The blowout Apple (AAPL Quick Quote AAPL - Free Report ) report became the latest earnings release that built on the momentum we have been seeing from a diverse cross-section of companies this earnings season. The trend is particularly notable in the Technology sector, where not only the likes of Facebook and Google (GOOGL Quick Quote GOOGL - Free Report ) are shining, but even stodgier operators like Microsoft (MSFT Quick Quote MSFT - Free Report ) and Intel (INTC Quick Quote INTC - Free Report ) appear to have recaptured their mojo. The law of large numbers doesn’t appear to have the same meaning for these Tech companies as it does for leaders in other sectors. After all, Apple’s +18.9% higher earnings in Q3 on +12.2% higher revenues are on a base of more than $9 billion in earnings and $46.9 billion in revenues in the year-earlier quarter. Importantly, Apple showed again that while iPhone may account for a bigger chunk of its business, it is by no means that only driver, as the +24% jump in the high-margin services revenue to $7.9 billion shows. All in all, it has been an impressive earnings performance from the Technology sector, which should help ease concerns about the sector’s strong performance lately (the Zacks Tech sector is up +25.9% year-to-date vs. +15.3% gain for the S&P 500 and +6.2% gain for the Russell 2000). For the Tech sector, we now have Q3 results from 85% of the sector’s market cap in the S&P 500 index. Total earnings for these Tech companies are up +22.4% from the same period last year on +9.3% higher revenues, with 81.8% beating EPS estimates and 86.4% beating revenue estimates. As high as the proportion of Tech companies beating estimates is, the beats percentages are actually in-line with other recent quarters. But growth is notably accelerating, as the comparison charts below show.
Q3 Earnings Season Scorecard (as of Friday, November 3, 2017) We now have Q3 results from 406 S&P 500 members that combined account for 85.4% of the index’s total market capitalization. Total earnings for these companies are up +7.5% from the same period last year on +6.3% higher revenues, with 73.9% beating EPS estimates and 66.7% beating revenue estimates. The charts below compare the Q3 results thus far from the 406 index members with what we had seen from the same group of companies in other recent periods.
Looking at Q3 as a whole, combining the actual results from the 406 S&P 500 members that have come out with estimates for the still-to-come 94 index members, total earnings are expected to be up +6.5% from the same period last year on +5.6% higher revenues. Excluding the weak results from the Finance sector, total earnings for the rest of the index would be up +9.6% on +6.1% revenue growth. The table below shows the summary picture for Q3, contrasted with what was actually achieved in the preceding earnings season.
Four Takeaways From the Q3 Earnings Season First , there is clear momentum on the revenue front, with growth notably accelerating from other recent periods. Total revenues for the 406 S&P 500 members that have reported results, as of Friday, November 3rd, are up +7.5% from the same period last year, which compares to +6.3% top-line growth for the same group of companies in the preceding quarter and still lower average growth rates in the prior periods, as the comparison chart below shows.
Second , the above-average proportion of positive surprises that we saw in the preceding period has continued this earnings season as well. We typically don’t give positive surprises a lot of weight in evaluating or assessing an earnings season since we all know that management teams are experts in managing expectations. Even then, the trend emerging in the Q3 earnings season is noteworthy for two reasons. First, estimates for the quarter had not fallen by as much as had historically been the case. Second, the proportion of positive revenue surprises, a much harder variable to manipulate relative to earnings, is only a shade below the preceding quarter’s record level. The chart below shows the proportion of 406 S&P 500 members that have beaten both EPS and revenue estimates and how that compares to historical periods.
Third , the revisions trend for the December quarter is shaping up to be unusually favorable. The pattern over the last few years has been that as the quarterly earnings reporting season gets underway, estimates for the following quarter would start coming down. This trend improved a bit over the last few quarters when estimates would not fall by as much as was historically the case, but they were nevertheless coming down. The unusual thing about the Q4 estimates is that they actually went up at first and have started coming down only over the last couple of days, which has brought Q4 growth expectations to where they stood at the start of the period. This is totally different from what we would typically see in the comparable periods of other earnings seasons over the last few years. This will most likely change as more companies report Q3 results and manage the market’s expectations for the December quarter, but it is nevertheless an unusually positive development. The chart below shows the evolution of Q4 estimates since the quarter got underway.
Fourth , total Q3 earnings for the S&P 500 index are on track to reach a new all-time quarterly record, surpassing the previous record reached in the preceding earnings season, as the chart below shows.
Please note that the $302.7 billion is the blended earnings total that combines the actual earnings that have come out with estimates for the still-to-come companies.Expectations Beyond Q3 The chart below shows Q3 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 decelerate from the double-digit level of the first two quarters of the year, but is expected to accelerate to ramp back up from the current period onwards.
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 826 companies including 49 S&P 500 and reporting this week.
Company Ticker Current Qtr Year-Ago Qtr Last EPS Surprise % Report Day Time CARDINAL HEALTH CAH 1.01 1.24 5.65% Monday BTO CVS HEALTH CORP CVS 1.49 1.64 1.53% Monday BTO HENRY SCHEIN IN HSIC 0.9 0.84 1.16% Monday BTO MICHAEL KORS KORS 0.83 0.95 29.03% Monday BTO MYLAN NV MYL 1.21 1.38 -6.78% Monday BTO SYSCO CORP SYY 0.73 0.67 1.41% Monday BTO CALGON CARBON CCC 0.16 0.13 0.00% Monday BTO LHC GROUP LLC LHCG 0.6 0.54 16.67% Monday BTO STEWART INFO SV STC N/A 1.12 0.12 Monday BTO ARMSTRONG FLOOR AFI 0.19 0.39 -31.58% Monday BTO AMPCO-PITTSBRGH AP -0.03 -1.88 20.00% Monday BTO BOOZ ALLEN HMLT BAH 0.46 0.46 12.77% Monday BTO BMC STOCK HLDGS BMCH 0.34 0.3 -8.11% Monday BTO BROADSOFT INC BSFT -0.03 0.09 130.77% Monday BTO COLFAX CORP CFX 0.4 0.39 0.00% Monday BTO CHOICE HTL INTL CHH 0.92 0.84 2.60% Monday BTO CITY OFFIC REIT CIO 0.19 0.27 -12.50% Monday BTO CENTURY CASINOS CNTY 0.11 0.08 -30.00% Monday BTO CRAWFORD & CO B CRD.B 0.22 0.2 25.00% Monday BTO CERAGON NETWRKS CRNT 0.05 0.05 0.00% Monday BTO CATALENT INC CTLT 0.15 0.12 14.29% Monday BTO FLEX PHARMA INC FLKS -0.62 -0.65 19.05% Monday BTO FRANCO NV CP FNV 0.27 0.3 0.00% Monday BTO GRAY TELEVSN GTN 0.22 0.26 7.69% Monday BTO NOBILIS HEALTH HLTH N/A -0.01 100.00% Monday BTO HYDROGENICS CP HYGS -0.12 -0.15 -200.00% Monday BTO HORIZON PHARMA HZNP 0.22 0.56 241.67% Monday BTO JONES LANG LASL JLL 1.55 1.42 25.52% Monday BTO KERYX BIOPHARMA KERX -0.17 -0.39 -23.53% Monday BTO KNOT OFFSHOR LP KNOP 0.62 0.52 9.62% Monday BTO KOSMOS ENERGY KOS -0.08 -0.09 66.67% Monday BTO LAMAR ADVER CO LAMR 1.32 1.37 6.11% Monday BTO LOUISIANA PAC LPX 0.77 0.32 -4.92% Monday BTO MEDICAL TRANSCR MTBC -0.13 -0.17 N/A Monday BTO MINERVA NEUROSC NERV -0.27 -0.24 0.00% Monday BTO NEXSTAR BRDCSTG NXST 0.93 0.78 1.09% Monday BTO ON SEMICON CORP ON 0.4 0.23 -21.21% Monday BTO ON DECK CAPITAL ONDK -0.02 -0.23 71.43% Monday BTO PLY GEM HOLDING PGEM 0.47 0.75 -6.38% Monday BTO REGAL BELOIT RBC 1.38 1.31 0.78% Monday BTO RADCOM LTD RDCM -0.01 0 33.33% Monday BTO READING INTL RDI 0.11 0.16 81.25% Monday BTO TC PIPELINES TCP 0.64 0.65 -1.35% Monday BTO WELBILT INC WBT 0.24 0.2 22.22% Monday BTO FMC CORP FMC 0.63 0.67 2.13% Monday AMC INTL F & F IFF 1.42 1.34 4.17% Monday AMC MICROCHIP TECH MCHP 1.27 0.9 9.65% Monday AMC PRICELINE.COM PCLN 34.31 30.94 6.25% Monday AMC SKYWORKS SOLUTN SWKS 1.64 1.37 2.82% Monday AMC TRIPADVISOR INC TRIP 0.2 0.41 31.58% Monday AMC AMER EQUITY INV AEL 0.63 -0.05 20.34% Monday AMC ANDERSONS INC ANDE 0.16 0.06 -16.92% Monday AMC AMER STATES WTR AWR 0.58 0.59 37.78% Monday AMC BELMOND LTD BEL 0.16 0.23 58.33% Monday AMC DIPLOMAT PHARMA DPLO 0.15 0.21 66.67% Monday AMC DIAMONDROCK HOS DRH 0.25 0.26 3.23% Monday AMC ENANTA PHARMA ENTA 1.94 -0.09 10.20% Monday AMC EXTERRAN CORP EXTN N/A -0.36 69.81% Monday AMC FIRST BNCRP P R FBP 0.11 0.11 18.18% Monday AMC FABRINET FN 0.62 0.61 7.46% Monday AMC FIESTA RESTRNT FRGI 0.22 0.3 -9.09% Monday AMC INFINITY PPTY IPCC 0.12 0.17 -62.22% Monday AMC KINDRED HLTHCR KND -0.12 0.05 18.75% Monday AMC LANNETT INC LCI 0.52 0.77 0.00% Monday AMC NATL STORAGE NSA 0.33 0.29 -3.12% Monday AMC PHIBRO ANIMAL PAHC 0.37 0.36 11.43% Monday AMC PAR PAC HLDGS PARR 0.5 -0.46 9.09% Monday AMC PDC ENERGY INC PDCE 0.06 -0.12 2000.00% Monday AMC PROASSURANCE CP PRA 0.36 0.46 2.56% Monday AMC RED ROBIN GOURM RRGB 0.28 0.38 19.61% Monday AMC SCANSOURCE INC SCSC 0.78 0.68 0.00% Monday AMC US SILICA HOLDI SLCA 0.49 -0.13 2.70% Monday AMC SUPERNUS PHARMA SUPN 0.27 0.37 33.33% Monday AMC SYKES ENTRP INC SYKE 0.44 0.55 15.63% Monday AMC TEAM INC TISI -0.22 -0.01 -187.50% Monday AMC UTD INSURANCE UIHC -0.79 0.16 43.75% Monday AMC ADV EMISSIONS ADES 0.71 0.43 -60.27% Monday AMC ADDUS HOMECARE ADUS 0.38 0.36 3.03% Monday AMC ATLAS FINL HLDG AFH 0.42 0.52 71.43% Monday AMC AKCEA THERAPEUT AKCA -0.21 N/A N/A Monday AMC AMC ENTERTAINMT AMC -0.34 0.31 -1.50% Monday AMC APPLE HOSP REIT APLE 0.47 0.49 -1.92% Monday AMC APPFOLIO INC-A APPF 0.02 -0.03 900.00% Monday AMC ASHLAND GLOBAL ASH 0.69 1.52 18.57% Monday AMC ATHENE HOLDING ATH 1.12 N/A 34.91% Monday AMC AIR TRANSPT SVC ATSG 0.2 0.14 10.53% Monday AMC BROOKDALE SENR BKD -0.22 0.51 -141.07% Monday AMC BLACK STONE MNL BSM 0.15 0.14 77.78% Monday AMC BWX TECHNOLGS BWXT 0.47 0.39 16.67% Monday AMC AVIS BUDGET GRP CAR 2.97 2.47 -28.57% Monday AMC CENTENNIAL RES CDEV 0.06 -0.04 250.00% Monday AMC CONDOR HOSPTLTY CDOR 0.24 0.39 0.00% Monday AMC COHERUS BIOSC CHRS -1.05 1.67 16.28% Monday AMC CLARUS CORP CLAR 0.08 0.06 -200.00% Monday AMC CALLON PETE-DEL CPE 0.1 0.09 -18.18% Monday AMC CAPITALA FIN CP CPTA 0.27 0.47 -89.19% Monday AMC CA RESOURCES CP CRC -1.61 -1.75 -12.27% Monday AMC CAPITAL SW CORP CSWC 0.25 0.11 -4.35% Monday AMC CTI BIOPHARMA CTIC -0.32 -1 -1.43% Monday AMC COMML VEHICLE CVGI 0.05 0.07 -38.46% Monday AMC ENDOCYTE INC ECYT -0.35 -0.21 -12.00% Monday AMC ELLINGTON FINL EFC 0.3 0.2 -18.18% Monday AMC ETSY INC ETSY 0.05 -0.02 200.00% Monday AMC EVERBRIDGE INC EVBG -0.2 -0.13 25.00% Monday AMC DIAMONDBACK EGY FANG 1.26 0.54 45.83% Monday AMC FULGENT GENETIC FLGT 0 -0.44 -33.33% Monday AMC FLEXION THERAPT FLXN -0.98 -0.65 -13.75% Monday AMC FIVEPRIME THERA FPRX -1.32 -0.72 -33.90% Monday AMC FRESHPET INC FRPT -0.01 0.02 -14.29% Monday AMC GODADDY INC-A GDDY 0.08 0.05 333.33% Monday AMC GREAT ELM CAP C GECC 0.25 N/A 45.00% Monday AMC GEVO INC GEVO -0.41 -1.8 18.52% Monday AMC GLOBAL NET LEAS GNL 0.52 0.6 -8.93% Monday AMC GRANITE PT MTGE GPMT 0.34 N/A N/A Monday AMC HOWARD HUGHS CP HHC 0.74 1.1 -91.95% Monday AMC HALLADOR ENERGY HNRG 0.12 0.14 -92.86% Monday AMC INTRICON CORP IIN 0.09 -0.19 300.00% Monday AMC KNIGHT-SWIFT TR KNX 0.3 0.47 25.00% Monday AMC LUXFER HOLDINGS LXFR 0.26 0.19 -4.00% Monday AMC MISTRAS GROUP MG 0.15 0.22 -43.75% Monday AMC MANITEX INT INC MNTX 0.05 0.05 400.00% Monday AMC MATADOR RESOURC MTDR 0.1 0.06 0.00% Monday AMC MANITOWOC INC MTW -0.04 -0.28 266.67% Monday AMC MYOMO INC MYO -0.3 N/A N/A Monday AMC NATL CINEMEDIA NCMI 0.09 0.13 -50.00% Monday AMC NEOPHOTONICS CP NPTN -0.34 -0.09 24.00% Monday AMC NEVRO CORP NVRO -0.23 -0.14 -37.93% Monday AMC INVITAE CORP NVTA -0.54 -0.77 -3.13% Monday AMC OUTFRONT MEDIA OUT 0.56 0.63 1.82% Monday AMC PLAINS ALL AMER PAA 0.22 0.4 -19.23% Monday AMC PLAINS GP HLDGS PAGP 0.34 0.24 -20.00% Monday AMC PCMI INC PCMI 0.55 0.52 0.00% Monday AMC PETIQ INC PETQ 0.14 N/A N/A Monday AMC PARAMOUNT GROUP PGRE 0.21 0.2 9.52% Monday AMC PREMIER INC-A PINC 0.45 0.38 -16.67% Monday AMC PARK OHIO HLDNG PKOH 0.87 1.13 2.35% Monday AMC DOUGLAS DYNAMIC PLOW 0.45 0.49 30.61% Monday AMC PLAYA HTLS&RSRT PLYA -0.07 N/A -400.00% Monday AMC POLAR POWER INC POLA 0.02 N/A -160.00% Monday AMC PERCEPTRON INC PRCP -0.07 -0.2 -40.00% Monday AMC PRESIDIO INC PSDO 0.16 N/A -31.25% Monday AMC PORTOLA PHARMA PTLA -1.45 -1.64 -10.91% Monday AMC QIAGEN NV QGEN 0.32 0.3 3.45% Monday AMC QUANTENNA COMMS QTNA 0.01 N/A 100.00% Monday AMC RESOLUTE ENERGY REN 0.36 -1.5 113.64% Monday AMC RSP PERMIAN INC RSPP 0.18 -0.01 13.33% Monday AMC REDWOOD TRUST RWT 0.34 0.58 2.94% Monday AMC SILVERBOW RSRCS SBOW 0.91 N/A 56.67% Monday AMC SUN HYDRAULICS SNHY 0.36 0.19 33.33% Monday AMC TAHOE RESOURCES TAHO 0 0.21 0.00% Monday AMC TELIGENT INC TLGT -0.01 0 -200.00% Monday AMC TRIPLEPOINT VEN TPVG 0.28 0.4 71.88% Monday AMC TABULA RASA HLT TRHC 0.06 0.04 -28.57% Monday AMC TPG RE FINANCE TRTX 0.33 N/A 4.92% Monday AMC TRUECAR INC TRUE -0.05 -0.09 12.50% Monday AMC VERACYTE INC VCYT -0.21 -0.2 12.00% Monday AMC VERITONE INC VERI -0.62 N/A -10.83% Monday AMC WEIGHT WATCHERS WTW 0.48 0.53 34.00% Monday AMC ZAYO GROUP HLDG ZAYO 0.12 0.06 0.00% Monday AMC ZIOPHARM ONCLGY ZIOP -0.13 -0.11 0.00% Monday AMC CBOE HOLDINGS CBOE 0.88 0.58 1.16% Tuesday BTO EMERSON ELEC CO EMR 0.83 0.96 0.00% Tuesday BTO EXPEDITORS INTL EXPD 0.6 0.59 0.00% Tuesday BTO WELLTOWER INC HCN 1.05 1.16 0.95% Tuesday BTO ROYAL CARIBBEAN RCL 3.43 3.2 2.40% Tuesday BTO TAPESTRY INC TPR 0.36 0.45 2.04% Tuesday BTO ATLAS AIR WORLD AAWW 1.12 1.09 28.24% Tuesday BTO ADVANSIX INC ASIX 0.77 0.54 25.76% Tuesday BTO TOPBUILD CORP BLD 0.82 0.63 15.52% Tuesday BTO CAMBREX CORP CBM 0.47 0.44 1.33% Tuesday BTO CORE-MARK HLDG CORE 0.44 0.34 -34.38% Tuesday BTO CROCS INC CROX -0.04 -0.03 80.00% Tuesday BTO DENBURY RES INC DNR -0.01 0 100.00% Tuesday BTO HAEMONETICS CP HAE 0.42 0.46 6.45% Tuesday BTO MULTI-COLOR LABL 1.09 0.99 7.50% Tuesday BTO LGI HOMES INC LGIH 1.32 0.86 9.45% Tuesday BTO LEXINGTON PPTY LXP 0.24 0.28 -4.17% Tuesday BTO MATRIX SERVICE MTRX 0.03 0.35 -100.00% Tuesday BTO MYERS INDS MYE 0.12 0.04 13.33% Tuesday BTO TESCO CORP TESO -0.21 -0.37 -4.17% Tuesday BTO VONAGE HOLDINGS VG 0.07 0.08 0.00% Tuesday BTO VERITIV CORP VRTV 1.14 0.34 57.14% Tuesday BTO ACLARIS THERAPT ACRS -0.89 -0.5 17.65% Tuesday BTO AFFIMED THERAP AFMD -0.21 -0.35 9.09% Tuesday BTO AGENUS INC AGEN -0.37 -0.47 11.11% Tuesday BTO ALLOT COMM LTD ALLT -0.08 -0.04 16.67% Tuesday BTO AUTOHOME INC ATHM N/A 0.34 27.45% Tuesday BTO ASTRONICS CORP ATRO 0.35 0.41 -35.00% Tuesday BTO BIOCRYST PHARMA BCRX -0.17 -0.16 -10.53% Tuesday BTO CAMTEK LIMITED CAMT 0.08 0.04 11.11% Tuesday BTO COCA-COLA EU PT CCE 0.8 0.74 15.63% Tuesday BTO COMPUGEN LTD CGEN -0.19 -0.15 -5.88% Tuesday BTO CURIS INC CRIS -0.09 -0.12 -11.11% Tuesday BTO EASTRLY GOV PPT DEA 0.32 0.3 0.00% Tuesday BTO DEAN FOODS CO DF 0.2 0.37 -30.00% Tuesday BTO FOUNDATION BLDG FBM 0.07 N/A -78.57% Tuesday BTO GENERAL FINANCE GFN -0.05 -0.08 0.00% Tuesday BTO HAIN CELESTIAL HAIN 0.23 0.14 7.50% Tuesday BTO HARVEST CAP CRD HCAP 0.38 0.47 18.18% Tuesday BTO HECLA MINING HL 0.02 0.07 0.00% Tuesday BTO HAMILTON LANE HLNE 0.26 N/A 26.92% Tuesday BTO IONIS PHARMACT IONS 0.02 0.06 -50.00% Tuesday BTO JELD-WEN HOLDNG JELD 0.52 N/A -1.92% Tuesday BTO KCAP FINL INC KCAP 0.09 0.12 -22.22% Tuesday BTO KKR RE FIN TRST KREF 0.28 N/A -3.45% Tuesday BTO SNYDERS-LANCE LNCE 0.35 0.35 3.85% Tuesday BTO MALLINCKRODT PL MNK 1.81 2.04 6.94% Tuesday BTO MAZOR ROBOTICS MZOR -0.22 -0.23 36.00% Tuesday BTO NGL ENERGY PART NGL -0.25 -0.71 -55.26% Tuesday BTO NUSTAR ENERGY NS 0.27 0.49 -84.85% Tuesday BTO NUSTAR GP HLDGS NSH 0.34 0.4 60.00% Tuesday BTO SPARK THERAPEUT ONCE -1.8 -1.07 -8.00% Tuesday BTO PINNACLE ENTRTN PNK 0.2 -0.01 -31.82% Tuesday BTO PRIMORIS SERVCS PRIM 0.31 0.26 35.48% Tuesday BTO REIS INC REIS 0.01 0.04 50.00% Tuesday BTO ALTISOURCE RESI RESI -0.46 -1.06 -33.33% Tuesday BTO RYMAN HOSPITLTY RHP 1.14 1.29 1.97% Tuesday BTO RMG NETWORKS RMGN -0.12 -0.08 0.00% Tuesday BTO SEAWORLD ENTERT SEAS 0.8 0.77 251.61% Tuesday BTO SELECTA BIOSCI SELB -0.88 -0.43 1.16% Tuesday BTO SINA CORP SINA 0.51 1.9 -27.91% Tuesday BTO INVENTURE FOODS SNAK 0 -0.13 100.00% Tuesday BTO SCHNEIDER NATL SNDR 0.25 N/A 0.00% Tuesday BTO SOTHERLY HOTELS SOHO 0.24 0.16 -21.95% Tuesday BTO EXTENDED STAY STAY 0.38 0.36 -3.12% Tuesday BTO TRAVELCENTERS TA 0.22 0.28 -25.00% Tuesday BTO TCP CAPITAL CP TCPC 0.38 0.48 13.16% Tuesday BTO TREVENA INC TRVN -0.27 -0.57 2.78% Tuesday BTO TOWNSQAR MEDIA TSQ 0.61 0.67 0.00% Tuesday BTO ULTRA PETRO COR UPL 0.45 N/A -26.32% Tuesday BTO USA COMPRESSION USAC 0.07 0.06 -100.00% Tuesday BTO US FOODS HLDG USFD 0.31 0.36 2.86% Tuesday BTO VECTOR GRP LTD VGR 0.16 0.18 38.89% Tuesday BTO VIRTU FINL INC VIRT 0.05 0.19 -43.48% Tuesday BTO VISHAY PRECISN VPG 0.25 0.21 20.83% Tuesday BTO VALEANT PHARMA VRX 0.91 1.55 8.25% Tuesday BTO VERTEX ENERGY VTNR -0.06 -0.03 -100.00% Tuesday BTO VWR CORP VWR 0.46 0.44 11.36% Tuesday BTO WEIBO CORP ADS WB 0.41 0.14 6.45% Tuesday BTO WHITEHORSE FINL WHF 0.34 0.4 5.56% Tuesday BTO WESTLAKE CHEM WLK 1.39 0.86 1.68% Tuesday BTO WESTLAKE CHEMCL WLKP N/A 0.32 N/A Tuesday BTO XENIA HTLS&RSRT XHR 0.47 0.57 11.32% Tuesday BTO ACCELERON PHARM XLRN -0.67 -0.55 -18.46% Tuesday BTO ZEBRA TECH CL A ZBRA 1.61 1.34 3.73% Tuesday BTO CSRA INC CSRA 0.47 0.56 0.0667 Tuesday AMC DAVITA INC DVA 0.94 0.95 2.22% Tuesday AMC DXC TECHNOLOGY DXC 1.53 0.61 26.19% Tuesday AMC MARRIOTT INTL-A MAR 0.98 0.91 10.78% Tuesday AMC CIMAREX ENERGY XEC 0.98 0.41 11.58% Tuesday AMC APPLIED OPTOELE AAOI 0.95 0.35 10.85% Tuesday AMC AXON ENTERPRISE AAXN 0.05 0.07 0.00% Tuesday AMC AMEDISYS INC AMED 0.54 0.36 24.00% Tuesday AMC AMER PUB EDUCAT APEI 0.21 0.35 0.00% Tuesday AMC BIOTELEMETRY BEAT 0.24 0.21 9.52% Tuesday AMC CARRIZO OIL&GAS CRZO 0.24 0.23 20.00% Tuesday AMC DARLING INGRDNT DAR 0.06 0.17 -50.00% Tuesday AMC DIODES INC DIOD 0.44 0.3 0.00% Tuesday AMC FOSSIL GRP INC FOSL -0.12 0.42 17.86% Tuesday AMC GREEN DOT CP-A GDOT 0.2 0.11 51.61% Tuesday AMC INOGEN INC INGN 0.29 0.16 35.71% Tuesday AMC INNOSPEC INC IOSP 0.85 0.78 7.41% Tuesday AMC INVACARE CORP IVC -0.43 -0.37 -50.00% Tuesday AMC CONTANGO OIL&GS MCF -0.19 -0.55 -50.00% Tuesday AMC MEDIFAST INC MED 0.51 0.51 18.87% Tuesday AMC MAXLINEAR INC-A MXL 0.22 0.34 17.39% Tuesday AMC MYRIAD GENETICS MYGN 0.21 0.23 15.38% Tuesday AMC NEKTAR THERAP NKTR 0.21 -0.32 -11.43% Tuesday AMC NEENAH PAPER NP 0.98 0.99 16.19% Tuesday AMC INSIGHT ENTRPRS NSIT 0.68 0.62 20.00% Tuesday AMC PROVIDENCE SVC PRSC 0.35 0.35 45.45% Tuesday AMC ACADIA PHARMA ACAD -0.63 -0.61 22.54% Tuesday AMC APPLIED GEN TEC AGTC -0.14 0.2 -181.82% Tuesday AMC AGRIUM INC AGU -0.01 -0.15 1.24% Tuesday AMC GREAT AJAX CORP AJX 0.44 0.42 -20.00% Tuesday AMC ALDER BIOPHARMA ALDR -1.21 -0.7 11.38% Tuesday AMC ALNYLAM PHARMA ALNY -1.19 -1.21 0.0759 Tuesday AMC DIGITAL TURBINE APPS -0.02 -0.1 66.67% Tuesday AMC ARC LOGISTICS ARCX 0.2 0.22 -16.67% Tuesday AMC ARENA PHARMA ARNA -0.69 -0.5 -13.24% Tuesday AMC ABRAXAS PETE/NV AXAS 0.05 -0.02 -50.00% Tuesday AMC AMPLIFY SNACK BETR 0.09 0.12 0.00% Tuesday AMC BLUE BUFFALO BUFF 0.25 0.22 0.00% Tuesday AMC CALIX INC CALX -0.29 0.03 -56.52% Tuesday AMC CHEMOCENTRYX CCXI -0.28 -0.15 0.00% Tuesday AMC TCG BDC INC CGBD 0.41 N/A 30.56% Tuesday AMC COGENTIX MEDICL CGNT N/A 0 200.00% Tuesday AMC COMM HLTHCR TR CHCT 0.4 0.37 -15.56% Tuesday AMC CHERRY HILL MTG CHMI 0.52 0.54 3.92% Tuesday AMC MACK CALI CORP CLI 0.58 0.56 -1.64% Tuesday AMC CONTL RESOURCES CLR 0.04 -0.22 -33.33% Tuesday AMC CM FINANCE INC CMFN 0.25 0.29 0.00% Tuesday AMC COHERENT INC COHR 3.42 1.48 -2.89% Tuesday AMC CYTOMX THERPTCS CTMX -0.11 -0.4 -76.92% Tuesday AMC CUTERA INC CUTR N/A 0.12 333.33% Tuesday AMC CONVERGYS CORP CVG 0.44 0.46 17.95% Tuesday AMC CARVANA CO CVNA -0.3 N/A 6.67% Tuesday AMC CORINDUS VASCLR CVRS -0.05 -0.07 20.00% Tuesday AMC DCP MIDSTREAM DCP 0.12 0.51 28.57% Tuesday AMC DOUGLAS EMMETT DEI 0.48 0.47 -2.08% Tuesday AMC MASONITE INT CP DOOR 0.92 0.89 -19.82% Tuesday AMC ECOPETROL- ADR EC 0.23 0.04 22.22% Tuesday AMC ENDOLOGIX INC ELGX -0.17 -0.11 47.37% Tuesday AMC ENPHASE ENERGY ENPH -0.1 -0.34 25.00% Tuesday AMC ENERGY TRAN EQT ETE 0.34 0.19 -28.00% Tuesday AMC ENERGY TRANSFER ETP 0.22 0.16 -123.53% Tuesday AMC EVERTEC INC EVTC 0.38 0.41 4.76% Tuesday AMC EXTREME NETWRKS EXTR 0.1 0.04 16.67% Tuesday AMC FARMER BROS CO FARM -0.01 0.21 26.67% Tuesday AMC FOGO DE CHAO FOGO 0.1 0.16 -8.70% Tuesday AMC GENPACT LTD G 0.36 0.36 32.26% Tuesday AMC GARRISON CAPITL GARS 0.28 0.16 7.41% Tuesday AMC GLAUKOS CORP GKOS 0 0.03 0 Tuesday AMC GRANITE RE INV GRP.U 0.67 0.69 -17.27% Tuesday AMC HALOZYME THERA HALO -0.12 -0.23 8.00% Tuesday AMC HACKETT GROUP HCKT 0.21 0.21 -9.52% Tuesday AMC HTG MOLECULR DG HTGM -0.49 -0.92 0.00% Tuesday AMC IAMGOLD CORP IAG 0.02 0.05 0.00% Tuesday AMC ILG INC ILG 0.29 0.39 4.00% Tuesday AMC INFINITY PHARMA INFI -0.21 -0.39 -54.55% Tuesday AMC INNERWORKINGS INWK 0.13 0.11 9.09% Tuesday AMC ITERIS INC ITI -0.01 0 0.00% Tuesday AMC INVUITY INC IVTY -0.55 -0.56 -12.96% Tuesday AMC JAZZ PHARMACEUT JAZZ 2.53 2.16 -7.03% Tuesday AMC JACK HENRY ASSC JKHY 0.79 0.79 0.00% Tuesday AMC JONES ENERGY-A JONE -0.17 -0.05 180.00% Tuesday AMC KINDRED BIOSCI KIN N/A -0.29 12.12% Tuesday AMC KORNIT DIGITAL KRNT 0 0.09 200.00% Tuesday AMC KURA ONCOLOGY KURA -0.37 -0.37 6.98% Tuesday AMC LENDINGCLUB CP LC -0.02 -0.08 0.00% Tuesday AMC LEAF GROUP LTD LFGR -0.44 -0.22 -7.32% Tuesday AMC LATTICE SEMICON LSCC -0.01 0.02 -175.00% Tuesday AMC MATTERSIGHT CP MATR -0.14 -0.24 0.00% Tuesday AMC MALIBU BOATS-A MBUU 0.31 0.24 2.44% Tuesday AMC MITEK SYSTEMS MITK 0.05 0.05 0.00% Tuesday AMC MARCUS&MILLICHP MMI 0.36 0.39 21.21% Tuesday AMC MANNKIND CORP MNKD -0.27 1.3 -40.00% Tuesday AMC MODEL N INC MODN -0.18 -0.26 14.81% Tuesday AMC MONROE CAPITAL MRCC 0.34 0.36 -2.78% Tuesday AMC MEDEQUITIES RT MRT 0.29 0.45 0.00% Tuesday AMC MATCH GROUP INC MTCH 0.16 0.2 -18.75% Tuesday AMC NEW RELIC INC NEWR -0.28 -0.26 6.90% Tuesday AMC NATL RESEARCH-A NRCIA 0.21 0.19 -35.00% Tuesday AMC NATL RESEARCH NRCIB 0.23 0.19 -0.4348 Tuesday AMC NTN BUZZTIME NTN -0.21 -0.31 80.00% Tuesday AMC NOVAVAX INC NVAX -0.16 -0.24 0.00% Tuesday AMC OASIS PETROLEUM OAS -0.05 -0.17 16.67% Tuesday AMC OCULAR THERAPTX OCUL -0.56 -0.39 -8.47% Tuesday AMC OPGEN INC OPGN -0.08 -0.23 6.25% Tuesday AMC OSISKO GOLD LTD OR 0.08 0.08 0.00% Tuesday AMC ORMAT TECH INC ORA 0.49 0.56 5.45% Tuesday AMC PARSLEY ENGY-A PE 0.11 0.03 -54.55% Tuesday AMC PAC ETHANOL INC PEIX -0.1 -0.09 -2300.00% Tuesday AMC PENUMBRA INC PEN -0.07 -0.04 0.00% Tuesday AMC PERFORMANT FINL PFMT -0.05 0 -50.00% Tuesday AMC PHH CORP PHH -1.52 -0.35 38.17% Tuesday AMC PLANET FITNESS PLNT 0.16 0.16 15.79% Tuesday AMC CPI CARD GROUP PMTS 0.03 0.1 100.00% Tuesday AMC PILGRIMS PRIDE PPC 0.78 0.39 10.59% Tuesday AMC PRIMERICA INC PRI 1.37 1.22 0.74% Tuesday AMC PRIMO WATER CP PRMW 0.1 0.08 -450.00% Tuesday AMC PROTHENA CP PLC PRTA -1.4 -1.26 48.31% Tuesday AMC PIXELWORKS INC PXLW -0.05 -0.04 40.00% Tuesday AMC RENEWABLE ENERG REGI -0.44 0.59 -250.00% Tuesday AMC REGULUS THERAP RGLS -0.17 -0.37 -32.26% Tuesday AMC RIGEL PHARMCTCL RIGL -0.15 -0.24 -6.67% Tuesday AMC RAPID7 INC RPD -0.29 -0.23 13.33% Tuesday AMC RADISYS CORP RSYS -0.12 0.04 53.33% Tuesday AMC RETROPHIN INC RTRX -0.21 -0.25 -41.67% Tuesday AMC RYERSON HOLDING RYI 0.05 0.28 -71.43% Tuesday AMC SALEM MEDIA GRP SALM 0.12 0.1 42.86% Tuesday AMC TANGER FACT OUT SKT 0.6 0.62 1.72% Tuesday AMC SNAP INC SNAP -0.31 N/A -24.14% Tuesday AMC SYNDAX PHARMA SNDX -0.8 -0.84 11.39% Tuesday AMC SSR MINING INC SSRM 0.05 0.31 83.33% Tuesday AMC SHOTSPOTTER INC SSTI -0.14 N/A -21.43% Tuesday AMC SUNOCO LP SUN 0.35 0.24 -60.00% Tuesday AMC SOUTHWEST GAS SWX 0.14 0 32.14% Tuesday AMC SYNAPTICS INC SYNA 0.57 0.62 14.86% Tuesday AMC THERAVANCE BIO TBPH -1.26 -0.73 -12.39% Tuesday AMC TACTILE SYSTEMS TCMD 0.05 0.01 300.00% Tuesday AMC TRACON PHARMACT TCON -0.25 -0.48 24.53% Tuesday AMC CONTAINER STORE TCS 0.07 0.07 0.00% Tuesday AMC ORCHIDS PAPER TIS 0.2 0.21 -300.00% Tuesday AMC TRECORA RESRCS TREC 0.14 0.08 -57.14% Tuesday AMC TPG SPECIALTY TSLX 0.43 0.51 23.91% Tuesday AMC TESARO INC TSRO -1.05 -1.98 -11.90% Tuesday AMC TAKE-TWO INTER TTWO 0.54 0.35 38.30% Tuesday AMC TWO HARBORS INV TWO 0.53 0.48 7.69% Tuesday AMC 2U INC TWOU -0.33 -0.14 -8.70% Tuesday AMC VECTRUS INC VEC 0.41 0.6 9.09% Tuesday AMC VANDA PHARMACT VNDA -0.1 -0.01 85.71% Tuesday AMC VIVINT SOLAR VSLR -0.31 -0.36 28.26% Tuesday AMC VIVUS INC VVUS -0.13 -0.09 0.00% Tuesday AMC WEB.COM GROUP WEB 0.2 0.66 8.77% Tuesday AMC WORKIVA INC WK -0.4 -0.32 19.35% Tuesday AMC WESTERN AST MTG WMC 0.34 0.77 -14.29% Tuesday AMC XENON PHARMACT XENE -0.07 -0.51 -7.89% Tuesday AMC XENCOR INC XNCR -0.29 -0.2 40.00% Tuesday AMC EXTRACTION O&G XOG -0.04 -0.11 300.00% Tuesday AMC ZILLOW GROUP ZG 0.02 0.03 20.00% Tuesday AMC ZOGENIX INC ZGNX -0.95 -0.67 -1.12% Tuesday AMC ZYNGA INC ZNGA 0.01 -0.03 200.00% Tuesday AMC GLOBAL PAYMENTS GPN 1.03 0.86 2.30% Wednesday BTO HUMANA INC NEW HUM 3.27 3.18 13.31% Wednesday BTO MGM RESORTS INT MGM 0.33 0.58 10.71% Wednesday BTO REGENERON PHARM REGN 3.79 2.41 45.32% Wednesday BTO ROCKWELL AUTOMT ROK 1.72 1.52 6.67% Wednesday BTO SEALED AIR CORP SEE 0.46 0.71 -2.78% Wednesday BTO FLOTEK INDU INC FTK 0.01 -0.05 -50.00% Wednesday BTO HARSCO CORP HSC 0.16 0.14 29.41% Wednesday BTO KELLY SVCS A KELYA 0.31 0.44 104.35% Wednesday BTO ORION GROUP HLD ORN 0.04 0.17 -200.00% Wednesday BTO SURMODICS SRDX -0.01 0.26 -28.57% Wednesday BTO TRIUMPH GRP INC TGI 0.46 1 -72.41% Wednesday BTO VIRTUSA CORP VRTU 0.24 0.13 -12.50% Wednesday BTO VITAMIN SHOPPE VSI 0.14 0.5 -41.03% Wednesday BTO WALKER & DUNLOP WD 0.94 0.96 3.85% Wednesday BTO WOLVERINE WORLD WWW 0.37 0.49 48.28% Wednesday BTO OLYMPIC STEEL ZEUS 0.12 -0.16 14.63% Wednesday BTO ARCOS DORADOS-A ARCO N/A -0.01 N/A Wednesday BTO AVADEL PHARMA AVDL -0.01 -0.08 280.00% Wednesday BTO BROADRIDGE FINL BR 0.41 0.36 0.00% Wednesday BTO B2GOLD CORP BTG 0 0.05 -100.00% Wednesday BTO CABLE ONE INC CABO 4.91 3.63 -2.55% Wednesday BTO CARS.COM INC CARS 0.32 N/A N/A Wednesday BTO CSI COMPRESSCO CCLP -0.26 -0.47 16.00% Wednesday BTO CECO ENVIRNMNTL CECE 0.16 0.24 -57.89% Wednesday BTO CLEARONE INC CLRO 0.02 0.2 -140.00% Wednesday BTO CLEARSIDE BIO CLSD -0.54 -0.28 -31.71% Wednesday BTO CHIMERIX INC CMRX -0.43 -0.37 12.20% Wednesday BTO CONDUENT INC CNDT 0.21 N/A 0.00% Wednesday BTO CSW INDUSTRIALS CSWI 0.55 0.48 18.52% Wednesday BTO CPI AEROSTRUCTR CVU 0.17 0.19 28.57% Wednesday BTO ENCANA CORP ECA 0.05 0.04 350.00% Wednesday BTO ENERGY FOCUS IN EFOI -0.2 -0.27 46.88% Wednesday BTO ENERGEN CORP EGN 0.16 -0.22 0.00% Wednesday BTO ENERGIZER HLDGS ENR 0.48 0.54 16.22% Wednesday BTO EVOTEC AG-ADR EVTCY 0.12 0.15 -42.86% Wednesday BTO AMICUS THERAPT FOLD -0.32 -0.33 8.11% Wednesday BTO FORTERRA INC FRTA -0.08 N/A -122.22% Wednesday BTO GOODRICH PET CP GDP -0.05 N/A 50.00% Wednesday BTO CGI GRP INC -A GIB 0.75 0.68 -1.41% Wednesday BTO GLOBAL PARTNERS GLP 0.25 0.03 40.00% Wednesday BTO GLYCOMIMETICS GLYC -0.28 -0.34 21.05% Wednesday BTO GOL LINHAS-ADR GOL 0.18 0 -255.00% Wednesday BTO ACUSHNET HLDGS GOLF 0.09 -0.22 -20.00% Wednesday BTO HUNTINGTON INGL HII 2.78 2.27 22.52% Wednesday BTO HOSPITALITY PRP HPT 1.03 1.03 -2.75% Wednesday BTO HERC HOLDINGS HRI 0.2 0.11 131.58% Wednesday BTO HSN INC HSNI 0.4 0.52 8.62% Wednesday BTO LINCOLN EDUCATL LINC 0.01 0.05 -12.00% Wednesday BTO MERRIMACK PHAR MACK -0.85 -2.3 -57.14% Wednesday BTO SERES THERAPEUT MCRB -0.34 -0.46 -16.95% Wednesday BTO MGM GROWTH PPTY MGP 0.48 0.48 0.00% Wednesday BTO NEOS THERAPTCS NEOS -0.62 -1.61 0.00% Wednesday BTO NATL HEALTH INV NHI 1.34 1.23 2.33% Wednesday BTO NATURAL RSRC LP NRP 0.92 1.26 -64.49% Wednesday BTO OPHTHOTECH CORP OPHT 4.31 -1.71 42.06% Wednesday BTO ON TRACK INNOV OTIV -0.02 0.01 100.00% Wednesday BTO PACIRA PHARMACT PCRX -0.23 0 -3.57% Wednesday BTO PERFORMANCE FG PFGC 0.26 0.2 -5.88% Wednesday BTO PLUG POWER INC PLUG -0.03 -0.07 -42.86% Wednesday BTO PROTALIX BIOTHR PLX -0.05 -0.07 -50.00% Wednesday BTO PARATEK PHARMA PRTK -0.93 -1.04 28.09% Wednesday BTO RICHMONT MINES RIC 0.06 0 -30.00% Wednesday BTO ECHOSTAR CORP SATS -0.01 0.39 -41.67% Wednesday BTO SITEONE LANDSCP SITE 0.57 0.36 -3.60% Wednesday BTO SUNOPTA INC STKL 0.02 0.07 -200.00% Wednesday BTO STARWOOD PROPRT STWD 0.48 0.55 4.17% Wednesday BTO CARROLS RESTRNT TAST 0.06 0.13 -26.32% Wednesday BTO TELEPHONE &DATA TDS N/A 0.11 -30.77% Wednesday BTO TEGNA INC TGNA 0.23 0.65 7.41% Wednesday BTO USA TECH INC USAT -0.01 -0.03 200.00% Wednesday BTO US CELLULAR USM 0.16 0.2 0.00% Wednesday BTO VEREIT INC VER 0.18 0.2 0.00% Wednesday BTO WENDYS CO/THE WEN 0.12 0.11 15.38% Wednesday BTO WIX.COM LTD WIX -0.1 -0.23 -160.00% Wednesday BTO ALBEMARLE CORP ALB 1.07 0.91 1.80% Wednesday AMC ANDEAVOR CORP ANDV 3.05 1.43 21.74% Wednesday AMC CENTURYLINK INC CTL 0.45 0.56 -0.0612 Wednesday AMC TWENTY-FST CF-A FOXA 0.49 0.51 5.88% Wednesday AMC HOLOGIC INC HOLX 0.49 0.52 2.04% Wednesday AMC MONSTER BEVERAG MNST 0.4 0.33 -2.50% Wednesday AMC STERICYCLE INC SRCL 1.14 1.24 1.77% Wednesday AMC AMPHASTAR PHARM AMPH 0.02 0.08 83.33% Wednesday AMC BRISTOW GROUP BRS -0.96 -0.35 25.23% Wednesday AMC FTD COS INC FTD -0.12 0.09 -13.46% Wednesday AMC INTER PARFUMS IPAR 0.5 0.52 10.00% Wednesday AMC LTC PROPERTIES LTC 0.75 0.76 1.28% Wednesday AMC MAIDEN HOLDINGS MHLD 0.04 0.39 -148.28% Wednesday AMC PRA GROUP INC PRAA 0.29 0.68 -47.92% Wednesday AMC QUORUM HEALTH QHC -0.26 -0.22 35.38% Wednesday AMC SOLAREDGE TECH SEDG 0.45 0.43 72.41% Wednesday AMC SPARTAN NASH CO SPTN 0.54 0.53 0.00% Wednesday AMC THIRD PT REINSR TPRE 0.56 0.68 -8.97% Wednesday AMC TELETECH HLDGS TTEC 0.4 0.39 22.58% Wednesday AMC TETRA TECH NEW TTEK 0.61 0.59 -3.64% Wednesday AMC WAGEWORKS INC WAGE 0.27 0.21 3.33% Wednesday AMC AERIE PHARMACT AERI N/A -0.81 2.38% Wednesday AMC AETERNA ZENTARS AEZS -0.41 -0.61 -12.20% Wednesday AMC AMTRUST FIN SVC AFSI 0.1 0.73 -2.44% Wednesday AMC ACHOGEN INC AKAO -0.72 -0.41 -30.00% Wednesday AMC ALARM.COM HLDGS ALRM 0.17 0.16 123.08% Wednesday AMC AMYRIS INC AMRS -0.77 -1.05 -27.03% Wednesday AMC ANDEAVOR LOGIST ANDX 0.67 0.46 -1.56% Wednesday AMC ANGI HOMESVCS ANGI N/A -0.28 -116.67% Wednesday AMC AMERIGAS PARTNR APU -0.59 -0.96 -0.72 Wednesday AMC AROTECH CORP ARTX 0.1 0.06 -66.67% Wednesday AMC AVINO SILVER&GD ASM 0.05 0.02 -33.33% Wednesday AMC ATHERSYS INC ATHX -0.06 -0.07 0.00% Wednesday AMC ATMOS ENERGY CP ATO 0.33 0.4 1.52% Wednesday AMC BLACKROCK KELSO BKCC 0.2 -0.03 -9.52% Wednesday AMC BUILDERS FIRSTS BLDR 0.39 0.61 8.82% Wednesday AMC CRAFT BREW ALLN BREW 0.07 0.03 1000.00% Wednesday AMC BABCOCK&WILCOX BW -0.24 0.24 -5360.00% Wednesday AMC CAPRICOR THERAP CAPR -0.19 -0.29 0.1111 Wednesday AMC CASCADIAN THER CASC -0.28 -0.54 -20.00% Wednesday AMC CYMABAY THERAPT CBAY -0.19 -0.25 -24.00% Wednesday AMC CIDARA THERAPTC CDTX -0.96 -0.88 -13.79% Wednesday AMC CELSIUS HOLDING CELH N/A N/A N/A Wednesday AMC CHEFS WAREHOUSE CHEF 0.1 0.07 16.67% Wednesday AMC COMMERCEHUB-A CHUBA 0.04 0.02 0.00% Wednesday AMC CISION LTD CISN -0.47 N/A 152.00% Wednesday AMC COLONY NORTHSTR CLNS 0.36 0.26 -8.11% Wednesday AMC CONIFER HLDGS CNFR -2.4 -0.2 -1033.33% Wednesday AMC COMPASS DIVERSF CODI 0.48 0.72 -243.24% Wednesday AMC COGINT INC COGT -0.16 -0.11 -5.56% Wednesday AMC COLLEGIUM PHARM COLL -0.74 -1.13 11.11% Wednesday AMC COPA HLDGS SA-A CPA 2.14 1.3 4.23% Wednesday AMC CATALYST PHARMA CPRX -0.05 -0.05 16.67% Wednesday AMC CORNERSTONE OND CSOD -0.16 -0.14 -45.00% Wednesday AMC CORECIVIC INC CXW 0.54 0.67 9.26% Wednesday AMC DELEK US HLDGS DK 0.68 -0.18 -1900.00% Wednesday AMC DELEK LOGISTICS DKL 0.53 0.41 -9.23% Wednesday AMC AMDOCS LTD DOX 0.89 0.83 7.87% Wednesday AMC ECLIPSE RESRCS ECR -0.04 -0.08 0.00% Wednesday AMC EGAIN CORP EGAN -0.06 -0.09 100.00% Wednesday AMC EKSO BIONCS HLD EKSO -0.13 -0.51 0.00% Wednesday AMC E.L.F. BEAUTY ELF 0.03 0 700.00% Wednesday AMC ENERSYS INC ENS 1.03 1.15 -0.88% Wednesday AMC ENVESTNET INC ENV 0.25 0.18 -5.56% Wednesday AMC EVOLUTION PETRO EPM 0.05 0.06 -28.57% Wednesday AMC EPR PROPERTIES EPR 1.29 1.23 4.03% Wednesday AMC FIBROGEN INC FGEN -0.37 -0.38 -2.13% Wednesday AMC FIVE9 INC FIVN -0.08 -0.05 30.00% Wednesday AMC FLOWERS FOODS FLO 0.19 0.21 0.00% Wednesday AMC FIVE POINT HLDG FPH N/A N/A N/A Wednesday AMC FARMLAND PARTNR FPI 0.05 0.09 100.00% Wednesday AMC PAPA MURPHYS HL FRSH 0.03 -0.03 75.00% Wednesday AMC FORTUNA SILVER FSM 0.07 0.06 50.00% Wednesday AMC GENOMIC HEALTH GHDX 0 -0.08 -33.33% Wednesday AMC GLOBUS MEDICAL GMED 0.3 0.29 6.67% Wednesday AMC GASTAR EXPL LTD GST -0.04 -0.08 -66.67% Wednesday AMC GSV CAPITAL CP GSVC N/A -0.19 N/A Wednesday AMC HC2 HOLDINGS HCHC -0.09 -0.2 -94.44% Wednesday AMC HUDSON TECHNOLO HDSN 0.06 0.14 37.50% Wednesday AMC IAC/INTERACTIV IAC 0.69 0.59 -12.00% Wednesday AMC INFORMATION SVC III 0.05 0.02 0.00% Wednesday AMC IMPERVA INC IMPV -0.18 -0.36 83.05% Wednesday AMC INFINERA CORP INFN -0.23 -0.02 -4.35% Wednesday AMC INOVIO PHARMAC INO -0.22 -0.28 18.75% Wednesday AMC INVITATION HOME INVH 0.24 N/A 4.17% Wednesday AMC ADESTO TECH CP IOTS -0.01 -0.19 57.14% Wednesday AMC JAGGED PEAK EGY JAG 0.07 N/A -37.50% Wednesday AMC JUST ENERGY GRP JE 0.08 -0.36 250.00% Wednesday AMC KEY ENERGY SVCS KEG -1.31 N/A -33.96% Wednesday AMC KINROSS GOLD KGC 0.02 0.1 100.00% Wednesday AMC LAUREATE EDUCAT LAUR -0.61 N/A -47.17% Wednesday AMC MEET GROUP INC MEET 0.06 0.08 25.00% Wednesday AMC ROMACO RESOURCS METC 0.05 N/A -280.00% Wednesday AMC MANULIFE FINL MFC 0.43 0.37 2.44% Wednesday AMC MIRAGEN THERAP MGEN -0.38 N/A 27.66% Wednesday AMC MACROGENICS INC MGNX -1.01 -0.97 -8.57% Wednesday AMC MIMECAST LTD MIME -0.03 0.01 0.00% Wednesday AMC MAXWELL TECH MXWL -0.18 -0.21 8.70% Wednesday AMC NATIONAL GNL HL NGHC 0.13 0.31 -71.79% Wednesday AMC NORTHRN OIL&GAS NOG -0.01 0.04 100.00% Wednesday AMC NV5 HOLDING INC NVEE 0.69 0.41 1.82% Wednesday AMC NAVIGATOR HLDGS NVGS 0.02 0.12 -33.33% Wednesday AMC OVERSTOCK.COM OSTK -0.09 -0.12 N/A Wednesday AMC OTONOMY INC OTIC -0.76 -0.91 3.75% Wednesday AMC PAN AMER SILVER PAAS 0.13 0.24 66.67% Wednesday AMC POINTS INTL LTD PCOM 0.05 0.02 0.00% Wednesday AMC PC-TEL INC PCTI 0.03 0.03 100.00% Wednesday AMC PEGASYSTEMS INC PEGA 0.04 0.07 -50.00% Wednesday AMC PFSWEB INC PFSW -0.05 -0.03 70.00% Wednesday AMC PROSPECT CAP CP PSEC 0.19 0.22 -5.00% Wednesday AMC PENN VA CP PVAC 0.53 N/A 13.11% Wednesday AMC QUICKLOGIC CORP QUIK -0.04 -0.07 0.00% Wednesday AMC RING ENERGY INC REI 0.04 0.01 0.00% Wednesday AMC RESONANT INC RESN -0.29 -0.39 -11.54% Wednesday AMC REGENXBIO INC RGNX -0.71 -0.69 41.98% Wednesday AMC RLJ LODGING TR RLJ 0.59 0.69 4.41% Wednesday AMC REGIONAL MANAGE RM 0.6 0.58 12.24% Wednesday AMC ROCKWELL MED RMTI -0.1 -0.09 -40.00% Wednesday AMC RINGCENTRAL INC RNG -0.1 -0.09 -11.11% Wednesday AMC ROKU INC ROKU -4.48 N/A N/A Wednesday AMC SUNRUN INC RUN 0.12 0.16 15.00% Wednesday AMC RXI PHARMACEUT RXII -0.11 -0.34 0.00% Wednesday AMC SEMGROUP CORP-A SEMG 0.45 0.11 36.36% Wednesday AMC STARWOOD WAYPNT SFR 0.46 0.43 2.27% Wednesday AMC SURGERY PARTNRS SGRY -0.11 0.21 -126.67% Wednesday AMC SHARPSPRING INC SHSP -0.12 -0.15 -8.33% Wednesday AMC SUTHERLAND ASST SLD 0.34 0.46 3.03% Wednesday AMC SUN LIFE FINL SLF 0.78 0.79 12.16% Wednesday AMC SQUARE INC SQ -0.05 -0.09 0.00% Wednesday AMC SERVICESOURCE SREV 0.02 -0.01 300.00% Wednesday AMC STARTEK INC SRT -0.01 0.05 50.00% Wednesday AMC SILVER SPRING SSNI -0.09 -0.02 56.25% Wednesday AMC STAAR SURGICAL STAA 0.02 -0.03 N/A Wednesday AMC SILVERCORP METL SVM 0.06 0.07 N/A Wednesday AMC TIER REIT INC TIER 0.36 0.38 10.81% Wednesday AMC TOCAGEN INC TOCA -0.48 N/A -7.69% Wednesday AMC TPI COMPOSITES TPIC 0.24 0.08 173.33% Wednesday AMC TRIBUNE MEDIA TRCO 0.33 0.48 -16.28% Wednesday AMC TRONOX LTD TROX 0.03 -0.34 0.00% Wednesday AMC TRITON INTL LTD TRTN 0.74 0 8.47% Wednesday AMC TECHTARGET TTGT 0.05 0.01 25.00% Wednesday AMC TWILIO INC-A TWLO -0.2 -0.13 0.00% Wednesday AMC HOSTESS BRANDS TWNK 0.13 N/A -5.26% Wednesday AMC UGI CORP UGI -0.02 -0.05 -35.71% Wednesday AMC VIASAT INC VSAT -0.28 0.24 1400.00% Wednesday AMC VALVOLINE INC VVV 0.34 0.29 -2.86% Wednesday AMC AQUAVENTURE HLD WAAS -0.23 N/A -50.00% Wednesday AMC ENERGOUS CORP WATT -0.56 -0.57 1.56% Wednesday AMC WILLBROS GROUP WG 0.02 -0.18 50.00% Wednesday AMC WHEELER REIT WHLR 0.4 0.32 14.29% Wednesday AMC WILDHORSE RESRC WRD 0.08 N/A -14.29% Wednesday AMC SELECT EGY SVCS WTTR 0.03 N/A 600.00% Wednesday AMC WOODWARD INC WWD 0.9 0.99 11.84% Wednesday AMC XPLORE TECH CP XPLR 0.01 0 150.00% Wednesday AMC COTY INC COTY 0.07 0.23 -100.00% Thursday BTO D R HORTON INC DHI 0.82 0.75 1.33% Thursday BTO DISH NETWORK CP DISH 0.6 0.64 -9.21% Thursday BTO JOHNSON CONTRLS JCI 0.87 1.21 0.00% Thursday BTO KOHLS CORP KSS 0.71 0.8 4.20% Thursday BTO MACYS INC M 0.19 0.17 6.67% Thursday BTO NORWEGIAN CRUIS NCLH 1.82 1.62 5.81% Thursday BTO PERRIGO CO PLC PRGO 1.12 1.65 28.42% Thursday BTO TRANSDIGM GROUP TDG 3.18 3.1 7.38% Thursday BTO BROOKS AUTOMATN BRKS 0.29 0.15 24.14% Thursday BTO DINEEQUITY INC DIN 0.88 1.46 8.33% Thursday BTO IMPAX LABORATRS IPXL 0.19 0.37 28.57% Thursday BTO KOPPERS HOLDNGS KOP 0.88 0.99 28.26% Thursday BTO REPLIGEN RGEN 0.11 0.08 33.33% Thursday BTO SUPERIOR INDS SUP 0.4 0.5 -22.92% Thursday BTO TIME INC TIME 0.3 0.31 -18.75% Thursday BTO TETRA TECH DEL TTI -0.01 -0.05 -300.00% Thursday BTO MERIDIAN BIOSCI VIVO 0.15 0.14 0.00% Thursday BTO VISTA OUTDOOR VSTO 0.26 0.74 84.62% Thursday BTO ALLIQUA INC ALQA 0 -3 35.71% Thursday BTO ARQULE INC ARQL -0.12 -0.08 9.09% Thursday BTO ATHENEX INC ATNX N/A N/A N/A Thursday BTO ASTRAZENECA PLC AZN 0.57 1.32 112.20% Thursday BTO AZUL SA AZUL 0.29 N/A -1100.00% Thursday BTO LIBERTY BRVS-C BATRK 0.07 -0.45 -200.00% Thursday BTO BELLATRIX EXPLR BXE -0.2 -0.25 -69.23% Thursday BTO BEYONDSPRNG INC BYSI -0.69 N/A -62.50% Thursday BTO CANCER GENETICS CGIX -0.13 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-0.41 -0.02 -83.33% Thursday BTO CANADA GOOSE HD GOOS 0.16 N/A 33.33% Thursday BTO TRIPLE-S MGMT-B GTS 0.18 -0.26 316.67% Thursday BTO GWG HOLDINGS GWGH -1.01 0.98 325.00% Thursday BTO GLOBL WATER RES GWRS 0.04 0.06 -50.00% Thursday BTO HIMAX TECH-ADR HIMX 0.01 0.08 100.00% Thursday BTO HISTOGENICS CP HSGX -0.3 -0.51 19.35% Thursday BTO HOUSTON WIRE&CB HWCC 0 -0.09 -200.00% Thursday BTO CHIPMOS TEC ADR IMOS 0.36 0.01 -7.41% Thursday BTO INC RESRCH HLDG INCR 0.55 0.59 -1.72% Thursday BTO INTL SEAWAYS INSW -0.22 -0.63 -20.00% Thursday BTO INTRA-CELLULAR ITCI -0.53 -0.7 44.59% Thursday BTO J ALEXANDERS JAX N/A 0.07 N/A Thursday BTO JANUS HENDERSON JHG 0.61 0.51 23.64% Thursday BTO KIMBELL ROYALTY KRP 0.05 N/A -75.00% Thursday BTO LIBERTY BRDBD-C LBRDK 0.02 0.02 -113.33% Thursday BTO LIBERTY SIRI-A LSXMA 0.4 0.28 -10.00% Thursday BTO LIBERTY SIRI-C LSXMK 0.46 0.28 -10.00% Thursday BTO LIBERTY VENTR-A LVNTA -0.13 2.83 -275.00% Thursday BTO MAGNA INTL CL A MGA 1.34 1.29 0.68% Thursday BTO MAXIMUS INC MMS 0.77 0.77 2.60% Thursday BTO MATERIALISE NV MTLS -0.01 0 -100.00% Thursday BTO NEONODE INC NEON -0.01 -0.05 0.00% Thursday BTO NORTHST RLT EUR NRE 0.12 N/A N/A Thursday BTO OFFICE DEPOT ODP 0.14 0.16 -33.33% Thursday BTO ONCONOVA THERAP ONTX -0.66 -0.29 59.72% Thursday BTO PATTERN ENERGY PEGI -0.12 -0.05 23.08% Thursday BTO PARTY CITY HOCO PRTY 0.13 0.11 7.69% Thursday BTO QUARTERHILL INC QTRH 0.27 0.01 N/A Thursday BTO LIBERTY M INT-A QVCA 0.34 0.31 0.00% Thursday BTO RADNET INC RDNT 0.13 0.04 -21.43% Thursday BTO SUPERIOR DR PRO SDPI 0 -0.03 33.33% Thursday BTO SMART SAND INC SND 0.1 0 -33.33% Thursday BTO SENIOR HOUSING SNH 0.45 0.45 -2.22% Thursday BTO SAPIENS INTL NV SPNS 0.11 0.12 0.00% Thursday BTO SEQUENTIAL BRND SQBG 0.15 0.02 50.00% Thursday BTO STANTEC INC STN 0.44 0.42 8.57% Thursday BTO TECOGEN INC TGEN -0.03 0.01 50.00% Thursday BTO TEXTAINER GROUP TGH 0.14 -0.92 -300.00% Thursday BTO TEEKAY LNG PTNR TGP 0.33 0.39 -37.50% Thursday BTO TEEKAY CORP TK -0.42 -0.23 -18.92% Thursday BTO TEEKAY TANKERS TNK -0.1 -0.01 0.00% Thursday BTO TEEKAY OFFSHORE TOO 0.04 -0.02 240.00% Thursday BTO TURNING PT BRND TPB 0.44 0.34 5.56% Thursday BTO TRANSCDA CORP TRP 0.61 0.59 12.00% Thursday BTO STARS GROUP INC TSG 0.42 0.42 7.69% Thursday BTO TELUS CORP TU 0.54 0.5 -8.93% Thursday BTO UBIQUITI NETWRK UBNT 0.76 0.86 7.25% Thursday BTO UNIQUE FABRICTG UFAB 0.16 0.26 -17.39% Thursday BTO VERSUM MATERLS VSM 0.47 N/A 18.18% Thursday BTO WINDSTREAM HLDG WIN -0.43 -0.61 17.78% Thursday BTO CHINA RAPID FIN XRF -0.08 N/A -70.59% Thursday BTO DISNEY WALT DIS 1.12 1.1 3.27% Thursday AMC NORDSTROM INC JWN 0.63 0.84 4.84% Thursday AMC NVIDIA CORP NVDA 0.94 0.83 50.82% Thursday AMC NEWS CORP NEW-A NWSA 0.02 -0.01 22.22% Thursday AMC ICU MEDICAL INC ICUI -0.7 1.09 -10.34% Thursday AMC J&J SNACK FOODS JJSF 1.25 1.1 -12.42% Thursday AMC LIGAND PHARMA-B LGND 0.37 0.03 116.00% Thursday AMC VAREX IMAGING VREX 0.51 N/A -13.73% Thursday AMC ACELRX PHARMACT ACRX -0.26 -0.25 -3.57% Thursday AMC ACTUA CORP ACTA -0.14 -0.12 6.67% Thursday AMC AIRGAIN INC AIRG 0.05 0.16 200.00% Thursday AMC AIR LEASE CORP AL 0.87 0.86 9.52% Thursday AMC AQUA METALS INC AQMS -0.25 -0.23 -42.86% Thursday AMC ATLANTIC PWR CP AT 0.02 0.02 -21.05% Thursday AMC AVINGER INC AVGR N/A -0.73 -13.04% Thursday AMC AVID TECH INC AVID 0.03 0.42 0.00% Thursday AMC ALTERYX LLC-A AYX -0.12 N/A 25.00% Thursday AMC STONECASTLE FNL BANX 0.4 0.39 -4.88% Thursday AMC BIODELIVERY SCI BDSI -0.23 -0.3 -8.00% Thursday AMC BIOCEPT INC BIOC -0.19 -0.57 -5.00% Thursday AMC BRF-BRASIL FOOD BRFS -0.02 0.01 12.50% Thursday AMC BIOTIME INC BTX -0.09 -0.08 44.44% Thursday AMC CALATLANTIC GRP CAA 0.79 0.97 -3.85% Thursday AMC MAGICJACK VOCTC CALL N/A 0.23 28.57% Thursday AMC CATABASIS PHARM CATB -0.34 -0.54 17.95% Thursday AMC CONTL BLDG PRD CBPX 0.28 0.25 -3.03% Thursday AMC CAREDX INC CDNA -0.19 -0.17 5.00% Thursday AMC CHROMADEX CORP CDXC -0.03 -0.03 -225.00% Thursday AMC CODEXIS INC CDXS -0.16 0.03 0.00% Thursday AMC CALADRIUS BIOSC CLBS -0.85 -1.09 8.33% Thursday AMC CLEARFIELD INC CLFD 0.06 0.2 -50.00% Thursday AMC CONNECTURE INC CNXR N/A -0.18 -57.89% Thursday AMC CAMPING WORLD CWH 0.64 0.94 21.74% Thursday AMC CYTORI THERAPEU CYTX -0.09 -0.26 -12.50% Thursday AMC DEXTERA SURGICL DXTR -0.06 -0.44 -263.64% Thursday AMC ENDO INTL PLC ENDP 0.85 1.01 25.68% Thursday AMC ESTERLINE TECHN ESL 1.53 1.96 -16.92% Thursday AMC ENSYNC INC ESNC -0.07 -0.1 -12.50% Thursday AMC FRANKLIN COVEY FC 0.39 0.55 -130.00% Thursday AMC FORM HOLDINGS FH -0.11 -0.34 -115.38% Thursday AMC FS INVESTMENT FSIC 0.19 0.2 -5.00% Thursday AMC WARRIOR MET COA HCC 1.98 N/A 30.57% Thursday AMC HALCON RESOURCS HK 0 0.02 -100.00% Thursday AMC US GEOTHERMAL HTM 0.01 0 25.00% Thursday AMC HERTZ GLBL HLDG HTZ 1.44 1.58 -425.00% Thursday AMC ICHOR HOLDINGS ICHR 0.61 N/A -1.69% Thursday AMC ID SYSTEMS INC IDSY -0.06 -0.16 25.00% Thursday AMC INTELGENX TECH IGXT -0.01 0 0.00% Thursday AMC IDENTIV INC INVE -0.1 -0.07 10.00% Thursday AMC IDEAL POWER INC IPWR -0.21 -0.31 -15.00% Thursday AMC IMAGEWARE SYS IWSY -0.03 -0.03 0.00% Thursday AMC JOINT CORP/THE JYNT -0.06 -0.21 11.11% Thursday AMC KINGSTONE COS KINS 0.32 0.41 -31.25% Thursday AMC KLONDEX MINES KLDX 0.04 0.06 -33.33% Thursday AMC KONA GRILL INC KONA N/A -0.24 -140.00% Thursday AMC LIONS GATE ETMT LGF.A -0.14 -0.7 178.57% Thursday AMC MCBC HOLDINGS MCFT 0.4 0.38 6.25% Thursday AMC MICROSEMI CORP MSCC 0.94 0.77 7.41% Thursday AMC NOODLES & CO NDLS 0.02 -0.04 -50.00% Thursday AMC ORGANOVO HLDGS ONVO -0.1 -0.1 0.00% Thursday AMC PUMA BIOTECHNLG PBYI -2.75 -2.02 25.53% Thursday AMC PARK CITY GRP PCYG 0.03 0.03 -40.00% Thursday AMC PFENEX INC PFNX -0.54 1.46 -13.04% Thursday AMC PLYMOUTH IND RE PLYM 0.42 N/A -317.24% Thursday AMC QUANTUM CP-DSSG QTM -0.01 0.08 -200.00% Thursday AMC RITCHIE BROS RBA 0.15 0.2 3.13% Thursday AMC REDFIN CORP RDFN 0.12 N/A 0.00% Thursday AMC RANGER EGY SVCS RNGR 0.05 N/A N/A Thursday AMC STELLUS CAP INV SCM 0.31 0.37 3.23% Thursday AMC SANGAMO THERAP SGMO -0.2 -0.27 26.09% Thursday AMC SYNERGY PHARMAC SGYP -0.26 -0.22 -50.00% Thursday AMC STRATA SKIN SCI SSKN -0.68 -0.7 26.76% Thursday AMC THL CREDIT INC TCRD 0.27 0.32 14.81% Thursday AMC TUCOWS INC TCX 0.5 0.45 25.64% Thursday AMC TALEND SA-ADR TLND -0.26 -0.26 -22.73% Thursday AMC TUTOR PERINI CP TPC 0.69 0.57 3.51% Thursday AMC TRANSENTERX INC TRXC -0.09 -0.11 0.00% Thursday AMC TRADE DESK INC TTD 0.2 0.24 193.33% Thursday AMC NET 1 UEPS TECH UEPS 0.34 0.51 -13.95% Thursday AMC UPLAND SOFTWARE UPLD 0.1 -0.14 -571.43% Thursday AMC VOXELJET AG-ADR VJET -0.04 -0.21 -60.00% Thursday AMC WHEATON PRC MTL WPM 0.15 0.19 0.00% Thursday AMC XCEL BRANDS INC XELB 0.1 0.01 -11.11% Thursday AMC INTREXON CORP XON -0.22 -0.24 23.81% Thursday AMC EXONE CO/THE XONE -0.13 -0.23 -150.00% Thursday AMC ZOES KITCHEN ZOES 0 0.04 -100.00% Thursday AMC PENNEY (JC) INC JCP -0.43 -0.21 -50.00% Friday BTO CAE INC CAE 0.19 0.16 -5.26% Friday BTO CALUMET SPECLTY CLMT 0.16 -0.42 126.09% Friday BTO CELLECTAR BIOSC CLRB N/A -0.43 -115.00% Friday BTO ECO-STIM ENERGY ESES -0.06 -0.25 4.55% Friday BTO HANWHA Q CELLS HQCL 0.05 0.5 214.29% Friday BTO ARCELOR MITTAL MT 0.86 0.66 70.51% Friday BTO OBSIDIAN ENERGY OBE -0.05 -0.35 50.00% Friday BTO PLX PHARMA INC PLXP -0.41 -3.6 -125.00% Friday BTO
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The Tech Sector's Impressive Earnings Power on Display
The blowout Apple (AAPL - Free Report) report became the latest earnings release that built on the momentum we have been seeing from a diverse cross-section of companies this earnings season. The trend is particularly notable in the Technology sector, where not only the likes of Facebook and Google (GOOGL - Free Report) are shining, but even stodgier operators like Microsoft (MSFT - Free Report) and Intel (INTC - Free Report) appear to have recaptured their mojo.
The law of large numbers doesn’t appear to have the same meaning for these Tech companies as it does for leaders in other sectors. After all, Apple’s +18.9% higher earnings in Q3 on +12.2% higher revenues are on a base of more than $9 billion in earnings and $46.9 billion in revenues in the year-earlier quarter. Importantly, Apple showed again that while iPhone may account for a bigger chunk of its business, it is by no means that only driver, as the +24% jump in the high-margin services revenue to $7.9 billion shows.
All in all, it has been an impressive earnings performance from the Technology sector, which should help ease concerns about the sector’s strong performance lately (the Zacks Tech sector is up +25.9% year-to-date vs. +15.3% gain for the S&P 500 and +6.2% gain for the Russell 2000).
For the Tech sector, we now have Q3 results from 85% of the sector’s market cap in the S&P 500 index. Total earnings for these Tech companies are up +22.4% from the same period last year on +9.3% higher revenues, with 81.8% beating EPS estimates and 86.4% beating revenue estimates.
As high as the proportion of Tech companies beating estimates is, the beats percentages are actually in-line with other recent quarters. But growth is notably accelerating, as the comparison charts below show.
Q3 Earnings Season Scorecard (as of Friday, November 3, 2017)
We now have Q3 results from 406 S&P 500 members that combined account for 85.4% of the index’s total market capitalization. Total earnings for these companies are up +7.5% from the same period last year on +6.3% higher revenues, with 73.9% beating EPS estimates and 66.7% beating revenue estimates.
The charts below compare the Q3 results thus far from the 406 index members with what we had seen from the same group of companies in other recent periods.
Looking at Q3 as a whole, combining the actual results from the 406 S&P 500 members that have come out with estimates for the still-to-come 94 index members, total earnings are expected to be up +6.5% from the same period last year on +5.6% higher revenues. Excluding the weak results from the Finance sector, total earnings for the rest of the index would be up +9.6% on +6.1% revenue growth. The table below shows the summary picture for Q3, contrasted with what was actually achieved in the preceding earnings season.
Four Takeaways From the Q3 Earnings Season
First, there is clear momentum on the revenue front, with growth notably accelerating from other recent periods. Total revenues for the 406 S&P 500 members that have reported results, as of Friday, November 3rd, are up +7.5% from the same period last year, which compares to +6.3% top-line growth for the same group of companies in the preceding quarter and still lower average growth rates in the prior periods, as the comparison chart below shows.
Second, the above-average proportion of positive surprises that we saw in the preceding period has continued this earnings season as well. We typically don’t give positive surprises a lot of weight in evaluating or assessing an earnings season since we all know that management teams are experts in managing expectations. Even then, the trend emerging in the Q3 earnings season is noteworthy for two reasons. First, estimates for the quarter had not fallen by as much as had historically been the case. Second, the proportion of positive revenue surprises, a much harder variable to manipulate relative to earnings, is only a shade below the preceding quarter’s record level.
The chart below shows the proportion of 406 S&P 500 members that have beaten both EPS and revenue estimates and how that compares to historical periods.
Third, the revisions trend for the December quarter is shaping up to be unusually favorable. The pattern over the last few years has been that as the quarterly earnings reporting season gets underway, estimates for the following quarter would start coming down. This trend improved a bit over the last few quarters when estimates would not fall by as much as was historically the case, but they were nevertheless coming down.
The unusual thing about the Q4 estimates is that they actually went up at first and have started coming down only over the last couple of days, which has brought Q4 growth expectations to where they stood at the start of the period. This is totally different from what we would typically see in the comparable periods of other earnings seasons over the last few years. This will most likely change as more companies report Q3 results and manage the market’s expectations for the December quarter, but it is nevertheless an unusually positive development.
The chart below shows the evolution of Q4 estimates since the quarter got underway.
Fourth, total Q3 earnings for the S&P 500 index are on track to reach a new all-time quarterly record, surpassing the previous record reached in the preceding earnings season, as the chart below shows.
Please note that the $302.7 billion is the blended earnings total that combines the actual earnings that have come out with estimates for the still-to-come companies.
Expectations Beyond Q3
The chart below shows Q3 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 decelerate from the double-digit level of the first two quarters of the year, but is expected to accelerate to ramp back up from the current period onwards.
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 826 companies including 49 S&P 500 and reporting this week.