Earnings Preview: Slow Week Coming Up

Earnings Preview 3/05/10

Earnings Season is winding down, but that does not mean it is over. Next week will bring 228 earnings reports, but just 5 members of the S&P 500. Some of the higher-profile firms to report will be Kroger's (KR: 22.74 +0.05 +0.22%), H&R Block (HRB: 16.69 -0.13 -0.77%) and National Semicondutor (NSM: 14.67 +0.04 +0.27%).

It will also be a relatively light week on the economic data front. As a result, attention is likely to drift towards political developments like progress on health care reform and the prospects for a financial regulatory overhaul, as well as international developments, particularly concerning the Greek situation.

Monday

•  Nothing of major significance

Tuesday

•  Nothing of major significance
   
  Wednesday
•  Wholesale Inventory data is released and is expected to show a 0.2% increase in January after a 0.8% decline in December. The pace of inventory shrinkage has slowed dramatically in recent months, and now it is expected to turn positive. The slowing in the rate of decline in inventories actually contributed the bulk of the growth of GDP in the fourth quarter. With inventories now expected to actually rise, it looks like there is still some room for inventory lead growth, but that should fade later this year
•  The flood of red ink from the Treasury is expected to swell to $202.0 billion in February. That is a huge rise from the $42.6 billion level in January. However, the budget deficit numbers are extremely seasonal, to the point where the month-to-month comparisons are not very worthwhile. The more worthwhile benchmark is the year-ago level of $193.9 billion, when revenues were just $87.3 billion and expenditures were $281.2 billion. Watch the year-over-year numbers on both spending and tax revenues, not just the net deficit

Thursday

•  Weekly initial claims for unemployment insurance come out. They fell 29,000 in the last week, to 469,000. After a huge downtrend from mid-April through the end of 2009, initial claims started to rise again, up in 7 of the 8 weeks before last week. Last week was some good progress, but not good enough. We probably need for weekly claims (and the four-week moving average of them) to get down to near 400,000 to signal that the economy is on-balance adding jobs. We are a lot closer now than we were last spring when they were running north of 600,000 on a consistent basis, but still have a ways to go.
•  Continuing claims have also been in a steep downtrend of late. However, that is in part due to people simply exhausting their regular state benefits which run out after 26 weeks. If one factors in the extended claims paid by the Federal government as part of the Stimulus, claims soared last week. Looking at just the regular continuing claims numbers is a serious mistake. They only include a little over half of the unemployed now given the unprecedentedly high duration of unemployment figures. Last week, regular continuing claims were 4.500 million, down 134,000 from the previous week. Extended claims (paid from Federal ARRA funds) were 5.866 million ― a increase of 197,500. Those numbers might be distorted downwards the shenanigans of Senator Bunning who held up an extension of benefits, although given that the extended claims numbers a week behind the regular continuing claims numbers, look for more of that effect in the following week. Make sure to look at both sets of numbers!
•  The Trade Deficit is expected to increase to $40.6 billion for January, up from $40.2 billion in December. While this is well below the rate we were consistently running a few years ago, it has been trending up again after plunging during the credit crisis which caused almost all world trade to come to a dead stop. An increase in the trade deficit is a serious negative, since it directly lowers GDP. It, not the budget deficit, is what causes us to be in hock to the Chinese and OPEC. The budget deficit only indirectly does, and has to go through the trade deficit for that to happen. That's not an opinion, that is an accounting identity, as true as saying assets have to equal the sum of liabilities and equity on a balance sheet

Friday

•  The Retail Sales report is expected to show an increase of just 0.1% overall in February, a sharp slowdown from the 0.5% increase in January. Given the strength of the same-store sales reported by the major retailers, look for the number to surprise to the upside, even given the lousy weather
•  Excluding Auto sales, retail sales are expected to be up 0.2%, a slowdown from the 0.6% rise in January
•  The University of Michigan consumer sentiment survey is expected to show a slight rise to 73.7 for March, up from 73.6 in February

Potential Positive Surprises

Historically, the best indicators of firms likely to report positive surprises are a recent history of positive surprises and rising estimates going into the report. The Zacks Rank is also a good indicator of potential surprises. While normally firms that report better-than-expected earnings rise in reaction, that has not been the case so far this quarter. Some of the companies that have these characteristics include:

Jo-Ann Stores (JAS: 39.96 +0.37 +0.93%) is expected to report EPS of $1.33, up from $0.74 per share a year ago (it's good to stick to your knitting). Last time out, JAS posted a positive surprise of 1.2% and over the last month the mean estimate for its fourth quarter earnings is up 32.7%. JAS has a Zacks #1 Rank.

Kirkland's (KIRK: 18.81 +0.81 +4.50%) is expected to report EPS of $0.81, up from $0.59 a year ago. In the 3Q, KIRK posted a positive surprise of 187.5% and over the last month, the consensus estimate for its 4Q earnings is up 7.3%. KIRK is a Zacks #1 Rank stock.

Quicksilver (ZQK: 2.96 +0.04 +1.37%) is expected to lose $0.13 per share this year, worse than its $0.07 loss a year ago. Those low expectations could be setting it up for a positive surprise. In the third quarter, they posted a 133.3% positive surprise. Over the last month the mean estimate for the 4Q is up 1.9%. ZQK holds a Zacks #1 Rank.

Potential Negative Surprises

Gastar Exploration (GST: 5.37 +0.14 +2.68%) is expected to post a loss of $0.03 a share, versus break even a year ago. Last time they reported 133.3% below expectations. For this Zacks #5 Rank stock, analysts have cut their estimates for this quarter slightly over the last month by 50.0% (OK, it's just a move from a loss of $0.02 to a loss of $0.03).

Jackson Hewitt (JTX: 2.41 +0.03 +1.26%) is expected to earn $0.51 a share this quarter, down from the $0.74 they earned a year ago. They had a positive surprise of 12.0% last time out, but analysts have cut the estimate for this quarter by 8.6% over the last month. The stock holds a Zacks #4 Rank.

H&R Block (HRB: 16.69 -0.13 -0.77%) is expected to report a EPS of $0.15, down from $0.20 last year. Last quarter they reported 5.0% above of expectations. Over the past month, analysts have cut the estimate for this Zacks #5 Rank stock by 2.2%.

Earnings Calendar

Company	Ticker	Qtr End	EPS Est	Year Ago EPS	Last EPS Surprise %	Next EPS Report Date	Time	Daily Price
7 Days Grp-Adr	SVN	200912	-0.34	N/A	N/A	20100308	DMT	12.17
Alexa Pharmact	ALXA	200912	-0.21	($0.46)	-5.79	20100308	AMC	2.88
Amer Orient Bio	AOB	200912	0.12	$0.25	-0.32	20100308	BTO	4.45
Amer Vanguard	AVD	200912	0.14	$0.29	-0.38	20100308	BTO	7.16
Arena Pharma	ARNA	200912	-0.29	($0.84)	-0.12	20100308	AMC	3.14
Block H & R	HRB	201001	0.15	$0.20	0.05	20100308	AMC	16.82
Bpz Resources	BPZ	200912	-0.02	($0.08)	-1.67	20100308	BTO	7.6
Cai Intl Inc	CAP	200912	0.16	$0.33	0.2	20100308	AMC	11.66
Callon Pete-Del	CPE	200912	0.03	($0.73)	0.6	20100308	AMC	3.63
Caseys Gen Strs	CASY	201001	0.35	$0.28	0.1	20100308	AMC	31.65
Cdc Corp	CHINA	200912	0.01	($0.25)	5	20100308	AMC	2.51
China Fire&Sec	CFSG	200912	0.17	$0.24	0	20100308	AMC	14.75
China Mass-Adr	CMM	200912	0.04	$0.10	1	20100308	AMC	2.9
Comverge Inc	COMV	200912	0.03	$0.28	0.43	20100308	BTO	10.39
Douyuan Global	DGW	200912	0.27	$0.08	0.11	20100308	BTO	26.04
Ebix Inc	EBIX	200912	0.28	$0.22	N/A	20100308	BTO	16.39
Evolving System	EVOL	200912	0.14	$0.18	0.25	20100308	AMC	6.97
Flamel Tech	FLML	200912	-0.1	($0.11)	-0.56	20100308	AMC	7.66
Force Protectn	FRPT	200912	0.22	$0.17	1.09	20100308	AMC	5.53
Freeseas Inc	FREE	200912	0.05	$0.30	-0.6	20100308	BTO	1.29
Gaiam Inc	GAIA	200912	0.15	($0.05)	1	20100308	AMC	7.65
Hff Inc-A	HF	200912	0.02	($0.01)	-1	20100308	BTO	7.14
Kmg Chemicals	KMGB	201001	0.08	$0.08	0.14	20100308	BTO	14.47
Lsb Inds Inc	LXU	200912	0.1	$0.16	0.12	20100308	AMC	14.89
Mako Surgical	MAKO	200912	-0.27	($0.48)	-0.1	20100308	AMC	13.77
Microvision Inc	MVIS	200912	-0.11	($0.15)	-0.2	20100308	AMC	2.63
Natl Cinemedia	NCMI	200912	0.25	$0.25	-0.11	20100308	AMC	16
Omeros Corp	OMER	200912	-0.27	N/A	N/A	20100308	AMC	5.98
Poniard Pharmac	PARD	200912	-0.24	($0.41)	0.03	20100308	BTO	1.67
Res-Care Inc Ky	RSCR	200912	0.25	$0.44	0	20100308	AMC	9.19
Sanders Mrs Hrs	SMHG	200912	0.09	($0.07)	-0.86	20100308		5.28
Starwood Proprt	STWD	200912	0.04	N/A	-0.33	20100308	AMC	18.63
Sun Hydraulics	SNHY	200912	0.06	$0.15	4	20100308	AMC	25.73
Systemax Inc	SYX	200912	0.34	$0.27	0.64	20100308	AMC	17.17
The9 Ltd-Adr	NCTY	200912	-0.53	$0.36	0.26	20100308	AMC	6.7
Tivo Inc	TIVO	201001	-0.12	($0.04)	-0.2	20100308	AMC	16.53
Transmontn Ptnr	TLP	200912	0.53	$0.55	-0.2	20100308	BTO	28
Vivus Inc	VVUS	200912	-0.25	($0.05)	0.03	20100308	AMC	9.37
Wuxi Pharmatech	WX	200912	0.16	$0.10	0.33	20100308	AMC	16.24
Yingli Green En	YGE	200912	0.15	$0.13	0.14	20100308	BTO	12.57
A123 Systems	AONE	200912	-0.2	N/A	-2.3	20100309	AMC	16.86
Acadia Pharma	ACAD	200912	-0.19	($0.38)	0.15	20100309	AMC	1.35
Advocat Inc	AVCA	200912	0.14	$0.21	0.25	20100309	AMC	6.53
Aerovironment	AVAV	201001	0.32	$0.21	1	20100309	AMC	24.45
Alpha Pro Tech	APT	200912	0.12	$0.01	N/A	20100309	AMC	3.55
Analogic Corp	ALOG	201001	0.14	$0.11	-0.8	20100309	AMC	42.52
Approach Resrcs	AREX	200912	0.09	$0.13	-0.29	20100309	AMC	8.53
Bank Of Nova Sc	BNS	201001	0.81	$0.81	0.08	20100309	DMT	47.63
Bidz.Com Inc	BIDZ	200912	0.02	$0.13	-1	20100309	AMC	2.03
Boston Beer Inc	SAM	200912	0.59	$0.33	0.8	20100309	AMC	49.8
Bronco Drilling	BRNC	200912	-0.28	$0.17	-0.12	20100309	BTO	5.27
Caliper Life Sc	CALP	200912	-0.01	($0.02)	0.86	20100309	BTO	3.6
Cantel Med Corp	CMN	201001	0.26	$0.23	0.37	20100309	BTO	21.05
China Nuokang	NKBP	200912	0.16	N/A	N/A	20100309	AMC	7.51
China Re In-Adr	CRIC	200912	0	N/A	N/A	20100309	BTO	9.8
Collective Brnd	PSS	201001	-0.25	($0.55)	0.24	20100309	AMC	23.33
Compass Diversf	CODI	200912	0.31	$0.34	-0.29	20100309	BTO	14.05
Dexcom Inc	DXCM	200912	-0.28	($0.45)	0.09	20100309	AMC	9.09
Dicks Sprtg Gds	DKS	201001	0.55	$0.55	0.78	20100309	BTO	24.36
E-House China	EJ	200912	0.4	$0.07	0.39	20100309	BTO	18.3
Endeavor Intl	END	200912	-0.01	($0.02)	0	20100309		1.4
Exelixis Inc	EXEL	200912	-0.27	($0.36)	0.33	20100309	BTO	6.82
Exlservice Hldg	EXLS	200912	0.12	$0.12	1.33	20100309	AMC	17.55
Flow Intl Corp	FLOW	201001	0	$0.00	1.5	20100309	AMC	3.36
Gulfport Engy	GPOR	200912	0.18	$1.12	0.14	20100309	BTO	9.74
Icf Intl Inc	ICFI	200912	0.32	$0.40	0.07	20100309	AMC	23.69
J Crew Group	JCG	201001	0.46	($0.20)	0.16	20100309	AMC	44.06
Jamba Inc	JMBA	200912	-0.15	($0.33)	0	20100309	AMC	2.08
Korn/Ferry Intl	KFY	201001	0.11	$0.08	10	20100309	DMT	17.64
Kroger Co	KR	201001	0.35	$0.53	-0.25	20100309	BTO	22.69
Lmi Aerospace	LMIA	200912	0.25	$0.21	-0.14	20100309	BTO	13
Main Street Cap	MAIN	200912	0.23	$0.30	0.25	20100309	AMC	14.59
Nci Bldg System	NCS	201001	-0.11	($0.41)	7.33	20100309		1.86
Nexstar Brdcstg	NXST	200912	-0.11	$0.19	N/A	20100309	BTO	4.57
Northgate Mnrls	NXG	200912	0.03	$0.03	-0.25	20100309	BTO	2.96
Pokertek Inc	PTEK	200912	-0.1	($0.16)	0.21	20100309	AMC	0.48
Rcn Corp	RCNI	200912	-0.16	($0.36)	N/A	20100309	BTO	12.26
Safety Ins Grp	SAFT	200912	0.87	$0.74	0.21	20100309		38.85
Salix Pharm-Ltd	SLXP	200912	-0.14	($0.22)	0.48	20100309	AMC	30.98
Stage Stores	SSI	201001	0.68	$0.67	0.14	20100309	BTO	14.24
Sunopta Inc	STKL	200912	0.03	($0.02)	-2.75	20100309	AMC	3.26
Superior Well	SWSI	200912	-0.38	$0.48	0	20100309	BTO	17.49
Tasty Baking	TSTY	200912	-0.19	($0.20)	-9.99	20100309	BTO	7.03
Thor Inds Inc	THO	201001	0.28	($0.27)	0.27	20100309	DMT	35.51
Transact Tech	TACT	200912	0.08	$0.07	0.3	20100309	AMC	7.52
Verisk Analytic	VRSK	200912	0.3	N/A	N/A	20100309	AMC	27.24
Ziprealty Inc	ZIPR	200912	-0.08	($0.23)	0.33	20100309	AMC	4.9
Abovenet Inc	ABVT	200912	0.87	$1.41	0.2	20100310	DMT	61.6
Afc Enterprises	AFCE	200912	0.13	$0.10	0.06	20100310	AMC	8.48
Altisource Port	ASPS	200912	0.34	N/A	N/A	20100310	BTO	26.76
Amer Eagle Outf	AEO	201001	0.33	$0.19	0	20100310	BTO	16.73
Asset Acceptnce	AACC	200912	-0.01	$0.12	-1.63	20100310	DMT	5.65
Blackrock Kelso	BKCC	200912	0.11	$0.42	-0.07	20100310	BTO	9.79
Bon-Ton Stores	BONT	201001	4.66	$2.17	0.88	20100310	BTO	11.1
Brown Forman B	BF.B	201001	0.71	$0.81	0.21	20100310	BTO	54.62
Capital Sr Livg	CSU	200912	0.03	$0.03	0.5	20100310	AMC	5.03
Carrizo Oil&Gas	CRZO	200912	0.29	$0.21	0.22	20100310	BTO	25.97
Castle (Am) &Co	CAS	200912	-0.25	$0.23	-0.65	20100310	BTO	12.75
Chelsea Therap	CHTP	200912	-0.24	($0.28)	0.21	20100310	AMC	2.81
Childrens Place	PLCE	201001	1.05	$0.72	0.05	20100310	BTO	40.74
Citizens Inc A	CIA	200912	0.04	($0.49)	-0.2	20100310		6.83
Clarient Inc	CLRT	200912	-0.02	($0.03)	-5	20100310	AMC	2.22
Clean Egy Fuels	CLNE	200912	-0.04	($0.47)	0.58	20100310	AMC	18.78
Cloud Peak Egy	CLD	200912	0.49	N/A	N/A	20100310	AMC	16.09
Cobalt Intl Egy	CIE	200912	-0.06	N/A	N/A	20100310	AMC	13.6
Colony Finl Inc	CLNY	200912	0.11	N/A	N/A	20100310	AMC	19.99
Combimatrix Cp	CBMX	200912	-0.64	($0.66)	0.32	20100310	AMC	6.2
Cumberland Phar	CPIX	200912	0.01	N/A	9	20100310	BTO	11.47
Danaos Corp	DAC	200912	0.27	$0.47	0.15	20100310	AMC	4.26
Datalink Corp	DTLK	200912	0.01	$0.07	-2	20100310	AMC	4.49
Descartes Sys	DSGX	201001	0.08	$0.05	0.29	20100310	BTO	6.08
Dialysis Corp	DCAI	200912	0.1	$0.09	0	20100310	AMC	6.56
Dorel Inds-Cl B	DIIB	200912	0.56	$0.71	-0.08	20100310	BTO	30.75
Elbit Systems	ESLT	200912	1.27	$1.00	0.18	20100310	BTO	60.49
Ems Tech Inc	ELMG	200912	0.1	$0.44	-0.07	20100310	BTO	14.7
Fuelcell Energy	FCEL	201001	-0.18	($0.30)	-0.11	20100310	AMC	2.85
Fushi Copperwld	FSIN	200912	0.26	$0.16	-0.11	20100310	BTO	10.24
General Steel	GSI	200912	0.09	($0.27)	1.2	20100310	BTO	4.51
Genl Comms Inc	GNCMA	200912	0	($0.09)	0.6	20100310		5.97
Gymboree Corp	GYMB	201001	1.1	$1.00	0.02	20100310	AMC	44.75
Harbin Elec Inc	HRBN	200912	0.46	$0.27	0.9	20100310	BTO	21.49
Hawk Corp	HWK	200912	0.24	$0.25	1.88	20100310	BTO	19.91
Hi Tech Pharma	HITK	201001	0.5	$0.18	0.88	20100310	BTO	23.78
Hill Intl Inc	HIL	200912	0.12	$0.05	0.25	20100310	AMC	5.3
Hot Topic Inc	HOTT	201001	0.18	$0.32	0	20100310	AMC	6.63
Id Systems Inc	IDSY	200912	-0.23	($0.11)	-0.5	20100310	AMC	2.94
Inter Parfums	IPAR	200912	0.19	$0.22	0.2	20100310	AMC	14.08
Interval Leisur	IILG	200912	0.13	$0.18	-0.13	20100310	AMC	14.76
Jo-Ann Stores A	JAS	201001	1.33	$0.74	0.01	20100310	AMC	39.59
Kratos Defense	KTOS	200912	0.03	$0.00	2.56	20100310	AMC	13.67
Littlefield Cp	LTFD	200912	-0.01	($0.04)	0	20100310		0.7
Mens Wearhouse	MW	201001	-0.14	($0.06)	0.09	20100310	AMC	24.43
Metabolix Inc	MBLX	200912	-0.46	($0.40)	0.11	20100310	AMC	10.36
Navistar Intl	NAV	201001	0.92	$0.67	0.31	20100310	DMT	41.83
Northwest Pipe	NWPX	200912	0	$0.92	0	20100310	BTO	24.61
Perma-Fix Envir	PESI	200912	0.03	$0.01	0.67	20100310		2.1
Presstek Inc	PRST	200912	-0.04	$0.04	0	20100310	BTO	2.87
Providence Svc	PRSC	200912	0.42	$0.55	0.21	20100310	AMC	13.57
Qlt Inc	QLTI	200912	-0.02	$0.06	0.25	20100310	BTO	4.84
Quality Distrib	QLTY	200912	-0.04	($0.02)	2	20100310		4.6
Rae Systems Inc	RAE	200912	-0.01	($0.02)	1	20100310	AMC	0.92
Renesola Lt-Adr	SOL	200912	-0.07	($1.84)	-2.5	20100310	BTO	5.41
Semtech Corp	SMTC	201001	0.17	$0.10	0.27	20100310	AMC	16.65
Sequenom Inc	SQNM	200912	-0.25	($0.25)	0.14	20100310	AMC	8.07
Speedway Motors	TRK	200912	0.07	$0.42	0.53	20100310	BTO	17.04
Standard Pkg Cp	STAN	200912	0.32	$0.27	-0.04	20100310	AMC	16.81
Techtarget	TTGT	200912	0.03	N/A	N/A	20100310	AMC	5.26
Us Concrete Inc	RMIX	200912	-0.31	($0.34)	-0.5	20100310	BTO	0.55
Vail Resorts	MTN	201001	1.13	$1.65	0.09	20100310	BTO	35.85
Western Gas Ptr	WES	200912	0.28	$0.30	0.15	20100310	AMC	22.12
Willbros Group	WG	200912	-0.14	N/A	0.2	20100310	AMC	15.14
Williams(C)Engy	CWEI	200912	0.16	$1.14	-0.07	20100310	BTO	39.39
Abraxis Biosci	ABII	200912	-0.94	($0.31)	-0.3	20100311	BTO	34.86
Aeropostale Inc	ARO	201001	1.42	$1.01	0.01	20100311	AMC	37.51
Air Methods Crp	AIRM	200912	0.26	$0.30	0.3	20100311	AMC	27.64
Amer States Wtr	AWR	200912	0.4	$0.40	0.06	20100311		34.09
Ballard Pwr Sys	BLDP	200912	-0.09	N/A	0.25	20100311	BTO	2.33
Breitburn Egy	BBEP	200912	0.27	$0.50	-0.33	20100311		15.14
Buckle Inc	BKE	201001	0.84	$0.74	0.03	20100311	BTO	32.33
Cardiac Science	CSCX	200912	-0.19	$0.09	-0.42	20100311	AMC	2.15
Chemspec Intl	CPC	200912	0.17	N/A	-0.16	20100311	DMT	7.3
China Sunergy	CSUN	200912	0.08	($0.43)	-2.5	20100311	BTO	4.26
Clear Chanl Out	CCO	200912	-0.05	($0.02)	-0.13	20100311	AMC	10.2
Delek Us Hldgs	DK	200912	-0.28	$0.33	-4.2	20100311	BTO	7.92
Ediets.Com Inc	DIET	200912	-0.11	($0.13)	-0.44	20100311	AMC	1.41
Ener1 Inc	HEV	200912	-0.11	($0.12)	-0.2	20100311	AMC	4.3
Gastar Expl Ltd	GST	200912	-0.03	$0.00	-1.33	20100311	AMC	5.23
Geoeye Inc	GEOY	200912	0.27	($0.25)	0.39	20100311		24.5
Global Partners	GLP	200912	0.8	$0.78	-0.12	20100311	BTO	24.26
Gmx Rsrcs Inc	GMXR	200912	0.09	($0.06)	0.6	20100311	AMC	9.61
Goldcorp Inc	GG	200912	0.24	$0.12	-0.07	20100311	AMC	39.57
Gse Systems Inc	GVP	200912	0.03	$0.00	0	20100311	AMC	5.9
Hancock Fabrics	HKFI	201001	0.34	N/A	N/A	20100311		3.37
Hq Sustainable	HQS	200912	0.31	N/A	0.08	20100311	AMC	7.5
Imax Corp	IMAX	200912	0.08	($0.11)	1	20100311	BTO	13.02
Incontact Inc	SAAS	200912	-0.03	($0.08)	0.33	20100311	AMC	3.36
Jackson Hewitt	JTX	201001	0.51	$0.74	0.12	20100311	BTO	2.38
Kodiak Oil&Gas	KOG	200912	0.01	($0.02)	-9.99	20100311	AMC	2.56
Ldk Solar Co	LDK	200912	0.12	($1.25)	4.38	20100311	BTO	6.42
Lifetime Brands	LCUT	200912	0.34	($0.01)	-0.02	20100311	BTO	8.84
Mds Inc	MDZ	201001	-0.01	$0.06	-0.43	20100311		8.31
Metalico Inc	MEA	200912	0.05	($0.23)	6	20100311	BTO	5.99
Nabi Biopharma	NABI	200912	-0.11	($0.05)	-1	20100311	AMC	5.47
Natl Semicon	NSM	201002	0.18	$0.04	0.43	20100311	AMC	14.63
Navisite Inc	NAVI	201001	-0.07	($0.09)	-0.29	20100311		3.06
Ngp Cap Rsrcs	NGPC	200912	0.17	$0.53	0	20100311	BTO	8.9
Nps Pharma Inc	NPSP	200912	-0.12	($0.05)	-0.33	20100311	BTO	3.95
Obagi Medical	OMPI	200912	0.17	$0.13	0	20100311	AMC	11
Optimer Pharmac	OPTR	200912	-0.34	($0.35)	0.22	20100311	AMC	13.21
Orthovita Inc	VITA	200912	-0.01	($0.02)	0	20100311		4.09
Overstock.Com	OSTK	200912	0.45	$0.04	0	20100311	BTO	13.08
Pac Sunwear Cal	PSUN	201001	-0.29	($0.47)	0.11	20100311	AMC	5
Pall Corp	PLL	201001	0.47	$0.38	0	20100311	AMC	40.64
Physicians Form	FACE	200912	-0.07	$0.13	0.6	20100311		1.9
Piedmont Nat Ga	PNY	201001	1.18	$1.10	0.57	20100311	BTO	26.39
Powersecure Int	POWR	200912	0.06	$0.06	0.5	20100311	AMC	7.55
Procera Netwrks	PKT	200912	0.01	($0.03)	N/A	20100311		0.42
Progenics Pharm	PGNX	200912	-0.15	($0.49)	0.07	20100311	BTO	4.6
Qad Inc	QADI	201001	0.12	$0.00	N/A	20100311		5.8
Quiksilver Inc	ZQK	201001	-0.13	($0.07)	1.33	20100311	AMC	2.92
Raven Inds Inc	RAVN	201001	0.31	$0.26	0.05	20100311	BTO	31.21
Rewards Network	DINE	200912	0.22	$0.03	1.1	20100311		15
Safeguard Sctfc	SFE	200912	-2.79	($0.96)	8.75	20100311	BTO	12.35
Seachange Intl	SEAC	201001	0.05	$0.11	-0.17	20100311	AMC	7.45
Shuffle Master	SHFL	201001	0.07	$0.01	0.33	20100311	AMC	8.08
Smith & Wesson	SWHC	201001	0.01	$0.05	1.33	20100311	AMC	4.79
Smithfield Food	SFD	201001	0.16	($0.15)	0.33	20100311	BTO	19.45
Solar Power Inc	SOPW	200912	0.03	($0.08)	5	20100311	AMC	1
Stewart Entrp A	STEI	201001	0.08	$0.07	-0.17	20100311	BTO	5.21
Sun Cmntys Inc	SUI	200912	0.75	$0.73	0	20100311	BTO	19.93
Synta Pharmact	SNTA	200912	-0.26	($0.77)	0.99	20100311	BTO	4.38
Ticc Capital Cp	TICC	200912	0.12	$0.17	0	20100311	BTO	6.2
Zumiez Inc	ZUMZ	201001	0.27	$0.21	21.43%	20100311	AMC	18
Ac Moore Arts	ACMR	200912	-0.21	($0.02)	-6.57	20100312	BTO	2.7
Anntaylor Stres	ANN	201001	-0.02	($1.03)	1.86	20100312	BTO	17.97
Broadwind Enrgy	BWEN	200912	-0.09	N/A	N/A	20100312	BTO	5.09
Citi Trends Inc	CTRN	201001	0.75	$0.70	3	20100312	BTO	29.37
Compucredit Hld	CCRT	200912	-1.5	($0.64)	-2.05	20100312	AMC	3.67
Core-Mark Hldg	CORE	200912	0.5	$0.53	0.03	20100312	BTO	33.71
Cytori Therapeu	CYTX	200912	-0.16	($0.22)	-0.2	20100312	DMT	7.1
Denison Mines	DNN	200912	-0.02	($0.30)	-1	20100312	BTO	1.4
Ev Energy Ptnr	EVEP	200912	0.64	($1.43)	-0.52	20100312	BTO	30.82
Halozyme Thera	HALO	200912	-0.16	($0.21)	0.11	20100312	BTO	6.77
Hibbet Sports	HIBB	201001	0.3	$0.26	0.25	20100312	BTO	23.71
Kirklands Inc	KIRK	201001	0.81	$0.59	1.88	20100312	BTO	18
Mtr Gaming Grp	MNTG	200912	-0.15	($0.04)	-0.75	20100312	AMC	1.79
Ocean Power Tec	OPTT	201001	-0.47	($0.35)	-0.24	20100312		6.77
Penn Re Inv Tr	PEI	200912	0.94	$1.08	0.12	20100312	BTO	10.34