What Will Retail Earnings Show?

Wal-Mart (WMT) kicks off the Q4 earnings season for the brick-and-mortar retail space, with the retail giant on track to release results Tuesday morning. The company has been in a league of its own lately, with many in the market viewing Wal-Mart as the most capable of all the traditional retailers to offer a competitive challenge to Amazon’s (AMZN) ever-growing dominance of the retail space.

This ‘promise’ has been showing up in recent quarterly results, with the stock making significant gains following the quarterly release on November 16th when it showed impressive comps and handily beat expectations. The stock is up +52.1% over the past year, handily outperforming the +16.2% gain for Target (TGT) and the industry’s +39.9% gain. Year-to-date, Wal-Mart shares are up +6.1%, compared to the S&P 500 index’s +2.2% gain.

Wal-Mart shares lost ground in the recent market sell-off, but have already recouped almost half of its losses. This shows a high level of confidence in the company’s Q4 report on Tuesday. The other major retailers and department stores will be reporting in the following week, though Home Depot (HD) will also be reporting results on Tuesday.

Unlike Wal-Mart, Home Depot shares have been hit hard in the recent sell off and still remain under pressure. Home Depot shares are up +30.6% over the past year, but they are down -1.5% in the year-to-date period, likely reflecting fears of higher interest rates weighing on the broader housing sector.

Retail Sector Scorecard

As of Friday, February 16th, we now have Q4 results from 18 of the 39 retailers in the S&P 500 index. Total earnings for the 18 retailers that have reported already are up +13.1% from the same period last year on +14.6% higher revenues, with 72.2% beating EPS estimates and 77.8% beating revenue estimates.

Please note that we have a stand-alone Retail sector, unlike the official Standard & Poor’s placement of this space in their Consumer Discretionary sector. The Zacks Retail sector includes, besides the traditional department stores and other brick-and-mortar retailers, the online vendors like Amazon and Priceline and restaurant operators. Results from the online vendors and most of the restaurant operators are already behind us at this stage and form part of the scorecard described here. Wal-Mart and Home Depot will be the first in the traditional brick-and-mortar space coming out with results.   

The side-by-side charts below compare the sector’s results thus far with what we have seen from the same group of 18 retailers in other recent periods.

This is better performance than we have seen from this same group Retail sector stocks in other recent periods. But as mentioned earlier, all of these results are from the online vendors and restaurant operators, the traditional operators have yet to come out with Q4 results. We will see if these comparisons will still remain favorable after we see their results.

Rising 2018 Q1 Estimates

The chart below that we have been sharing here since the Q4 earnings season got underway shows a trend that we haven’t seen in years; definitely not since 2011.

What this chart shows is that earnings growth expectations for 2018 Q1 have moved up significantly since mid-December 2017. And it’s not just 2018 Q1 estimates that are going, estimates for the following quarters and full-year 2018 are also going up.

The chart below shows how estimates for full-year 2018 have evolved over the last few months.

Impressively, the revisions trend is broad-based and not concentrated in one or a few sectors. Of the 16 Zacks sectors, Q1 estimates have gone up for 13 sectors. The only sectors where estimates have come down include the Conglomerates, Autos and Consumer Staples.

Q4 Earnings Season Scorecard (as of Friday, February 16, 2018)

Total earnings for the 398 S&P 500 members that have reported results already are up +14.5% from the same period last year on +9% higher revenues, with 77.9% beating EPS estimates and 75.6% beating revenue estimates. The proportion of companies beating both EPS and revenue estimates is 62.1%.

To put these results in a historical context, the charts below compare the results thus far with what we had seen from the same group of 398 index members in other recent periods.

Any way you look at these results, the Q4 earnings season is on track to be very good. Not only is growth tracking above what we had seen from the same group of 398 index members, but a record proportion are beating EPS and revenue estimates.

The comparison charts below highlight the very strong revenue momentum that’s coming out of the Q4 earnings season, a truly impressive performance.

Expectations for Q4 As a Whole

Looking at Q4 as a whole, combining the actual results from the 398 index members with estimates from the still-to-come 102 companies, total earnings are expected to be up +14% from the same period last year on +8.2% higher revenues. This would follow +6.7% earnings growth in 2017 Q3 on +5.8% growth in revenues. This will be the highest quarterly growth rate in years.  

The table below shows the summary picture for Q4, contrasted with what was actually achieved in Q3.

The chart below shows Q4 earnings growth expectations contrasted with what is expected in the following three quarters and actual results in the preceding 5 quarters. As you can see in the chart below, the growth pace is expected to pick up in Q4 after dipping in the preceding quarter and continue accelerating going forward.

The Small-Cap Scorecard – S&P 600 Index

For the S&P 600 index, we now have Q4 results from 294 index members or 48.9% of the index’s total membership. Total earnings for these 294 index members are up +14.3% from the same period last year on +11.1% higher revenues, with 69.7% beating EPS estimates and 71.4% beating revenue estimates.

The charts below compare the results thus far with what we had seen from the same group of 294 index members in other recent periods.

The table below shows the blended picture, combining the actual results that have come out with estimates for the still-to-come companies, for Q4 for the small-cap index.

The chart below puts the small-cap index’s expected Q4 performance in the context of where growth has come from and where it is expected to go in the coming quarters.

Note: Sheraz Mian manages the Zacks equity research department. He is an acknowledged earnings expert whose commentaries and analyses appear on Zacks.com and in the print and electronic media. His weekly earnings related articles include Earnings Trends and Earnings Preview. He manages the Zacks Top 10 and Focus List portfolios and writes the Weekly Market Analysis article for Zacks Premium subscribers.

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Here is a list of the 455 companies including 54 S&P 500 and reporting this week.
 

Company	Ticker	Current Qtr	Year-Ago Qtr	Last EPS Surprise %	Report Day	Time
MOSAIC CO/THE	MOS	0.27	0.26	72.00%	Monday	AMC
AMERICAS CAR-MT	CRMT	0.54	0.35	0.00%	Monday	AMC
SUPERIOR ENERGY	SPN	-0.32	-0.74	0.00%	Monday	AMC
HI-CRUSH PTNRS	HCLP	0.51	-0.11	-20.00%	Monday	AMC
GRPO SUPERV-ADR	SUPV	0.51	0.47	9.30%	Monday	AMC
RECKITT BENCKSR	RBGLY	N/A	N/A	N/A	Monday	N/A
RED ELECTRICA	RDEIY	N/A	N/A	N/A	Monday	N/A
BANCO MACRO-ADR	BMA	2.31	1.88	-3.86%	Monday	N/A
HOME DEPOT	HD	1.62	1.44	1.66%	Tuesday	BTO
EXPEDITORS INTL	EXPD	0.64	0.61	10.00%	Tuesday	BTO
WALMART INC	WMT	1.36	1.3	3.09%	Tuesday	BTO
MGM RESORTS INT	MGM	0.07	0.11	0.00%	Tuesday	BTO
GENUINE PARTS	GPC	1.09	1.02	-9.38%	Tuesday	BTO
MEDTRONIC	MDT	1.16	1.12	8.08%	Tuesday	BTO
NOBLE ENERGY	NBL	0.04	0.26	84.62%	Tuesday	BTO
ECOLAB INC	ECL	1.4	1.25	0.74%	Tuesday	BTO
HENRY SCHEIN IN	HSIC	0.97	0.94	-3.33%	Tuesday	BTO
NISOURCE INC	NI	0.32	0.33	0.00%	Tuesday	BTO
ALLEGION PLC	ALLE	0.94	0.81	0.00%	Tuesday	BTO
DUKE ENERGY CP	DUK	0.91	0.81	1.92%	Tuesday	BTO
ENERGEN CORP	EGN	0.41	-0.27	33.33%	Tuesday	BTO
STATE AUTO FINL	STFC	0.47	0.46	-17.39%	Tuesday	BTO
SIX FLAGS ENTMT	SIX	0.12	0.02	17.22%	Tuesday	BTO
DOMINOS PIZZA	DPZ	1.94	1.48	4.10%	Tuesday	BTO
ASTEC INDS INC	ASTE	0.45	0.53	0.00%	Tuesday	BTO
CHOICE HTL INTL	CHH	0.63	0.56	3.26%	Tuesday	BTO
KAR AUCTION SVC	KAR	0.52	0.45	16.33%	Tuesday	BTO
COOPER TIRE	CTB	0.62	1.28	38.82%	Tuesday	BTO
TRI POINTE GRP	TPH	0.63	0.36	6.67%	Tuesday	BTO
CRACKER BARREL	CBRL	2.42	2.19	3.23%	Tuesday	BTO
DINEEQUITY INC	DIN	0.64	1.37	3.41%	Tuesday	BTO
INTERCONTL HTLS	IHG	1.16	N/A	N/A	Tuesday	BTO
SPARK THERAPEUT	ONCE	-1.73	-1.22	-5.56%	Tuesday	BTO
WESTLAKE CHEM	WLK	1.69	0.87	18.71%	Tuesday	BTO
GENTHERM INC	THRM	0.53	0.68	-64.71%	Tuesday	BTO
HELIX EGY SOLUT	HLX	-0.01	-0.05	100.00%	Tuesday	BTO
MILACRON HLDGS	MCRN	0.39	0.47	4.76%	Tuesday	BTO
OSISKO GOLD LTD	OR	0.03	0.05	-37.50%	Tuesday	BTO
AVANGRID INC	AGR	0.61	0.67	8.11%	Tuesday	BTO
CRESTWOOD EQTY	CEQP	0.04	0.02	-928.57%	Tuesday	BTO
ENABLE MIDSTRM	ENBL	0.21	0.14	20.00%	Tuesday	BTO
PGT INC	PGTI	0.14	0.1	-15.79%	Tuesday	BTO
SITEONE LANDSCP	SITE	-0.04	-0.14	-25.45%	Tuesday	BTO
WABTECH	WAB	0.9	0.81	4.76%	Tuesday	BTO
FRANKLIN ELEC	FELE	0.45	0.38	1.92%	Tuesday	BTO
GANNETT CO INC	GCI	0.47	0.5	100.00%	Tuesday	BTO
HOLLY EGY PTNRS	HEP	0.5	0.4	57.14%	Tuesday	BTO
COMP TASK	CTG	0.06	0.07	-16.67%	Tuesday	BTO
MGM GROWTH PPTY	MGP	0.53	0.49	-2.00%	Tuesday	BTO
RAYONIER ADV MT	RYAM	0.15	0.18	5.88%	Tuesday	BTO
STANDARD MOTOR	SMP	0.39	0.42	-14.94%	Tuesday	BTO
TRINSEO SA	TSE	2.14	1.68	-1.80%	Tuesday	BTO
WILLIAM LYON HM	WLH	0.84	0.6	5.97%	Tuesday	BTO
GREAT LAKES DRG	GLDD	-0.18	0.01	-80.00%	Tuesday	BTO
GALP ENERGIA SA	GLPEY	0.1	0.05	N/A	Tuesday	BTO
TRAVELPORT WWD	TVPT	0.01	0.15	-60.00%	Tuesday	BTO
WESTLAKE CHEMCL	WLKP	0.43	0.39	N/A	Tuesday	BTO
ANGLOGOLD LTD	AU	N/A	N/A	N/A	Tuesday	BTO
EDUCATION RLTY	EDR	0.58	0.59	-3.33%	Tuesday	BTO
INDEP REALTY TR	IRT	0.19	0.17	5.56%	Tuesday	BTO
NAVIGANT CONSLT	NCI	0.4	0.3	-3.23%	Tuesday	BTO
PS BUSINESS PKS	PSB	1.53	1.39	0.65%	Tuesday	BTO
NOBLE MIDSTREAM	NBLX	1.17	0.8	9.52%	Tuesday	BTO
CONCHO RESOURCS	CXO	0.46	0.2	73.08%	Tuesday	AMC
DEVON ENERGY	DVN	0.6	0.25	17.95%	Tuesday	AMC
NEWFIELD EXPL	NFX	0.6	0.49	20.93%	Tuesday	AMC
PUBLIC STORAGE	PSA	2.71	2.65	0.38%	Tuesday	AMC
VERISK ANALYTIC	VRSK	0.77	0.8	7.69%	Tuesday	AMC
EXTRA SPACE STG	EXR	1.08	1.03	2.73%	Tuesday	AMC
FIRSTENERGY CP	FE	0.69	0.38	12.79%	Tuesday	AMC
FLUOR CORP-NEW	FLR	0.63	0.82	15.52%	Tuesday	AMC
AMER WATER WORK	AWK	0.66	0.57	0.00%	Tuesday	AMC
SEMPRA ENERGY	SRE	1.4	1.52	0.00%	Tuesday	AMC
MATSON INC	MATX	0.31	0.44	29.51%	Tuesday	AMC
TEXAS ROADHOUSE	TXRH	0.36	0.29	0.00%	Tuesday	AMC
HAVERTY FURNIT	HVT	0.31	0.51	21.74%	Tuesday	AMC
LA-Z-BOY INC	LZB	0.45	0.47	2.17%	Tuesday	AMC
ROCKY BRANDS	RCKY	0.25	0.18	34.48%	Tuesday	AMC
LASALLE HTL PRP	LHO	0.53	0.62	-6.85%	Tuesday	AMC
TRANSOCEAN LTD	RIG	-0.27	0.63	500.00%	Tuesday	AMC
ENLINK MIDST LP	ENLK	0.07	-0.18	-100.00%	Tuesday	AMC
ULTRAGENYX PHAR	RARE	-2	-1.75	0.00%	Tuesday	AMC
BOYD GAMING CP	BYD	0.26	0.38	-4.35%	Tuesday	AMC
NEW GOLD INC	NGD	0.02	0	0.00%	Tuesday	AMC
HEALTHSTREAM	HSTM	0.03	0.02	60.00%	Tuesday	AMC
RENT-A-CENTER	RCII	-0.07	0.09	-87.50%	Tuesday	AMC
THERAPEUTICS MD	TXMD	-0.09	-0.12	22.22%	Tuesday	AMC
ENLINK MIDS LLC	ENLC	0.19	-0.02	-50.00%	Tuesday	AMC
HALOZYME THERA	HALO	0.66	-0.21	116.67%	Tuesday	AMC
INGEVITY CORP	NGVT	0.36	0.34	14.67%	Tuesday	AMC
LIVEPERSON INC	LPSN	-0.02	-0.07	50.00%	Tuesday	AMC
PAN AMER SILVER	PAAS	0.19	0.12	15.38%	Tuesday	AMC
MSA SAFETY INC	MSA	0.96	0.78	16.46%	Tuesday	AMC
KRATON CORP	KRA	0.79	0.29	54.08%	Tuesday	AMC
VECTREN CORP	VVC	0.75	0.84	11.94%	Tuesday	AMC
FLOTEK INDU INC	FTK	-0.02	-0.06	-400.00%	Tuesday	AMC
SHOTSPOTTER INC	SSTI	-0.07	N/A	14.29%	Tuesday	AMC
TERNIUM SA-ADR	TX	0.46	0.6	50.00%	Tuesday	AMC
ENCORE WIRE CP	WIRE	0.47	0.55	139.29%	Tuesday	AMC
RAMCO-GERSHENSN	RPT	0.33	0.33	0.00%	Tuesday	AMC
QTS REALTY TRST	QTS	0.74	0.64	2.94%	Tuesday	AMC
LENDINGCLUB CP	LC	-0.02	-0.08	50.00%	Tuesday	AMC
AMER CAMPUS CTY	ACC	0.71	0.65	-4.44%	Tuesday	AMC
CARDTRONICS PLC	CATM	0.55	0.71	17.11%	Tuesday	AMC
HACKETT GROUP	HCKT	0.21	0.2	-4.76%	Tuesday	AMC
INOVALON HLDGS	INOV	0.06	0.02	0.00%	Tuesday	AMC
CHICAGO BRIDGE	CBI	0.44	0.85	-35.85%	Tuesday	AMC
GOLDEN STAR RES	GSS	0.04	0.01	66.67%	Tuesday	AMC
CHEFS WAREHOUSE	CHEF	0.22	0.18	10.00%	Tuesday	AMC
GLADSTONE LAND	LAND	0.15	0.14	-13.13%	Tuesday	AMC
NEW YORK MTG TR	NYMT	0.13	0.09	50.00%	Tuesday	AMC
GRUPO TELEVISA	TV	0.13	0.05	-7.14%	Tuesday	AMC
CYBEROPTICS	CYBE	-0.1	0.11	83.33%	Tuesday	AMC
FOUR CORNRS PPT	FCPT	0.34	0.31	0.00%	Tuesday	AMC
HSBC HOLDINGS	HSBC	0.6	-0.51	-21.05%	Tuesday	N/A
ADVANCE AUTO PT	AAP	0.65	1	19.17%	Wednesday	BTO
DISH NETWORK CP	DISH	0.56	0.7	-5.00%	Wednesday	BTO
GARMIN LTD	GRMN	0.75	0.73	13.64%	Wednesday	BTO
SOUTHERN CO	SO	0.46	0.24	3.70%	Wednesday	BTO
HOLLYFRONTIER	HFC	0.82	-0.06	28.09%	Wednesday	BTO
JELD-WEN HOLDNG	JELD	0.41	N/A	5.77%	Wednesday	BTO
OWENS CORNING	OC	1.03	0.72	-0.79%	Wednesday	BTO
WEX INC	WEX	1.33	1.2	1.55%	Wednesday	BTO
WOLVERINE WORLD	WWW	0.41	0.33	16.22%	Wednesday	BTO
UTD THERAPEUTIC	UTHR	3.99	2.43	56.36%	Wednesday	BTO
RUTHS HOSPITLTY	RUTH	0.39	0.3	-33.33%	Wednesday	BTO
US SILICA HOLDI	SLCA	0.55	-0.09	8.16%	Wednesday	BTO
VONAGE HOLDINGS	VG	0.09	0.03	0.00%	Wednesday	BTO
BLUEPRINT MED	BPMC	-1.07	-0.75	-6.67%	Wednesday	BTO
DELPHI TECH PLC	DLPH	1.16	N/A	N/A	Wednesday	BTO
CHENIERE ENERGY	LNG	0.34	-0.34	-581.25%	Wednesday	BTO
MEDEQUITIES RT	MRT	0.31	0.27	-3.33%	Wednesday	BTO
CONDUENT INC	CNDT	0.26	0.29	4.76%	Wednesday	BTO
TILE SHOP HLDGS	TTS	0.05	0.07	25.00%	Wednesday	BTO
MEDICINES CO	MDCO	-1.48	-1.77	71.23%	Wednesday	BTO
ALTRA INDUS MOT	AIMC	0.49	0.41	4.35%	Wednesday	BTO
AVISTA CORP	AVA	0.53	0.62	-6.67%	Wednesday	BTO
MCDERMOTT INTL	MDR	0.03	0.02	73.68%	Wednesday	BTO
VISHAY PRECISN	VPG	0.31	0.26	3.85%	Wednesday	BTO
COMPUGEN LTD	CGEN	N/A	-0.17	0.00%	Wednesday	BTO
DYNEX CAP INC	DX	N/A	0.2	5.56%	Wednesday	BTO
INNOPHOS HLDGS	IPHS	0.56	0.52	2.63%	Wednesday	BTO
KNOT OFFSHOR LP	KNOP	0.53	0.63	14.52%	Wednesday	BTO
MOMENTA PHARMA	MNTA	0.06	0.6	4.35%	Wednesday	BTO
NAVIOS MARI HLD	NM	-0.14	-0.28	-18.18%	Wednesday	BTO
WOLTERS KLUWER	WTKWY	N/A	N/A	N/A	Wednesday	BTO
NEOGENOMICS INC	NEO	0.02	0.03	-300.00%	Wednesday	BTO
KIRKLAND LAKE	KL	0.24	0.19	-36.36%	Wednesday	BTO
SUMMER INFANT	SUMR	0.04	-0.08	-50.00%	Wednesday	BTO
HOST HOTEL&RSRT	HST	0.39	0.41	0.00%	Wednesday	AMC
REALTY INCOME	O	0.75	0.77	1.32%	Wednesday	AMC
STERICYCLE INC	SRCL	1.13	1	-3.51%	Wednesday	AMC
ANSYS INC	ANSS	0.95	0.92	-1.12%	Wednesday	AMC
TECHNIPFMC PLC	FTI	0.44	N/A	-15.22%	Wednesday	AMC
SYNOPSYS INC	SNPS	0.65	0.56	-396.30%	Wednesday	AMC
CONTL RESOURCES	CLR	0.28	-0.07	200.00%	Wednesday	AMC
BOSTON BEER INC	SAM	0.94	1.75	51.09%	Wednesday	AMC
MAMMOOTH ENERGY	TUSK	0.52	-0.06	-200.00%	Wednesday	AMC
ALLEGHANY CORP	Y	7.58	7.02	23.59%	Wednesday	AMC
MANTECH INTL -A	MANT	0.39	0.35	2.63%	Wednesday	AMC
COSTAR GRP INC	CSGP	1.08	1.11	23.00%	Wednesday	AMC
EMPLOYERS HLDGS	EIG	0.56	0.95	14.04%	Wednesday	AMC
SANDRIDGE ENRGY	SD	0.19	0.86	218.18%	Wednesday	AMC
PARSLEY ENGY-A	PE	0.18	0.06	20.00%	Wednesday	AMC
INSULET CORP	PODD	-0.08	-0.16	60.00%	Wednesday	AMC
SM ENERGY CO	SM	-0.15	-0.31	21.88%	Wednesday	AMC
WHITING PETROLM	WLL	-0.32	-1.12	30.00%	Wednesday	AMC
WPX ENERGY INC	WPX	-0.08	-0.16	23.08%	Wednesday	AMC
CHEESECAKE FACT	CAKE	0.53	0.67	-6.67%	Wednesday	AMC
MATADOR RESOURC	MTDR	0.23	0.08	80.00%	Wednesday	AMC
ACADIA HEALTHCR	ACHC	0.55	0.59	-10.77%	Wednesday	AMC
MINDBODY INC-A	MB	-0.05	-0.1	30.00%	Wednesday	AMC
ENERGY TRANSFER	ETP	0.28	0.29	50.00%	Wednesday	AMC
FIRST INDL RLTY	FR	0.4	0.38	5.13%	Wednesday	AMC
HERSHA HOSPTLY	HT	0.39	0.52	-4.69%	Wednesday	AMC
JACK IN THE BOX	JACK	1.07	1.18	-17.98%	Wednesday	AMC
LIFE STORAGE	LSI	1.31	1.31	2.96%	Wednesday	AMC
PRA HEALTH SCI	PRAH	1	0.68	1.23%	Wednesday	AMC
COPA HLDGS SA-A	CPA	2.33	1.42	10.19%	Wednesday	AMC
CURTISS WRIGHT	CW	1.46	1.58	17.21%	Wednesday	AMC
ENERGY TRAN EQT	ETE	0.32	0.21	-35.29%	Wednesday	AMC
FIVE9 INC	FIVN	-0.03	-0.04	75.00%	Wednesday	AMC
GLOBUS MEDICAL	GMED	0.35	0.31	0.00%	Wednesday	AMC
SUNOCO LP	SUN	0.32	0.83	191.43%	Wednesday	AMC
WENDYS CO/THE	WEN	0.12	0.08	-25.00%	Wednesday	AMC
MASONITE INT CP	DOOR	0.84	0.55	8.70%	Wednesday	AMC
TRINITY INDS IN	TRN	0.42	0.44	34.38%	Wednesday	AMC
TPG SPECIALTY	TSLX	0.44	0.47	18.60%	Wednesday	AMC
APPLIED OPTOELE	AAOI	0.75	0.78	3.16%	Wednesday	AMC
AXT INC	AXTI	0.08	0.06	22.22%	Wednesday	AMC
ENCORE CAP GRP	ECPG	0.93	0.72	26.37%	Wednesday	AMC
KAISER ALUMINUM	KALU	1.22	1.27	-17.43%	Wednesday	AMC
TREX COMPANY	TREX	0.54	0.43	25.93%	Wednesday	AMC
VALMONT INDS	VMI	1.68	1.61	-3.70%	Wednesday	AMC
ATHENE HOLDING	ATH	1.23	1.46	5.36%	Wednesday	AMC
ALTERYX LLC-A	AYX	-0.06	N/A	83.33%	Wednesday	AMC
CASTLIGHT HLTH	CSLT	-0.09	-0.07	25.00%	Wednesday	AMC
CONVERGYS CORP	CVG	0.45	0.47	-4.55%	Wednesday	AMC
DIGIMARC CORP	DMRC	-0.74	-0.57	43.48%	Wednesday	AMC
IAMGOLD CORP	IAG	0.02	0.01	250.00%	Wednesday	AMC
ONE GAS INC	OGS	0.88	0.8	28.57%	Wednesday	AMC
SAILPOINT TECH	SAIL	0.09	N/A	N/A	Wednesday	AMC
INTERFACE INC A	TILE	0.3	0.28	6.67%	Wednesday	AMC
TYLER TECH INC	TYL	0.89	0.76	3.49%	Wednesday	AMC
ULTRA CLEAN HLD	UCTT	0.6	0.36	-3.12%	Wednesday	AMC
EVERTEC INC	EVTC	0.21	0.43	-10.81%	Wednesday	AMC
FARO TECH INC	FARO	0.36	0.21	266.67%	Wednesday	AMC
HUDBAY MINERALS	HBM	0.27	0.09	5.00%	Wednesday	AMC
INVITATION HOME	INVH	0.27	N/A	0.00%	Wednesday	AMC
LEMAITRE VASCLR	LMAT	0.19	0.13	25.00%	Wednesday	AMC
GRAND CANYON ED	LOPE	1.1	1.01	8.00%	Wednesday	AMC
PROASSURANCE CP	PRA	0.62	0.83	25.00%	Wednesday	AMC
ROKU INC	ROKU	-0.11	N/A	-96.21%	Wednesday	AMC
SUN CMNTYS INC	SUI	0.98	0.91	0.89%	Wednesday	AMC
TENARIS SA-ADR	TS	0.21	0.05	100.00%	Wednesday	AMC
AAC HOLDINGS	AAC	0.04	0.15	140.00%	Wednesday	AMC
ANIKA THERAPEUT	ANIK	0.41	0.54	12.20%	Wednesday	AMC
BANDWITH INC-A	BAND	-0.02	N/A	100.00%	Wednesday	AMC
BRIDGEPOINT EDU	BPI	-0.13	-0.01	4.17%	Wednesday	AMC
GREEN DOT CP-A	GDOT	0.15	0.1	5.00%	Wednesday	AMC
SP PLUS CORP	SP	0.4	0.52	19.05%	Wednesday	AMC
TASEKO MINES LT	TGB	0.05	0.05	0.00%	Wednesday	AMC
UTD INSURANCE	UIHC	0.57	-0.49	36.71%	Wednesday	AMC
VASCO DATA SEC	VDSI	0.1	0.16	50.00%	Wednesday	AMC
LYDALL INC	LDL	0.62	0.52	-8.96%	Wednesday	AMC
STURM RUGER&CO	RGR	0.62	1.11	-11.67%	Wednesday	AMC
SJW CORP	SJW	0.44	0.67	18.99%	Wednesday	AMC
STAMPS.COM INC	STMP	2.14	2.48	80.99%	Wednesday	AMC
SCHWEITZER-MAUD	SWM	0.61	0.8	19.05%	Wednesday	AMC
ULTRAPAR PA-ADR	UGP	0.23	0.24	0.00%	Wednesday	AMC
GULFPORT ENGY	GPOR	0.38	0.34	-8.57%	Wednesday	AMC
NOBLE CORP PLC	NE	-0.32	-0.15	0.00%	Wednesday	AMC
PANDORA MEDIA	P	-0.2	-0.27	15.00%	Wednesday	AMC
RETAIL OPPURTUN	ROIC	0.29	0.27	0.00%	Wednesday	AMC
COTIVITI HLDGS	COTV	0.39	0.38	0.00%	Wednesday	AMC
WEINGARTEN RLTY	WRI	0.61	0.61	1.67%	Wednesday	AMC
MACK CALI CORP	CLI	0.54	0.56	-1.72%	Wednesday	AMC
EVERBRIDGE INC	EVBG	-0.15	-0.06	40.00%	Wednesday	AMC
ACADIA RLTY TR	AKR	0.33	0.39	2.78%	Wednesday	AMC
ENDOLOGIX INC	ELGX	-0.22	-0.22	35.29%	Wednesday	AMC
EMPIRE STATE RE	ESRT	0.25	0.25	-3.70%	Wednesday	AMC
SUMMIT HOTEL PR	INN	0.27	0.3	6.06%	Wednesday	AMC
G1 THERAPEUTICS	GTHX	-0.58	N/A	1.79%	Wednesday	AMC
SPARTAN NASH CO	SPTN	0.42	0.53	0.00%	Wednesday	AMC
WESTAR ENERGY	WR	0.39	0.38	-0.89%	Wednesday	AMC
WASHINGTN PRIME	WPG	0.44	0.48	-7.50%	Wednesday	AMC
IPASS INC	IPAS	-0.06	-0.02	-100.00%	Wednesday	AMC
CYRUSONE INC	CONE	0.81	0.68	3.95%	Wednesday	AMC
GREAT PLAINS EN	GXP	0.13	0.13	9.37%	Wednesday	AMC
AVIS BUDGET GRP	CAR	0.19	0.15	4.38%	Wednesday	AMC
LIGAND PHARMA-B	LGND	0.92	-0.15	48.65%	Wednesday	AMC
QUIDEL CORP	QDEL	-0.14	-0.06	-420.00%	Wednesday	AMC
AGEAS-ADR	AGESY	N/A	0.05	N/A	Wednesday	N/A
LLOYDS BANK GRP	LYG	N/A	0.08	N/A	Wednesday	N/A
GLANBIA PLC ADR	GLAPY	N/A	N/A	N/A	Wednesday	N/A
SPARK NEW ZEALD	SPKKY	N/A	N/A	N/A	Wednesday	N/A
LKQ CORP	LKQ	0.42	0.35	7.14%	Thursday	BTO
QUANTA SERVICES	PWR	0.39	0.52	7.27%	Thursday	BTO
CENTERPOINT EGY	CNP	0.3	0.26	-4.88%	Thursday	BTO
APACHE CORP	APA	0.21	-0.06	180.00%	Thursday	BTO
CHESAPEAKE ENGY	CHK	0.25	0.07	20.00%	Thursday	BTO
NORWEGIAN CRUIS	NCLH	0.63	0.48	2.20%	Thursday	BTO
HORMEL FOODS CP	HRL	0.44	0.44	2.50%	Thursday	BTO
PPL CORP	PPL	0.48	0.6	5.66%	Thursday	BTO
NEWMONT MINING	NEM	0.4	0.33	12.90%	Thursday	BTO
WELLTOWER INC	HCN	1.04	1.1	2.86%	Thursday	BTO
SCANA CORP	SCG	0.98	0.87	-0.85%	Thursday	BTO
DENBURY RES INC	DNR	0.07	-0.02	500.00%	Thursday	BTO
H&E EQUIP SVCS	HEES	0.42	0.35	94.87%	Thursday	BTO
HARSCO CORP	HSC	0.15	0.16	25.00%	Thursday	BTO
C&J ENERGY SVCS	CJ	0.26	N/A	142.86%	Thursday	BTO
ATLAS AIR WORLD	AAWW	2.08	2.24	-4.42%	Thursday	BTO
EMERALD EXPOSTN	EEX	-0.06	N/A	0.00%	Thursday	BTO
ARDAGH GROUP SA	ARD	0.22	N/A	14.00%	Thursday	BTO
LAWSON PRODUCTS	LAWS	0.16	-0.34	-30.00%	Thursday	BTO
COGENT COMM HLD	CCOI	0.12	0.09	-42.86%	Thursday	BTO
GOGO INC	GOGO	-0.48	-0.34	-11.76%	Thursday	BTO
SPROUTS FMR MKT	SFM	0.15	0.12	35.29%	Thursday	BTO
BLOOMIN BRANDS	BLMN	0.39	0.31	-20.00%	Thursday	BTO
DIANA SHIPPING	DSX	-0.16	-0.38	0.00%	Thursday	BTO
TEMPUR SEALY	TPX	0.83	1.18	3.09%	Thursday	BTO
VISTEON CORP	VC	1.73	1.82	13.60%	Thursday	BTO
WAYFAIR INC	W	-0.79	-0.51	-29.41%	Thursday	BTO
WINDSTREAM HLDG	WIN	-0.39	-0.51	-19.57%	Thursday	BTO
GILDAN ACTVWEAR	GIL	0.31	0.32	3.92%	Thursday	BTO
MAGNA INTL CL A	MGA	1.58	1.24	1.49%	Thursday	BTO
REPLIGEN	RGEN	0.12	0.08	36.36%	Thursday	BTO
TELEFLEX INC	TFX	2.4	2.13	5.47%	Thursday	BTO
ZEBRA TECH CL A	ZBRA	1.98	1.82	8.07%	Thursday	BTO
CONSTELLIUM NV	CSTM	0.1	-0.21	33.33%	Thursday	BTO
CHART INDUSTRIE	GTLS	0.32	0	30.43%	Thursday	BTO
LEIDOS HOLDINGS	LDOS	0.83	0.75	18.75%	Thursday	BTO
ALAMOS GOLD INC	AGI	0.05	-0.03	66.67%	Thursday	BTO
BRADY CORP CL A	BRC	0.44	0.4	2.08%	Thursday	BTO
CDN IMPL BK	CM	2.23	2.17	9.76%	Thursday	BTO
ENERGY FOCUS IN	EFOI	-0.15	-0.27	15.00%	Thursday	BTO
HOUGHTON MIFFLN	HMHC	-0.92	-0.7	35.19%	Thursday	BTO
IDACORP INC	IDA	0.66	0.66	8.43%	Thursday	BTO
IRIDIUM COMMUN	IRDM	0.11	0.19	15.00%	Thursday	BTO
ORBITAL ATK INC	OA	1.84	1.26	12.18%	Thursday	BTO
SHUTTERSTOCK	SSTK	0.23	0.29	63.64%	Thursday	BTO
STANTEC INC	STN	0.36	0.26	-2.27%	Thursday	BTO
TORO CO	TTC	0.44	0.41	6.90%	Thursday	BTO
UNIT CORP	UNT	0.2	0.23	-9.09%	Thursday	BTO
VEREIT INC	VER	0.17	0.17	5.56%	Thursday	BTO
EMCOR GROUP INC	EME	0.86	0.72	32.93%	Thursday	BTO
FTI CONSULTING	FCN	0.5	0.24	36.07%	Thursday	BTO
ORMAT TECH INC	ORA	0.55	0.56	-10.64%	Thursday	BTO
REDHILL BIO-ADR	RDHL	-0.65	-0.7	-25.00%	Thursday	BTO
SPIRIT REALTY	SRC	0.22	0.21	15.00%	Thursday	BTO
TEEKAY LNG PTNR	TGP	0.32	0.22	-30.30%	Thursday	BTO
LENDINGTREE INC	TREE	0.73	0.69	23.94%	Thursday	BTO
INTERDIGITL INC	IDCC	2.41	3.85	38.89%	Thursday	BTO
GIBRALTAR INDUS	ROCK	0.34	0.3	24.07%	Thursday	BTO
ECHOSTAR CORP	SATS	0.11	0.4	3700.00%	Thursday	BTO
TENNANT CO	TNC	0.35	0.85	-47.54%	Thursday	BTO
CVR REFINING LP	CVRR	0.3	-0.07	-20.34%	Thursday	BTO
STEALTHGAS INC	GASS	0.05	0.04	-50.00%	Thursday	BTO
SUPERIOR UNIFRM	SGC	0.29	0.27	3.13%	Thursday	BTO
TELEFONICA S.A.	TEF	0.29	1.12	N/A	Thursday	BTO
SAGE THERAPEUTC	SAGE	-2.04	-1.5	-1.03%	Thursday	BTO
STORE CAPITAL	STOR	0.41	0.43	5.13%	Thursday	BTO
TEEKAY TANKERS	TNK	-0.06	0.03	20.00%	Thursday	BTO
ACI WORLDWIDE	ACIW	0.43	0.57	200.00%	Thursday	BTO
SANDERSON FARMS	SAFM	1.07	1.02	-11.60%	Thursday	BTO
ARCHROCK PTNRS	APLP	0.09	0.16	-86.67%	Thursday	BTO
LSC COMMUNICTNS	LKSD	0.66	0.48	4.29%	Thursday	BTO
NOVOCURE LTD	NVCR	-0.14	-0.26	35.00%	Thursday	BTO
OGE ENERGY CORP	OGE	0.28	0.29	-1.08%	Thursday	BTO
ARCHROCK INC	AROC	-0.03	-0.06	-550.00%	Thursday	BTO
JAKKS PACIFIC	JAKK	-0.23	-0.47	-37.65%	Thursday	BTO
MARCUS CORP	MCS	0.39	0.31	8.33%	Thursday	BTO
MITEL NETWORKS	MITL	-0.09	0.11	100.00%	Thursday	BTO
SYNTHETIC BIOLG	SYN	-0.05	-0.02	-180.00%	Thursday	BTO
TEEKAY CORP	TK	-0.04	-0.22	6.82%	Thursday	BTO
CONTROLADORA VL	VLRS	0.22	0.46	90.48%	Thursday	BTO
TEEKAY OFFSHORE	TOO	0.1	-0.03	-75.00%	Thursday	BTO
CVR PARTNERS LP	UAN	-0.14	-0.13	-180.00%	Thursday	BTO
STEPAN CO	SCL	0.67	0.52	-13.21%	Thursday	BTO
ENVIVA PARTNERS	EVA	0.35	0.28	-36.67%	Thursday	BTO
COCA-COLA FEMSA	KOF	0.98	0.85	-7.94%	Thursday	BTO
INTUIT INC	INTU	0.06	0.07	26.32%	Thursday	AMC
EDISON INTL	EIX	0.93	1.01	7.52%	Thursday	AMC
EVERSOURCE EGY	ES	0.76	0.72	-2.38%	Thursday	AMC
HEWLETT PKD ENT	HPE	0.23	0.45	3.57%	Thursday	AMC
HP INC	HPQ	0.42	0.38	0.00%	Thursday	AMC
ALLIANT ENGY CP	LNT	0.38	0.28	-14.77%	Thursday	AMC
AIR LEASE CORP	AL	0.87	0.89	3.45%	Thursday	AMC
SUMMIT MIDSTRM	SMLP	0.21	0.16	150.00%	Thursday	AMC
AV HOMES INC	AVHI	0.41	0.68	-16.67%	Thursday	AMC
FIRST SOLAR INC	FSLR	-0.32	1.24	129.41%	Thursday	AMC
RED ROBIN GOURM	RRGB	0.55	0.35	-22.22%	Thursday	AMC
TIVITY HEALTH	TVTY	0.32	0.35	27.78%	Thursday	AMC
ENVESTNET INC	ENV	0.29	0.21	0.00%	Thursday	AMC
FINANCIAL ENGIN	FNGN	0.28	0.19	3.70%	Thursday	AMC
MERCADOLIBRE IN	MELI	0.55	1.16	-7.35%	Thursday	AMC
CONTL BLDG PRD	CBPX	0.32	0.31	0.00%	Thursday	AMC
ELDORADO RESRTS	ERI	0.23	0.02	12.50%	Thursday	AMC
TRADE DESK INC	TTD	0.42	0.24	15.00%	Thursday	AMC
BIOMARIN PHARMA	BMRN	-0.23	-0.53	46.15%	Thursday	AMC
GODADDY INC-A	GDDY	0.08	0.1	0.00%	Thursday	AMC
PLANET FITNESS	PLNT	0.23	0.2	18.75%	Thursday	AMC
BJ'S RESTAURANT	BJRI	0.32	0.55	-37.50%	Thursday	AMC
NORDSON CORP	NDSN	1.35	0.86	4.55%	Thursday	AMC
REDFIN CORP	RDFN	-0.04	N/A	0.00%	Thursday	AMC
WINGSTOP INC	WING	0.16	0.15	13.33%	Thursday	AMC
NEVRO CORP	NVRO	-0.14	-0.34	8.70%	Thursday	AMC
PEBBLEBROOK HTL	PEB	0.43	0.57	9.59%	Thursday	AMC
EXACT SCIENCES	EXAS	-0.28	-0.34	23.33%	Thursday	AMC
HERCULES CAP	HTGC	0.29	0.43	0.00%	Thursday	AMC
WORKIVA INC	WK	-0.37	-0.18	15.00%	Thursday	AMC
ZOES KITCHEN	ZOES	-0.13	-0.07	-100.00%	Thursday	AMC
AMERICAN HM 4 R	AMH	0.26	0.26	0.00%	Thursday	AMC
ADAMAS PHARMA	ADMS	-1.15	-0.68	-0.97%	Thursday	AMC
ADV DISPOSL SVC	ADSW	0.14	0.2	-5.88%	Thursday	AMC
APPLE HOSP REIT	APLE	0.36	0.37	2.13%	Thursday	AMC
BIOTELEMETRY	BEAT	0.21	0.18	-33.33%	Thursday	AMC
COVANTA HOLDING	CVA	0.2	0.08	50.00%	Thursday	AMC
NORTHRN OIL&GAS	NOG	0.1	0.04	500.00%	Thursday	AMC
PEMBINA PIPELN	PBA	0.41	0.22	-27.59%	Thursday	AMC
SELECT MEDICAL	SEM	0.19	0.12	-6.67%	Thursday	AMC
TRITON INTL LTD	TRTN	0.81	0.21	9.46%	Thursday	AMC
APPIAN CORP	APPN	-0.18	N/A	41.18%	Thursday	AMC
BRIGHTCOVE	BCOV	-0.09	-0.08	31.25%	Thursday	AMC
COMM HLTHCR TR	CHCT	0.36	0.38	-22.50%	Thursday	AMC
CORCEPT THERAPT	CORT	0.19	0.04	-15.38%	Thursday	AMC
EMERGENT BIOSOL	EBS	0.69	0.74	82.50%	Thursday	AMC
IMMERSION CORP	IMMR	-0.22	-0.32	61.54%	Thursday	AMC
ORION ENGINRD	OEC	0.43	0.41	-6.98%	Thursday	AMC
UNIVL DISPLAY	OLED	0.82	0.55	211.11%	Thursday	AMC
UNIVL ELECTRS	UEIC	0.6	0.57	-4.71%	Thursday	AMC
ASPEN AEROGELS	ASPN	-0.13	-0.25	18.75%	Thursday	AMC
COMFORT SYSTEMS	FIX	0.52	0.45	1.72%	Thursday	AMC
SSR MINING INC	SSRM	0.11	0.26	-33.33%	Thursday	AMC
SOLAR SENIOR CP	SUNS	0.35	0.35	2.94%	Thursday	AMC
AMER SOFTWARE A	AMSWA	0.05	0.08	14.29%	Thursday	AMC
BRF-BRASIL FOOD	BRFS	0.06	-0.17	350.00%	Thursday	AMC
ERIE INDEMNITY	ERIE	0.76	0.87	0.90%	Thursday	AMC
HERBALIFE LTD	HLF	0.96	1	0.00%	Thursday	AMC
KENNEDY-WILSON	KW	0.28	0.14	65.22%	Thursday	AMC
MAIN STREET CAP	MAIN	0.63	0.57	5.26%	Thursday	AMC
REDWOOD TRUST	RWT	0.34	0.33	2.94%	Thursday	AMC
UNIVL FST PRODS	UFPI	0.43	0.34	14.69%	Thursday	AMC
ZIX CORP	ZIXI	0.04	0.04	0.00%	Thursday	AMC
OCEANEERING INT	OII	-0.1	0.03	-33.33%	Thursday	AMC
AGREE RLTY CORP	ADC	0.69	0.64	0.00%	Thursday	AMC
GOLDMAN SAC BDC	GSBD	0.47	0.5	0.00%	Thursday	AMC
TAHOE RESOURCES	TAHO	-0.01	0.06	-100.00%	Thursday	AMC
CENTURY ALUM CO	CENX	0.23	-0.12	-34.78%	Thursday	AMC
INTEGER HOLDNGS	ITGR	0.76	0.87	5.13%	Thursday	AMC
SOLAR CAPITAL	SLRC	0.42	0.42	0.00%	Thursday	AMC
ACACIA COMMUNIC	ACIA	0.08	1.55	25.00%	Thursday	AMC
MAXAR TECH LTD	MAXR	1.03	1.17	-67.68%	Thursday	AMC
WORLD FUEL SVCS	INT	0.6	0.03	1.69%	Thursday	AMC
JAMES RIVER GRP	JRVR	0.75	0.77	5.88%	Thursday	AMC
ARKEMA-ADR	ARKAY	N/A	0.96	N/A	Thursday	N/A
BARCLAY PLC-ADR	BCS	0.13	0.02	-24.00%	Thursday	N/A
TELEF BRASIL SA	VIV	0.25	0.22	4.55%	Thursday	N/A
BAE SYSTEMS-ADR	BAESY	N/A	N/A	N/A	Thursday	N/A
CENTRICA PL-ADR	CPYYY	N/A	N/A	N/A	Thursday	N/A
ANGLO AMER ADR	NGLOY	N/A	N/A	N/A	Thursday	N/A
SCOR ADR	SCRYY	N/A	0.13	N/A	Thursday	N/A
ABLYNX NV	ABLYF	-0.21	N/A	N/A	Thursday	N/A
SIBANYE GLD-ADR	SBGL	N/A	N/A	N/A	Thursday	N/A
GALAPAGOS -ADR	GLPG	-0.71	1.05	-8.97%	Thursday	N/A
CABOT OIL & GAS	COG	0.09	0.01	-14.29%	Friday	BTO
PUBLIC SV ENTRP	PEG	0.56	0.54	-2.38%	Friday	BTO
ENTERGY CORP	ETR	0.42	0.31	4.91%	Friday	BTO
PINNACLE WEST	PNW	0.1	0.47	5.58%	Friday	BTO
CINEMARK HLDGS	CNK	0.47	0.64	-5.71%	Friday	BTO
HUNTSMAN CORP	HUN	0.66	0.3	34.00%	Friday	BTO
AMER RAILCAR	ARII	0.48	1.16	-19.30%	Friday	BTO
DONEGAL GRP -A	DGICA	0.39	0.2	78.57%	Friday	BTO
LIFEPOINT HOSP	LPNT	0.81	1.09	-15.79%	Friday	BTO
INSMED INC	INSM	-0.67	-1.1	0.00%	Friday	BTO
RYMAN HOSPITLTY	RHP	1.62	1.48	-5.22%	Friday	BTO
VENATOR MAT PLC	VNTR	0.66	N/A	55.56%	Friday	BTO
KBR INC	KBR	0.3	-0.59	16.67%	Friday	BTO
POTBELLY CORP	PBPB	0.07	0.15	16.67%	Friday	BTO
ROYAL BANK CDA	RY	1.54	1.4	3.36%	Friday	BTO
ENERPLUS CORP	ERF	0.08	0.12	-14.29%	Friday	BTO
NEW SENIOR INV	SNR	0.28	0.31	-3.45%	Friday	BTO
TITAN INTL INC	TWI	-0.13	-0.24	25.00%	Friday	BTO
ARBOR RLTY TRST	ABR	0.2	0.21	38.89%	Friday	BTO
NORTHWEST NAT G	NWN	0.97	1	3.23%	Friday	BTO
HMS HLDGS CP	HMSY	0.18	0.18	-31.58%	Friday	BTO
TC PIPELINES	TCP	0.78	0.7	-4.69%	Friday	BTO
WP CAREY INC	WPC	1.12	1.22	18.10%	Friday	BTO
PINNACLE ENTRTN	PNK	0.14	0.1	9.52%	Friday	BTO
GREAT PANTHER	GPL	0	-0.01	-100.00%	Friday	BTO
ADVANSIX INC	ASIX	0.5	-0.81	0.00%	Friday	BTO
INTL CONS AIRLN	ICAGY	0.57	1.38	161.02%	Friday	N/A
ROYAL BK SC-ADR	RBS	N/A	0.19	0.00%	Friday	N/A
PEARSON PLC-ADR	PSO	N/A	N/A	N/A	Friday	N/A
SWISS RE LTD	SSREY	N/A	0.39	N/A	Friday	N/A

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