORPDTLK0.250.28-57.89ThursdayAMC
DEXCOM INCDXCM-0.07-0.1438.46ThursdayAMC
EHEALTH INCEHTH-0.050.130ThursdayAMC
EMC INSURANCEEMCI0.870.990ThursdayBTO
EMPLOYERS HLDGSEIG0.250.0690.91ThursdayBTO
ENVESTNET INCENV0.120.0722.22ThursdayAMC
EXACT SCIENCESEXAS-0.19-0.2211.11ThursdayBTO
EXELIXIS INCEXEL-0.38-0.245.26ThursdayAMC
EXTRA SPACE STGEXR0.550.45-11.54ThursdayAMC
FEDERAL MOGUL-AFDML0.21-0.4275ThursdayBTO
FINANCIAL ENGINFNGN0.190.137.14ThursdayAMC
FIRST POTOMACFPO0.230.320ThursdayAMC
FLEETMATICS GRPFLTX0.180.160ThursdayAMC
FTI CONSULTINGFCN0.410.6750ThursdayBTO
GAMING AND LEISGLPI0.61N/AN/AThursdayBTO
GIBRALTAR INDUSROCK0.050.0524ThursdayBTO
GRAND CANYON EDLOPE0.520.466.67ThursdayAMC
GROUPON INCGRPN-0.01-0.05100ThursdayAMC
GRUPO TELEVISATV0.370.41-9.09ThursdayAMC
HANSEN MEDICALHNSN-0.13-0.157.14ThursdayAMC
HARSCO CORPHSC0.20.30ThursdayBTO
HOLLY EGY PTNRSHEP0.210.37-16.67ThursdayBTO
HSN INCHSNI1.0719.38ThursdayBTO
ICG GROUP INCICGE-0.12-0.12-650ThursdayBTO
ICON PLCICLR0.450.349.76ThursdayBTO
ICONIX BRAND GPICON0.580.4115.69ThursdayBTO
IDACORP INCIDA0.490.33-10.63ThursdayBTO
IMAX CORPIMAX0.30.19-22.73ThursdayBTO
IMMERSION CORPIMMR0.080.01-20ThursdayAMC
IMPAX LABORATRSIPXL0.060.3516.67ThursdayAMC
INLAND RE CORPIRC0.220.2418.18ThursdayBTO
INTELSAT SAI0.47N/A6.67ThursdayBTO
INTERDIGITL INCIDCC0.30.571500ThursdayBTO
INTERNAP NETWRKINAP-0.080.01-16.67ThursdayAMC
INVESCO MORTGAGIVR0.490.77-7.41ThursdayBTO
IPC THE HOSPITLIPCM0.570.511.92ThursdayAMC
ISTAR FINL INCSTAR-0.26-0.7726.42ThursdayBTO
KINDRED HLTHCRKND0.140.46-68.75ThursdayAMC
KVH INDUSTRIESKVHI0.060.18-10ThursdayBTO
LAWSON PRODUCTSLAWSN/A0.05131.25ThursdayBTO
LEXINGTON PPTYLXP0.270.25-3.85ThursdayBTO
LIFE TIME FITNSLTM0.620.560ThursdayBTO
LO-JACK CORPLOJNN/A0.11-45ThursdayBTO
LTC PROPERTIESLTC0.610.57-5.26ThursdayN/A
MARVELL TECH GPMRVL0.180.1241.18ThursdayAMC
MATTSON TECHMTSN0.04-0.15150ThursdayAMC
MAVENIR SYSTEMSMVNR-0.12N/AN/AThursdayAMC
MAXWELL TECHMXWL-0.060.1231.25ThursdayAMC
MDC PTNRS INCMDCA-0.64-0.03-728.57ThursdayAMC
MERGE HEALTHCARMRGEN/A-0.15N/AThursdayBTO
MONTAGE TECH GPMONT0.24N/A140ThursdayBTO
MRC GLOBAL INCMRC0.430.55-9.09ThursdayAMC
MYERS INDSMYE0.290.26-3.85ThursdayBTO
NEW GOLD INCNGD0.040.120ThursdayBTO
NORTH AM PALLADPAL-0.04-0.020ThursdayBTO
PAN AMER SILVERPAAS0.070.3760ThursdayBTO
PDC ENERGY INCPDCE0.27-0.16-130.43ThursdayBTO
PEBBLEBROOK HTLPEB0.3600ThursdayAMC
PREMIERE GLOBALPGI0.160.14-5.88ThursdayAMC
PROASSURANCE CPPRA1.031.567.32ThursdayAMC
QLIK TECHNOLOGSQLIK0.230.19-150ThursdayAMC
RAIT FINL TRUSTRAS0.340.33-11.11ThursdayBTO
RELIANCE STEELRS0.981.061.67ThursdayBTO
ROCKET FUEL INCFUEL-0.09N/A-42.86ThursdayAMC
SELECT INCOMESIR0.680.71-2.94ThursdayBTO
SELECT MEDICALSEM0.20.28-10.53ThursdayAMC
SHUTTERSTOCKSSTK0.18020ThursdayAMC
SILVER STD RESSSRI-0.020.3-38.46ThursdayAMC
SJW CORPSJW0.410.31-15.38ThursdayAMC
SONUS NETWORKSSONS00100ThursdayBTO
STATE AUTO FINLSTFC0.240.3826.92ThursdayBTO
SUN CMNTYS INCSUI0.780.80ThursdayBTO
SUNSTONE HOTELSHO0.230.290ThursdayAMC
SYMMETRY MEDICLSMA0.080.1575ThursdayBTO
SYNERON MED LTDELOS00.07114.29ThursdayBTO
TECHNIP NEWTKPPY0.410.42-8.51ThursdayBTO
TEEKAY CORPTK-0.020.04-9.68ThursdayBTO
TEEKAY LNG PTNRTGP0.560.5619.3ThursdayBTO
TEEKAY OFFSHORETOO0.40.35-70.97ThursdayBTO
TEEKAY TANKERSTNK-0.05-0.0937.5ThursdayBTO
TENARIS SA-ADRTS0.690.61-22.73ThursdayAMC
THOMPSON CREEKTC-0.09-0.11-33.33ThursdayAMC
TILE SHOP HLDGSTTS0.030.09-20ThursdayAMC
TIM HORTONS INCTHI0.730.69-1.33ThursdayBTO
TITAN INTL INCTWI0.150.09-44ThursdayBTO
TORNIER NVTRNX-0.14-0.02-38.46ThursdayAMC
TORO COTTC0.380.53300ThursdayBTO
TRANSALTA CORPTAC0.190.217.69ThursdayBTO
TRANSCDA CORPTRP0.590.457.14ThursdayN/A
TREMOR VIDEOTRMR-0.09N/A-825ThursdayAMC
TRIMAS CORPTRS0.360.333.23ThursdayBTO
UIL HOLDINGS CPUIL0.580.566.9ThursdayAMC
ULTRA PETRO CPUPL0.370.518.82ThursdayBTO
UNIVL ELECTRSUEIC0.50.42-1.79ThursdayAMC
VALMONT INDSVMI2.652.43-14.29ThursdayAMC
VOCERA COMM INCVCRA-0.110.04-33.33ThursdayAMC
WAGEWORKS INCWAGE0.120.11-28.57ThursdayAMC
WALTER ENERGYWLT-0.79-1.06-63.11ThursdayBTO
WASHINGTON REITWRE0.40.470ThursdayAMC
WEBMD HEALTH CPWBMD0.23-0.0811.11ThursdayAMC
WEST PHARM SVCWST0.380.318.33ThursdayBTO
WESTLAKE CHEMWLK2.221.4214.93ThursdayBTO
WILLIAMS(C)ENGYCWEI0.880.31120ThursdayBTO
WORLD WRESTLINGWWE-0.030.02350ThursdayBTO
XENOPORT INCXNPT-0.44-0.3720.41ThursdayAMC
YANDEX NV-AYNDXN/A0.2884ThursdayBTO
AMEREN CORPAEE0.120.141.63FridayBTO
ECOLAB INCECL1.050.892.97FridayBTO
PINNACLE WESTPNW0.190.242.31FridayBTO
QUANTA SERVICESPWR0.410.497.32FridayBTO
AXA SA -SP ADRAXAHYN/AN/AN/AFridayN/A
BARNES GRPB0.530.55-25FridayBTO
BOISE CASCADEBCC0.190.0425.81FridayBTO
CHARTER COMM-ACHTR0.21-0.41-423.81FridayBTO
DISH NETWORK CPDISH0.40.4661.9FridayBTO
DONALDSON CODCI0.360.347.69FridayBTO
DONEGAL GRP -ADGICA0.270.2-17.14FridayBTO
ECHOSTAR CORPSATS-0.080.2870FridayBTO
ELDORADO GOLDEGO0.050.16-28.57FridayBTO
ENERPLUS CORPERF0.120.29-30.43FridayBTO
GEEKNET INCGKNT1.370.7138.24FridayBTO
GERDAU SA ADRGGB0.110.0433.33FridayN/A
LIBBEY INCLBYN/A0.34-38.89FridayBTO
PILGRIMS PRIDEPPC0.50.091.64FridayBTO
RUTHS HOSPITLTYRUTH0.170.1866.67FridayBTO
STARZ-LIB CAP-ASTRZA0.45N/A-2.27FridayBTO
STRAYER EDUCSTRA0.981.47500FridayBTO
TELEFLEX INCTFX1.271.1416.67FridayBTO
TRACTEBEL -ADRTBLEY0.270.340FridayBTO
WESTMORELAND COWLBN/A-0.16-119.28FridayBTO

BANK OF AMER CP (BAC): Free Stock Analysis Report

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