Forex Trading: AUDUSD Testing 100 Day MA Again At 0.9068. Key Level. Look For Momentum On A Break.

The AUDUSD is testing the 100 day MA at the 0.9068 level . The price has been testing this key level over the last 4 trading days, moving above briefly but not able to close above the key level.   The fundamentals for the AUDUSD should be positive on global recovery and also benefits from being a supplier of resources to China. Yesterday, the Australian trade balance showed improvement largely on the back of increased exports of iron ore to emerging countries like China. 

A break of the 100 day moving average and the 0.9091 level, should lead to further upside momentum with 0.9171 a next upside target level for the pair.  These levels were key support and resistance levels in January and will continue to be key levels on a break higher. 

Mutual Funds: Top 5 Legg Mason Funds

With assets under management of $682 billion, Legg Mason is one of the world's largest asset managers. It uses a multi-affiliate business model to provide a wide range of financial services to individual and institutional investors in 190 countries across six continents. Legg Mason affiliates are among the industry leaders in their respective areas of specialization. They operate with a high degree of autonomy each utilizing its own unique approach and processes which it believes are best suited to its clients. Legg Mason complements the operations of its affiliates by providing distribution and client services as well as support in areas such as operations, technology and accounting.
 
Below we will share with you 5 top rated Legg Mason funds. Each has earned a Zacks #1 Rank (Strong Buy) as we expect the fund to outperform its peers in the future. To view the Zacks Rank and past performance of all Legg Mason funds, then click here.

Legg Mason Lifestyle Allocation 50% A (SBBAX) seeks both capital appreciation and income. It is non-diversified and invests in Legg Mason-affiliated mutual funds. It invests half of its assets in equity funds and the other half in fixed-income funds. The fund returned 34.37% over the last one year period.

This Legg Mason fund has a minimum initial investment of $1,000 and an expense ratio of 1.24% compared to a category average of 0.86%.

Legg Mason ClearBridge Small Cap Value A (SBVAX) invests the majority of its assets in small-cap domestic companies. Up to 20% of its net assets may be used to purchase equities in companies with larger market capitalizations. It may invest not more than 10% of its assets in foreign securities. The fund returned 45.33% in 2009 and has a ten year annualized return of 8.27%.

Peter J. Hable is the fund manager and he has managed this Legg Mason fund since 1999.

Legg Mason Western Asset High Income A (SHIAX) seeks high levels of current income. It invests heavily in corporate bonds, notes, debentures and related instruments. Up to 40% of its assets may be used to purchase foreign fixed-income securities. The fund returned 54.32% over the last one year period.

The Legg Mason fund has an expense ratio of 1.02% compared to a category average of 1.21%.

Legg Mason Western Asset Government Securities A (SGVAX) invests at least 80% of its assets in debt securities issued or guaranteed by the U.S. government. These debt securities include U.S. Treasury and mortgage-related securities. The fund has a five year annualized return of 7.75%.

As of December 2009, this fund held 576 issues, with 10.76% of its total assets invested in FNMA 6%.

Legg Mason Western Asset Strategic Income A (SDSAX) seeks high current income by investing in a wide range of domestic and foreign fixed-income securities. Up to 50% of its assets may be invested in securities rated below investment grade. The fund returned 29.28% over the last one year period.

Keith J. Gardner is the fund manager and he has managed this Legg Mason fund since 2006.

To view the Zacks Rank and past performance of all Legg Mason funds, then click here.

About Zacks Mutual Fund Rank

By applying the Zacks Rank to mutual funds, investors can find funds that not only outpaced the market in the past but are also expected to outperform going forward. Learn more about the Zacks Mutual Fund Rank at http://www.zacks.com/funds/mutualfund/

Repsol YPF Downgraded

We have recently downgraded Repsol YPF S.A. (REP: 24.21 +0.89 +3.82%) ADRs to Underperform from Neutral. We see little reason for investors to hold Repsol, as we believe that the long list of challenges facing the company will further weigh on its valuation. These include weak reserves, low reserve lives and poor refining margins.
 
While the company's production volumes are increasing, refining margins were significantly lower during the last year, especially in the fourth quarter, dropping more than 80% as a result of narrower spreads on crude oil and oil products due to supply and demand forces. We believe that this imbalance between supply and demand will remain in place in the near term and negatively impact the bottom line.
 
Though Repsol's reserve replacement ratio showed signs of improvement (94% in 2009 vs. 65% in 2008), it is one of the lowest in the entire group. Repsol's reserve replacement track record is also one of the weakest in its peer group, with proved reserves declining 8% each during 2007 and 2008. 

Although this year's Argentine plan could boost its development of reserves, these may not be able to adequately replenish the poor reserves position due to rate imbalance between production and new discovery. 

While success on the exploration front and strategic moves to reduce its Argentine exposure are welcome steps, fairly little has changed with respect to Repsol's overall long-term visibility. Since the beginning of this year, price of Repsol ADRs has gone down more than 14% to $23.32 at yesterday's closing.

Petrobras Buys Brazil Block Stake

Petroleo Brasileiro S.A. (PBR: 44.95 +1.09 +2.49%) or Petrobras S.A. � the largest integrated energy firm in Brazil and one of the largest in Latin America � bought a 30% stake in an offshore oil block from Repsol YPF (REP: 24.21 +0.89 +3.82%) and Statoil ASA (STO: 23.50 +0.74 +3.25%), Brazil's oil regulator said.
 
The offshore block, known as BM-C-33 block, is located in the Campos Basin off the Brazilian coast. Repsol and Statoil each hold a 50% interest in the block. The companies have each agreed to sell a 15% stake to Petrobras. Additionally, Petrobras also agreed to purchase a 20% stake in the BM-S-51 block from Repsol.
 
We continue to have a positive medium- to long-term outlook on Petrobras for its encouraging portfolio of investments, particularly in Brazil's so-called "pre-salt reservoirs" that lie below the Espírito Santo, Santos and Campos basins in deep and ultra-deep water.
 
Petrobras is the operator in most of these exploration areas, with stakes ranging from 20% to 100%. Considering Brazil's huge pre-salt oil reserves (estimated at 9.5 to 14 billion barrels of oil equivalent), widely thought to be the most important oil find in recent years, we believe Petrobras is poised to maintain an impressive production growth profile for years to come.
 
Petrobras has also been stepping into various international regions with significant investment for upstream projects. The company is successfully utilizing its Brazilian deepwater expertise into exploring upstream opportunities abroad, particularly in areas where many other international companies find it difficult to compete.
 
Our Outperform rating for Petrobras ADRs reflects its solid investments, strong pipeline of development projects, impressive recent exploration successes and compelling long-term outlook. In the last four weeks, the price of Petrobras ADRs has jumped nearly 13% to close at $43.86 yesterday.

Micromet Misses Expectations

Micromet's (MITI: 7.87 -0.15 -1.87%) fourth quarter loss per share came in at 34 cents, wider than the Zacks Consensus Estimate of 18 cents and a loss of 12 cents reported in the prior-year period. For 2009, the company reported a loss per share of 98 cents compared to a loss of 77 cents in 2008.
 
Micromet reported revenues of $4.6 million compared to $5.8 million in the fourth quarter of 2008. The company records revenues primarily in the form of reimbursement of expenses incurred by it under different collaborative agreements. For the full year, revenues came in at $21 million, down 23% from $27.3 million in 2008.

Operating expenses during the reported quarter increased 130% year-over-year to $28.3 million primarily due to $13.3 million as one-time charges. The charges relate to the reacquisition of the North American rights of blinatumomab and settlement of certain other issues.

Micromet exited 2009 with $113.4 million in cash and cash equivalents, up from $46 million at the end of December 2008.

There were many significant developments during the quarter. Micromet presented encouraging data from a phase II trial of blinatumomab, its lead candidate, in patients with acute lymphoblastic leukemia (ALL). About 80% of the patients achieved primary endpoint of the trial within the first treatment cycle. Additionally, blinatumomab is also being studied in patients with B-cell non-Hodgkin lymphoma (NHL).
 
Micromet entered into a collaboration agreement during the quarter with Sanofi-Aventis (SNY: 38.14 +0.91 +2.44%) to develop a new solid tumor bispecific T-cell engager (BiTE) antibody against an undisclosed target. In addition, Bayer (BAYRY: 0.00 N/A N/A) exercised its option to develop a new BiTE antibody for the treatment of solid tumors with Micromet. Bayer has exercised its option under the terms of the collaboration and license agreement entered in January 2009.

We are encouraged to see the development of the product portfolio at Micromet. However, we remain concerned since the pipeline is yet to deliver. The company is heavily dependent on blinatumomab � any hiccup in any of its clinical development programs will weigh heavily on the stock. We have an "Underperform" recommendation on the stock.
 

Uptrend In Gilead’s Estimates

Earnings estimates for Gilead Sciences (GILD: 47.61 +0.55 +1.17%) are on the rise following the release of strong fourth quarter and full year 2009 results. The company's earnings per share (EPS) came in at 90 cents, well above the Zacks Consensus Estimate of 82 cents and the year ago quarter's earnings of 59 cents. Full-year earnings increased 41% to $2.91.
 
For the full year, Gilead reported a 31% increase in revenues to $7.01 billion primarily driven by strong growth in its antiviral franchise. Product sales for 2009 increased 27% to $6.47 billion led by the growth in sales of antiviral products such as Atripla (up 51% to $2.4 billion), Truvada (up 18% to $2.5 billion) and Viread (up 7% to $667.5 million).

Antiviral product sales for 2009 grew to $5.84 billion, up 25%. Atripla, with quarterly sales of $697.8 million, became the lead product surpassing $670.7 million of Truvada for the first time.

In a positive development, Gilead recently received the much awaited US Food and Drug Administration (FDA) approval for Cayston for the treatment of lung infection in patients suffering from cystic fibrosis (CF). This will enable Gilead to further diversify its revenue stream. Cayston will primarily compete with Novartis' (NVS: 54.21 +0.42 +0.78%) Tobi, which generated $295 million in global sales in 2009.

We are pleased with the strong outlook provided by Gilead for 2010. On top of a 27% rise in 2009 product sales ($6.47 billion), the company expects to generate $7.6-$7.7 billion in product sales in 2010, representing a growth of 17%-19% over 2009. Gross margin is expected to be in the range of 75%-77%.

Strong Growth Potential

Gilead's strategy of creating fixed-dose combinations of existing HIV/AIDS drugs has been an enormous success. In the US, it is estimated that there are 1.2 million HIV-infected adults. Approximately 79% (948,000) of these have been diagnosed. About 61% of the diagnosed patients (578,000) are taking antiretroviral medications.

Gilead commands a 75% market share (approximately 433,000 patients) within this antiretroviral population. The market in Europe has similar statistics.
 
We believe with a growing patient base, Gilead should be able to maintain growth in its HIV franchise. This is significant as the company earns more than 80% of its revenues from the sale of HIV products.
 
In order to strengthen further its HIV segment, Gilead is working on a four-in-one combination pill, Quad which was recently found to be more effective than Atripla in a phase II study. On approval, Quad has the potential to reach blockbuster status.
 
Gilead has made good progress with respect to its hepatitis B virus (HBV) franchise as well which consists of Viread and Hepsera. At the end of 2009, these two drugs accounted for approximately 53% of total HBV prescriptions in the US. Viread is gaining market share in Europe as well. As of October 2009, Viread's share of the HBV market was estimated to be 19% compared to 7% in October 2008.
 
Gilead is looking to increase its share in the HBV market in Asia also. In Nov 2009, the company entered into a licensing agreement with GlaxoSmithKline (GSK: 37.54 +0.17 +0.45%) to commercialize Viread for the treatment of chronic HBV infection in adults in five Asian countries. We believe expansion into Asia will boost HBV segment revenues.
 
Estimate Revisions Trend

Following the release of strong results and a positive 2010 outlook, many analysts following the stock have revised their estimates. Over the past 30 days, 4 of the 17 analysts following the stock have raised their earnings estimates for fiscal 2010 with only 1 moving in the opposite direction. On balance, 2010 earnings estimates have gone up by 5 cents with the current Zacks Consensus Estimate being $3.42.

Similar positive bias can be witnessed for 2011 as well with 3 of the 16 analysts covering the stock raising their estimates with only 1 doing the reverse. On balance, 2011 earnings estimates have gone up by 6 cents with the current Zacks Consensus Estimate being $3.81.

The upward bias in estimate revisions can be witnessed for the first two quarters of 2010 as well. For the first quarter, 6 of the 16 analysts covering the stock have raised their estimates in the past 30 days. No downward revision has taken place during the same period. However, the trend is mixed for the second quarter of 2010 with 4 of the 17 analysts covering the stock raising their estimates with 2 analysts moving in the opposite direction.

In terms of earnings surprises, earnings exceeded the Zacks Consensus Estimate in each of the last four quarters, with a four-quarter average of 6.71%. This means that on average, earnings beat the Zacks Consensus Estimate by 6.71%.

Our Recommendation

We currently have an Outperform recommendation on Gilead, which is supported by the Zacks #1 Rank. We remain optimistic about the growth of HIV/AIDS franchise drugs Truvada and Atripla. Earnings over the past few quarters have consistently been above expectations, specifically on strong sales of the HIV franchise products.

Meanwhile, the worldwide panic regarding swine flu has boosted the company's royalty income, a trend we expect to continue, thanks to increased sales of the anti-viral drug Tamiflu.

Stock Market News Briefs: Agrium Inc., Allergan, Inc., Bank Of America Corporation, Capital One Financial Corporation, Deutsche Bank AG, Goldman Sachs Group, Inc. (The), J P Morgan Chase & Co, Mosaic Company (The), Potash Corporation Of Saskatchewan Inc., Sprint Nextel Corporation, Marvell Technology Group, Ltd., TiVo Inc.

•  Marvell Tech (MRVL: 20.40 +0.27 +1.34%) swung to a fourth quarter profit on strength in its new communication chips. Adjusted earnings jumped to 40 cents a share, up from last year's five cents, on revenues that rose 64% to $842.5 million. Results topped the firm's earlier forecast of 33-39 cent results on $820-$850 million in revenues. Goldman Sachs (GS: 167.18 +3.57 +2.18%) this morning maintained its "buy" rating, and lifted the price target to $24 from $22

•  Sprint (S: 3.28 +0.02 +0.61%) received a corporate rating downgrade and senior unsecured debt rating decrease from Standard & Poor's to BB- from BB. Analysts there cautioned, "The rating action reflects our view that post-paid subscriber losses will continue to pressure revenue and cash flow despite growth in the pre-paid business."

•  Lazard upgraded Allergan (AGN: 62.10 +2.00 +3.33%) to "buy" from "hold," with a price target of $74.

•  JP Morgan (JPM: 42.81 +0.89 +2.12%) upgraded TiVo (TIVO: 17.50 +0.97 +5.87%) to "overweight" from "neutral," lifting the price target from $15 to $23

•  Deutsche Bank (DB: 69.41 +1.91 +2.83%) initiated coverage on a number of fertilizer stocks, starting Agrium (AGU: 67.94 +0.76 +1.13%) with a "buy" and an $85 price target, Potash (POT: 116.81 +1.89 +1.64%) with a "hold" and a $120 price target, and Mosaic (MOS: 61.60 +1.17 +1.94%) with a "hold" and a $65 price target

•  Goldman Sachs (GS: 167.18 +3.57 +2.18%) downgraded Capital One (COF: 37.94 +1.10 +2.99%) to "neutral" from "buy" and lowered the price target from $50 to $45

•  The US government reported more than $1.5 billion profit from selling warrants received as part of its Bank of America (BAC: 16.70 +0.30 +1.83%) bailout, using a foreign bank, Deutsche Bank (DB: 69.41 +1.91 +2.83%) as its sole underwriter to do so

Forex Trading: GBPUSD 100 Hour MA, Fibo Retracement Providing Support

The 100 hour MA comes in at the 1.5015. That level and the 1.5000 level is support for the GBPUSD and providing support for the GBPUSD.  A move above the 1.5053 then 1.5066 level will be needed to spur on additional buying interest. A break below 1.5000 level should trigger increased selling interest.  The stock market open and reaction will be the next market moving event as the market reaction to the Unemployment starts to die down without a major move or breakout.

AmEx Downgraded To Neutral

We are downgrading our recommendation on American Express Company (AXP: 40.20 +1.31 +3.37%) to Neutral from Outperform as we expect the overall economic recovery to be sluggish and hence AmEx's top line growth will face obstacles in the near term.
 
AmEx's fourth quarter earnings from continuing operations of 59 cents per share were ahead of the Zacks Consensus Estimate of 56 cents, driven primarily by lower provision for credit losses, increased cardmember spending and stable expenses as a result of its re-engineering efforts.
 
Also, credit trends are now showing signs of improvement. However, decreased revenue, a lower return on average equity (ROE) and miserable real estate values as a result of higher unemployment were downsides.
 
Beyond the basic cost cutting, AmEx has implemented a major re-engineering program to increase efficiency and reduce activities that do not support its highest preference. As part of the re-engineering effort, during 2009, AmEx recorded restructuring charges of $185 million compared to $434 million in 2008, $49 million in 2007 and $100 million in 2006.
 
The restructuring activity was primarily related to rightsizing certain operations and eliminating headcount to control its cost structure. During 2009, AmEx reduced its global workforce by approximately 6%. We expect these efforts to help support the bottom-line significantly. Also, reinvestment of cost savings into revenue growth initiatives could help drive superior long-term returns.
 
AmEx has the ability to increase market penetration, merchant acceptance and brand recognition as it is expanding its list of network partners. The Global Network Services business is doing very well, with spending on cards growing at a compound annual rate of 25% since 1999. We expect the spending to rise with more network partners.
 
However, revenue growth is likely to be restricted as a result of softness in billed business. Discount revenue � which represents fees charged to merchants when members use their cards to purchase goods and services on the AmEx network � is primarily driven by billed business volumes and is one of its largest single sources of revenue.
 
In recent years, AmEx has been under market pressure to reduce merchant discount rates and undertake other re-pricing initiatives as a result of regulatory pressure and non-U.S. competition. However, we noticed improvements in billed business trends in all business lines during the fourth quarter of 2009.
 
AmEx maintains substantial operations outside the U.S. During 2009, the company generated about 33% of its total revenues from its non-U.S. activities. Therefore, currency fluctuations relative to the U.S. dollar and foreign exchange controls could affect commercial lending activities and decrease revenue from international operations.

U.S Gets $1.5B From BofA Warrants

The Treasury has received net proceeds of $1.5 billion from the sale of warrants that entitled it to purchase common stock of Bank of America Corp. (BAC: 16.70 +0.30 +1.83%).
 
The Treasury received these warrants as part of its investment in BofA through the Troubled Asset Relief Program (TARP) during the height of the financial crisis. In Dec 2009, BofA repaid the entire $45 billion of bailout money it had received from the government.
 
The current move will completely free BofA from government intervention. This is the largest amount received by the Treasury from the sale of warrants of a single institution.
 
The amount received from the auction of BofA warrants exceeds $1.1 billion raised from the sale of Goldman Sachs (GS: 167.18 +3.57 +2.18%) warrants earlier.
 
The Treasury auctioned one tranche of warrants at $8.35 each and the other at $2.55 each. The 272.17 million warrants were sold by the Treasury in a modified Dutch auction as BofA and the government did not agree on an acceptable price.
 
BofA is the first among four banks whose warrants are scheduled to be sold via auctions this month. The three other banks are Washington Federal (WFSL: 19.39 +0.04 +0.21%), Texas Capital Bancshares (TCBI: 17.13 +0.32 +1.90%) and Signature Bank (SBNY: 39.05 +0.69 +1.80%).
 
In similar transactions in Dec 2009, the Treasury received $1.1 billion from the sale of warrants of JPMorgan Chase & Co. (JPM: 42.81 +0.89 +2.12%), Capital One Financial Corp. (COF: 37.94 +1.10 +2.99%) and TCF Financial Corp. (TCB: 14.72 +0.11 +0.75%). The government expects to conduct similar auctions in the future for other warrants it holds in approximately 255 banks.
 
We think that the repayment of government money and repurchase of warrants can be viewed as a sign of recovery of the institutions as well as the economy. According to the Treasury, losses on TARP investments are likely to be significantly trimmed with the improvement in the overall financial condition

What, Me Worry?

Fundamentals

Apparently, stock index futures traders believe all will be well with the economic environment in the U.S., as S&P futures continue to rally, moving ever so closer to testing the yearly highs. Stock bulls did get some good news on Thursday, as weekly jobless claims resumed their decline, falling from 3-month highs. Jobless claims fell by 29,000 for the week ending on February 27th. More importantly, continuing claims also fell to levels not seen in over a year. Also supportive was release of the Labor Department's report on non-farm productively for the 4th quarter, which showed a better than expected increase of 6.9%. Unit labor costs fell by a 5.9% annual rate, which should help elevate concerns of wage inflation and give Federal Reserve officials another reason to keep interest rates near record low levels for the foreseeable future. Not all the economic news out on Thursday was positive, as U.S. factory orders rose by only 1.7% in January, which is below estimates of a 2.0% gain. Pending home sales fell by a much larger than expected 7.6% in January, as the harsh winter weather took its toll on potential home buyers. Traders will likely now turn their focus to Friday's release of non-farm payrolls for February. The current consensus is for payrolls to have fallen by 70,000 jobs last month, although the range of estimates is rather wide this month, as traders and analysts try to estimate the effects on employment attributable to the severe winter weather seen in the eastern parts of the U.S. last month. The unemployment rate is expected to increase by 0.1% to 9.8%. Although there are signs of improvement in the U.S. economy, it's unlikely many are willing to say we are completely out of the woods ― especially until we see firm signs of sustained employment growth, which would do wonders for consumer confidence levels and help to justify the equities market rally that began nearly a year ago.

Trading Ideas

With economic indicators providing a mixed picture for equities in the near-term and the VIX (CBOE's S&P 500 Volatility Index) hovering near its recent lows, we may start to see some bigger moves in the S&P futures, with an increase in volatility a definite possibility. Given this scenario, some traders may wish to investigate strategies that will benefit from a big move in the indices, as well as an increase in volatility. One such trade involves the purchase of April E-mini S&P 500 straddles. With the June E-mini futures trading at 1114.50 as of this writing, the April 1115 straddle could be purchased for 53.00 points, or $2,650 per straddle, not including commissions. The premium paid is the maximum potential loss on the trade, and the trade will show a profit at expiration in April should the June futures be trading above 1168.00 or below 1062.00. Given the effects of time decay on a long straddle position, some traders may wish to close out the trade before expiration if the price on the straddle falls to 50% of the original purchase price.

Technicals

Looking at the daily continuation chart for E-mini S&P futures, we notice the recent rally from the February 9th lows of 1054.00 has occurred on declining volume. This could be construed that traders do not truly believe the recent rally will hold, as they are not aggressively adding to long positions as the index rises. The 20-day moving average is attempting to cross above the 100-day moving average, which if accomplished, would send a buying signal to momentum traders. The 14-day RSI is moderately supportive, with a current reading of 58.13. 1125.00 is seen as near-term resistance, with major resistance found at 1147.25. Near-term support is found at 1084.50, with major support seen at 1054.00.

Mike Zarembski, Senior Commodity Analyst

Forex Trading: EURUSD Falls Through 61.8% At 1.3551 But Bounces. Key Levels To Watch Now

The market fell through the 61.8% retracement of  the weeks high to low range at 1.3551 and fell to 1.3530.  The 1.3531 level was the original low reached on Feb 12th which then rebounded.  The market as since dipped below this level on a number of days, but the 1.3531-39 level has remained a key intraday level.  Watch these two levels on the downside today . Above watch  the 200 hour MA at the 1.3581 to hold resistance.  A break above will target the 100 hour MA at the 1.3603 level.

The choppy trading continues.   Oil is up 0.82 S& P is up 7.50 pre opening.

Forex Trading: USDJPY Moves Through 100 Day MA Off The Number At 90.13/90.15

90.15 is the 100 day MA .  The 50% retracement of the Feb 19th high to low range comes in at 90.13.  Watch this level. Market is pausing. Could go either way.

Talking heads on television are going back and forth.  Discouraged unemployment still at 16.8% but with weather effect, the market is happy. 

Support below now comes in at the 89.91 area.

Stock Buy: Rogers Communications

Rogers Communications Inc. (RCI: 33.34 +0.52 +1.58%) continues set new 52-week highs, yet remains a good value at under 14 times forward earnings.

Company Description

Rogers Communications is one Canada's largest providers of cable television, high-speed Internet, wireless communication and other related services.

Wireless Leads to Earnings Surprise

On Feb 17 Rogers reported quarterly results that included a 14% jump in operating profits. Revenue eclipsed $2 billion as the wireless data revenues gained 45%.

Earnings per share came in at 61 cents, 9 cents ahead of the Zacks Consensus Estimates. This was good enough for the company's fourth consecutive earnings surprise.

Well Positioned

In the same press release Rogers' President and CEO said, we are extremely well positioned with a terrific asset mix and strong customer demand for our products and services. The dividend increase and the renewal of our share buyback program for 2010 underline our continued confidence in the strategic position of the Company."

The buyback he is referring to is for up to $1.5 billion worth of stock, or just over 9% of the outstanding shares.

Analysts React

While the year-over-year growth is not there, rising just 7% over the next 2 years, the estimates are climbing. Full-year projections for 2010 are now $2.46, up from $2.32. Next year's consensus is $2.68, up from $2.45.

The earnings surprise and upward revisions were enough to boost RCI to a Zacks #1 Ranked stock.

The Chart

Shares of RCI are a bit volatile, but the overall trend remains upward. Rogers is trading just under its newly set 52-week high.

 

Stock Buy: Treehouse Foods Inc.

Treehouse Foods Inc. (THS: 44.52 +0.12 +0.27%) recently hit a new 52-week high on better than expected Q4 results from February 11 that included an 18% earnings surprise.

Company Description

TreeHouse Foods, Inc. operates as a specialty food manufacturing company serving grocery stores and food service channels in the United States. The company was founded in 1862 and has a market cap of $1.41 billion.

Fourth-Quarter Results

Sales for the period were up 2% from last year to $405 million. Earnings came in far better than expected at 78 cents, 18% ahead of the Zacks Consensus Estimate. The company has produced consistent results over the last year, beating the consensus in each quarter by an average of 20%.

Treehouse noted that its results were driven by strength in its largest business segment, North American Retail Grocery, where sales were up 5% from last year to $266 million. The segments operating margin also jumped higher to 17% from 14% last year.

Treehouse also mentioned that it expects to complete its acquisition of Strum Foods in the first quarter of 2010. Treehouse will pay $660 million for Strum, which produces $300 million in annual revenue, with $400 million in debt, $100 million in equity and additional borrowing from the company's revolving line of credit.

Estimates Jump

The good quarter sent estimates higher, with the current year adding 29 cents to $2.67. The next-year estimate is up 12 cents in the same time to $2.96, a solid 11% growth projection.

Valuation

In spite of the recent gains, THS still has some value, trading with a forward P/E multiple of 14.5X, a discount to the overall market.

The Chart

Shares of THS recently hit a new 52-week high at $45.02 on the good quarter, take a look below.

Stock Buy: Signet Jewelers Limited

Signet Jewelers Ltd. (SIG: 30.15 +0.92 +3.15%) will soon be reporting results from its holiday quarter. Did the demise of some of its competitors boost the bottom line?

Company Description

Signet Jewelers is a specialty jewelry retailer. The company operates 1,948 stores, including 1,394 stores in the U.S. under the names of Kay Jewelers, Jared The Galleria of Jewelry and others.

In the UK, where it operates 554 stores, its brands included H.Samuel, Ernest Jones, and Leslie Davis.

Zacks Consensus Estimates Rise

Signet is scheduled to report fiscal fourth-quarter results on Mar 25.

In the past 2 months, estimates have been rising for the fiscal fourth quarter, the full year and fiscal 2011.

The fourth quarter Zacks Consensus Estimates have risen to $1.20 from $1.11 during that time.

Meanwhile, the fiscal 2010 Zacks Consensus jumped 15 cents to $1.80 per share. This is year over year earnings growth of 14.97%.

One estimate moved higher in the last 30 days for fiscal 2011 to $1.96 from $1.89 per share.

Signet Has a History of Surprising on the Zacks Consensus Estimate

Signet has surprised four quarters in a row by an average of 35.26%. On Nov 24, the company surprised by 52.94% in the fiscal third quarter.

Earnings per share were a loss of 8 cents. Analysts expected things to be much worse, forecasting a loss of 17 cents.

Sales declined 2.5% to $613.7 million. Buy the company saw improvement in the third quarter, especially in the diamond category at both Ernest Jones and H. Samuel stores and also overall at Ernest Jones stores.

Tight inventory controls also boosted the quarter.

With an overall solid holiday period by retailers, there are high expectations for Signet to show similar improvement for the fourth quarter.

Value Fundamentals

Signet is a Zacks #1 Rank (strong buy) stock. It has a forward P/E of 14.7 and a price-to-book ratio of 1.46. The company has a 5-year average return on equity (ROE) of 13.7%.

Stock Buy: Xilinx

Xilinx Inc (XLNX: 26.71 +0.49 +1.87%) should appeal to growth and income investors. The company is expected to generate long-term EPS growth of 14.7%, and it has a dividend yield of 2.4%.

Company Description

Xilinx Inc. designs, develops and markets programmable logic solutions. It offers advanced integrated circuits in the form of programmable logic devices (PLDs).

Business Momentum and Cost Cuts Are Driving Growth

Xilinx's sales growth is coming from the strength in its Virtex-5 family, which is being driven by communications, industrial and data processing. Based on new the company's design win activity, management is confident about the prospects for continued sales growth from the Virtex-5 family.

Moreover, Xilinx recently announced cost-cutting initiatives after completing a strategic assessment of its operations. These cost-cutting efforts should enable the company to expand its profit margins in future quarters.

Recent Results

On January 20, the company had record third-quarter sales of $513.1 million, up 24% from the second quarter and 12% from the year-ago quarter. Xilinx reported earnings per share of $0.40, beating the Zacks Consensus Estimate of $0.35.

Xilinx has beaten the Zacks Consensus Estimate by an average of 12.4% over the last four quarters.

Additionally, the stock has a current dividend yield of 2.4%. Xilinx paid a quarterly dividend of $0.16 per share on March 3.

Xilinx is scheduled to release fiscal fourth quarter 2010 earnings results on April 21.

Updated Guidance

The company recently updated its financial outlook.

Xilinx is now looking for revenue growth of 8%-12% over the next five years. Management also expects a gross margin of 64%-66% and operating margin of 31%-34%. This is up from its previous guidance of 63%-65% for gross margin and more than 30% for operating margin.

Estimates Are Moving Higher

Analysts covering XLNX shares viewed management's guidance as bullish and boosted their estimates for the next two fiscal years.

In the last 30 days, the Zacks Consensus Estimate for fiscal year 2010 has increased by 3 cents to $1.22, while the Zacks Consensus Estimate for fiscal year 2011 estimate has gone up by 4 cents to $1.76.

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