DELL Dell Inc. (MM)

Earnings Preview 8/12/11

The second quarter earnings season is almost over. Mostly we are down to the retailers, many of which have fiscal quarters ending in July, not June, but there are a few significant non-retailers that will report this week as well. There will be just 187 firms reporting, but 26 of those are in the S&P 500.

By next Friday afternoon, almost 95% of the S&P 500 will have reported. So far, earnings season has been very strong with seven S&P 500 firms reporting positive surprises for every two that have disappointed. The firms reporting next week include: Deere (DE), Dell (DELL), Hewlett Packard (HPQ), Home Depot (HD), Lowe’s (LOW) Target (TGT) and Wal-Mart (WMT).

In addition, it will be a relatively heavy week for economic data. We get key housing data in the form of housing starts and Building Permits, as well as the Homebuilders index and Existing Home Sales. We also learn what inflation was in July at both the Producer and Consumer levels. We will also get the data on Industrial Production and Capacity Utilization. Any of those numbers have the potential to significantly impact the market if they come in substantially different than expected.

Monday

• The National Association of Homebuilder’s index was at just 15 in July, when the break-even between expansion and contraction is 50. The consensus is looking for it to remain at that awful level.
• The Empire State Index, one of the regional “mini-ISM’s” covering New York State is expected to come in at 0.0, indicating manufacturing activity in New York State dead in the water in June. Last month it was weaker than expected, coming in at -3.76. Unlike the ISM, zero, rather than 50, is the dividing line between growth and contraction in this survey.

Tuesday

• Housing Starts are expected to resume their decline, falling to an annual rate of 608,000 in June from just 629,000 in June. June came in better-than-expected, however. What “strength” there is in the number came from the extremely volatile multi-family apartment and condo sector. Single-family starts are a better gauge of the overall pace of housing activity. Single-family starts were only running at an annual rate of 453,000. This is an extremely low level, the bubble peak was over 1.8 million for single family starts. The good news is that the low level of housing starts means that less housing is being added to the current bloated inventory. The bad news is that normally homebuilding is one of the main forces pulling the economy out of a recession and that is simply not happening this time. The very low level of housing starts is one of the key reasons job growth is so sluggish.
• The bad news for the homebuilders is likely to continue into the fall. Building permits, the best indicator of future housing starts, are expected to fall to 606,000 from 624,000. Eventually the housing market will rebound, and we will start to build new houses in the country, but there is no evidence of it happening soon. When it does, economic growth will start to take off for real, and is not likely to do so until housing starts to recover.
• Industrial Production is expected to have risen by 0.3% up from a 0.2% increase in May. This is a broad measure of Industrial Production, covering the output of not just factories, but also of Mines and Utilities as well. The utility part can lead to weather related distortions. Thus it is important to look at the Manufacturing only data as well. It was unchanged in June. Given the easing of supply chain constraints due to Japan, I would expect that factories will make more of a positive contribution. No consensus expectation exists for the factory only data. Hotter-than-normal weather in summer or colder than normal weather in Winter will boost demand for electricity without reflecting a change in overall economic activity. That was the case in June when utility output surged by 0.9%. Given the record-breaking heat wave, particularly in the South Central part of the country during July, utility output should again make a positive contribution. Please, though, don’t mistake hot weather for a hot economy.
• Capacity utilization is expected to have edged up to 76.9% in July from 76.7% in June. As with the Industrial Production side of this report, utilities can be weather distorted, and that can affect the overall picture. Thus it is important to look at the manufacturing-only data. This report is much more important than the amount of attention it gets. As a general rule of thumb, a level of 80% is about normal and indicates a healthy economy. A level of 85% indicates that the economy is overheating and inflation will soon become a serious problem, so the Fed should be lifting interest rates and Congress should be raising spending to cool the economy down. A level of 75 is what is hit in a normal recession. The low for this cycle was 67.3%. Factory utilization generally runs slightly lower than overall utilization. It was at 74.5% in June. The low for the cycle was 64.4%, the lowest on record.

Wednesday

• The Producer Price Index (PPI) is expected to have been unchanged in July, following a 0.4% drop in June. Most of the decline was due to lower oil prices. They stabilized in July after a drop in June, but have since started to fall again. Stripping out food and energy to get the core PPI, the index is expected to rise 0.2% in July, down from a 0.4% rise in June.  Those numbers refer to prices for finished goods. The report will also give data on price changes further up the production chain, which while more volatile than finished good prices, often indicate the direction prices for finished goods will be moving in a few months.

Thursday

• Weekly initial claims for unemployment insurance come out. They had a very nice decline early in the year; they had a rough few months, but recently have been showing improvement again. Last week they fell by 7,000 to 395,000 (after an upward revision to the prior week of 2,000). The 400,000 level is important psychologically in that it has historically been the inflection point, below which we tend to create enough jobs to bring down the unemployment rate. Thus, the dip below that level was very good news and was greeted by the market with a big rise. Unfortunately, it is not expected to last, with the consensus looking for it to rise back up to the 400,000 level. The four-week moving average will probably stay above the 400,000 level, where it has been for the last four months. The week-to-week numbers can be very volatile, so the four-week average is the thing to focus on. The sharp rise in initial claims was an early warning of the weak jobs report for June. Keep an eye on the prior week’s revision as well as the change from the revised number.
• Continuing claims have also in a downtrend of late, but the road down has been bumpy. Last week they fell by 60,000 to 3.688 million. That is down 789,000 from a year ago. I would expect a small decline this week. The consensus is looking for a small rise to 3.695 million. Some of the longer term decline due to people simply exhausting their regular state benefits which run out after 26 weeks. Those, however, don’t last forever either. Federally paid extended claims fell by 16,000 to 3.702 million. 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. A better measure is the total number of people getting unemployment benefits, currently at 7.480 million, which is down 90,000 from last week (there are some timing issues so the change in continuing and existing claims does not match the change in the total). The total number of people getting benefits is now 1.948 million below year-ago levels. What is not known is how many people have left the extended claims via the road to prosperity -- finding a new job -- and how many have left on the road to poverty, having simply exhausted even the extended benefits. Make sure to look at both sets of numbers!  Many of the press reports will not, but we will here at Zacks.
• The Consumer Price Index is expected to rise by 0.2% in June, reversing a 0.2% drop in June. As with the PPI, most of the decline was due to falling oil prices. With food and energy prices stripped out, the core CPI is expected to have risen by 0.2%, down from 0.3% in June. Inflation is not a serious problem right now, and it does not look like it will be anytime soon. To really get inflation going, you need a wage/price spiral. With job growth extremely anemic, there is no way that wages are going to start to accelerate anytime soon. The Fed needs to be concentrating on the full employment side of its dual mandate right now, not on inflation. With oil prices declining in the recent market volatility, headline inflation is likely to be negative in August.
• Existing Home Sales are expected to rise to a seasonally adjusted annual rate of 4.80 million from 4.77 million in June. What is more significant will be the level of inventories, and if the June months of supply rate of 9.5 months will continue to trend up. While down from last summer, the level is still extremely high and has been rising again in recent months (it was 8.3 in March) and indicates strong downward pressure on home prices. That really is what to watch in the existing home sales numbers, since the amount of economic activity generated by a existing home changing hands is not really that big a deal. Home prices are a very big deal. Unfortunately, it looks like they are falling again, despite a recent increase on a non-seasonally adjusted basis, but still slightly down on a seasonally adjusted basis.
• The Philly Fed index, one of the regional mini-ISM’s is expected to fall to 1.1 from 3.20 in July. Any reading above zero indicates expansion, so the expected level means manufacturing activity in the Mid-Atlantic would be almost stalled, just barely expanding.

Friday

• Nothing of particular significance.

Potential Positive or Negative 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. Similarly a recent history of earnings disappointments, cuts in the average estimate for the quarter in the month before the report is due and a poor Zacks Rank (#4 or #5) are often red flags pointing to a potentially disappointing earnings report.

In the Earnings Calendar below, $999.00 should be read as N.A.

Potential Positive Surprises

• Abercrombie & Fitch (ANF) is expected to report EPS of $0.25 versus $0.24 a year ago. Last time out ANF reported 145.45% above expectations, and over the last month the estimates for this quarter have risen by 0.88%. ANF is a Zacks #2 Ranked stock.
• Dell (DELL) is expected to report EPS of $0.48 versus $0.32 a year ago. Last time out DELL reported 27.91% above expectations, and over the last month the estimates for this quarter have risen by 0.39%. DELL is a Zacks #2 Ranked stock.
• Estee Lauder (EL) is expected to report EPS of $0.24 versus $0.29 a year ago. Last time out EL reported 24.36% above expectations, and over the last month the estimates for this quarter have risen by 0.48%. EL is a Zacks #2 Ranked stock.

Potential Negative Surprises

• Lowe’s (LOW) is expected to report EPS of $0.67 versus $0.58 a year ago. Last time out LOW reported 5.56% below expectations, and over the last month the estimates for this quarter have dropped by 0.37%. LOW is a Zacks #4 Ranked stock.
• Sears Holdings (SHLD) is expected to report a loss of $0.46 versus a loss of $0.19 a year ago. Last time out SHLD reported 13.09% below expectations, and over the last month the estimates for this quarter have been unchanged. SHLD is a Zacks #5 Ranked stock.
• Staples (SPLS) is expected to report EPS of $0.20 versus $0.20 a year ago. Last time out SPLS reported 12.50% below expectations, and over the last month the estimates for the quarter are unchanged. SPLS is a Zacks #4 Ranked stock.

Earnings Calendar

Company	Ticker	Qtr End	EPS Est	Year Ago EPS	Last EPS Surprise %	Next EPS Report Date	Time	Daily Price
3SBIO INC-ADS	SSRX	201106	0.2	0.17	-16.67	20110815	AMC	$14.13
AASTROM BIOSCI	ASTM	201106	-0.17	-0.18	31.58	20110815	AMC	$2.23
ADV PHOTONIX -A	API	201106	0	-0.01	133.33	20110815	AMC	$1.05
AGILENT TECH	A	201107	0.73	0.54	13.85	20110815	AMC	$34.51
AMERICAN LORAIN	ALN	201106	0.09	0.1	-12.5	20110815	AMC	$1.79
AROTECH CORP	ARTX	201106	0.03	0.02	-20	20110815	AMC	$1.45
CHINA DIG TV	STV	201106	0.15	0.15	0	20110815	AMC	$4.41
CHINA DIRECT IN	CDII	201106	0.08	-0.04	N/A	20110815	AMC	$0.90
CHINA GENGSHENG	CHGS	201106	0.01	0.04	-150	20110815	BTO	$1.29
CHINA HOUSING	CHLN	201106	0.06	0.13	-75	20110815	BTO	$1.40
CHINA LODGING	HTHT	201106	0.11	0.05	-300	20110815	AMC	$15.60
CHINA MING YANG	MY	201106	0.18	0.23	200	20110815	AMC	$3.98
CHINA SHENGDA	CPGI	201106	0.07	0.16	-35.71	20110815	BTO	$1.20
CHINA XD PLASTC	CXDC	201106	0.25	0.26	13.64	20110815	BTO	$3.29
CHINA ZENIX AUT	ZX	201106	0.48	999	N/A	20110815		$5.22
CHINACACHE INTL	CCIH	201106	0.03	-0.07	-75	20110815	AMC	$7.49
CLEVELAND BIOLB	CBLI	201106	-0.13	-0.09	0	20110815		$2.49
CYTOMEDIX INC	CMXI	201106	-0.03	-0.1	0	20110815	AMC	$0.31
DEHAIER MEDICAL	DHRM	201106	0.13	0.27	78.95	20110815	BTO	$2.76
DREAMS INC	DRJ	201106	-0.02	-0.03	-200	20110815	AMC	$2.18
EPICEPT CORP	EPCT	201106	-0.05	-0.11	0	20110815		$0.45
ESTEE LAUDER	EL	201106	0.24	0.29	24.56	20110815	BTO	$98.20
EXCEED CO LTD	EDS	201106	0.34	0.38	41.67	20110815	AMC	$4.47
FABRINET	FN	201106	0.46	0.43	6.12	20110815	AMC	$14.54
FLEXIBLE SOLTNS	FSI	201106	0.02	-0.01	-25	20110815	AMC	$2.74
GENERAL STEEL	GSI	201106	0.12	-0.04	-44.44	20110815	BTO	$1.31
GEOKINETICS INC	GOK	201106	-2.12	-2.24	-38.1	20110815	AMC	$4.40
GLG LIFE TEC CP	GLGL	201106	-0.13	-0.01	-50	20110815	BTO	$6.71
GLOBAL POWER EQ	GLPW	201106	0.49	0.52	-70.73	20110815	AMC	$25.08
GREAT BASIN GLD	GBG	201106	0	-0.02	-400	20110815	AMC	$2.02
GUANWEI RECYCLG	GPRC	201106	0.15	0.08	0	20110815		$1.40
HASTING ENTMT	HAST	201107	-0.03	-0.01	-62.5	20110815	BTO	$4.00
HISOFT TECH-ADR	HSFT	201106	0.14	0.19	-8.33	20110815	AMC	$10.64
LDK SOLAR CO	LDK	201106	0.44	0.36	13.1	20110815	AMC	$6.35
LIFEWAY FOODS	LWAY	201106	0.06	0.07	71.43	20110815	AMC	$10.61
LOWES COS	LOW	201107	0.67	0.58	-5.56	20110815	BTO	$19.09
MOTORCAR PARTS	MPAA	201106	0.21	0.21	12	20110815		$11.39
NETLIST INC	NLST	201106	-0.14	-0.16	15.38	20110815	AMC	$1.36
NEW ENERGY SYS	NEWN	201106	0.38	0.28	7.5	20110815	AMC	$2.90
NUPATHE INC	PATH	201106	-0.46	-17.42	44.68	20110815	AMC	$4.75
ON TRACK INNOV	OTIV	201106	0.03	0	200	20110815	BTO	$1.67
PREFERRED APTMT	APTS	201106	-0.79	999	N/A	20110815	AMC	$6.44
QR ENERGY LP	QRE	201106	0.28	999	-17.86	20110815	BTO	$18.52
RAND LOGISTICS	RLOG	201106	0.27	0.22	-59.65	20110815	BTO	$7.05
SINOHUB INC	SIHI	201106	0.14	0.1	0	20110815	BTO	$0.98
SOLAR POWER INC	SOPW	201106	-0.01	-0.06	0	20110815	AMC	$0.41
SORL AUTO PARTS	SORL	201106	0.31	0.28	4.17	20110815	BTO	$4.20
STAG INDUSTRIAL	STAG	201106	0.25	999	N/A	20110815	AMC	$10.36
STATE BANK FINL	STBZ	201106	0.32	0.3	-34.21	20110815	AMC	$13.90
SUMMIT HOTEL PR	INN	201106	0.26	999	-240	20110815	AMC	$8.38
SWISHER HYGIENE	SWSH	201106	-0.01	-0.01	N/A	20110815	AMC	$3.89
SYSCO CORP	SYY	201106	0.57	0.53	2.44	20110815	BTO	$28.76
TECHPRECISION	TPCS	201106	0.03	0.04	0	20110815	AMC	$1.30
TELESTONE TECH	TSTC	201106	0.19	0.16	62.5	20110815		$5.15
TERRA NOVA RYLT	TTT	201106	-0.07	-0.01	145.45	20110815	BTO	$7.06
TOWERSTREAM CP	TWER	201106	-0.03	-0.04	0	20110815	AMC	$3.26
TRI-TECH HOLDNG	TRIT	201106	0.45	0.19	61.54	20110815	BTO	$5.66
TRI-VALLEY CORP	TIV	201106	-0.04	-0.05	0	20110815	AMC	$0.42
URBAN OUTFITTER	URBN	201107	0.32	0.42	-8	20110815	AMC	$28.24
VALSPAR CORP	VAL	201107	0.8	0.7	0	20110815	BTO	$28.81
WESTWAY GROUP	WWAY	201106	0.03	-0.09	-57.14	20110815		$4.70
WIDEPOINT CORP	WYY	201106	0.01	0.01	-200	20110815	AMC	$0.67
WILHELMINA INTL	WHLM	201106	0	0	N/A	20110815		$0.23
ZAGG INC	ZAGG	201106	0.12	0.08	30	20110815	BTO	$14.16
7 DAYS GRP-ADR	SVN	201106	0.13	0.03	-80	20110816	AMC	$18.48
ANALOG DEVICES	ADI	201107	0.74	0.65	10.29	20110816	AMC	$31.50
BOB EVANS FARMS	BOBE	201107	0.5	0.41	5.97	20110816	AMC	$30.41
CHINA INDUS WST	CIWT	201106	0.11	0.07	60	20110816	BTO	$0.95
CHINA KANGH-ADR	KH	201106	0.16	0.01	0	20110816	BTO	$20.64
CHINA MED TECH	CMED	201106	0.43	0.26	-70.27	20110816	BTO	$5.61
CONCORD MED-ADR	CCM	201106	0.1	0.1	-11.11	20110816	BTO	$4.08
COUNTRY STY-ADR	CCSC	201106	0.06	999	-36.36	20110816	AMC	$11.58
DELL INC	DELL	201107	0.48	0.32	27.91	20110816	AMC	$14.72
DERMA SCIENCES	DSCI	201106	-0.09	-0.14	-900	20110816	BTO	$8.50
DICKS SPRTG GDS	DKS	201107	0.5	0.43	3.45	20110816	BTO	$30.83
E-COMMRC CH-ADR	DANG	201106	-0.01	999	0	20110816	BTO	$9.45
ELBIT SYSTEMS	ESLT	201106	1.08	1.04	-28.23	20110816	BTO	$41.92
FIRST MARBLEHD	FMD	201106	-0.12	-0.1	-457.14	20110816	AMC	$1.42
FLEXSTEEL INDS	FLXS	201106	0.53	0.61	-27.91	20110816	AMC	$13.95
G&K SVCS A	GKSR	201106	0.47	0.36	16.22	20110816	BTO	$29.62
HOLLYSYS AUTOMT	HOLI	201106	0.16	0.19	41.67	20110816	BTO	$6.07
HOME DEPOT	HD	201107	0.82	0.72	2.04	20110816	BTO	$30.05
IFM INVEST-ADS	CTC	201106	-0.29	-0.13	-16	20110816	BTO	$1.68
JACK HENRY ASSC	JKHY	201106	0.4	0.35	0	20110816	AMC	$26.78
JAMBA INC	JMBA	201106	0.03	0.02	-42.86	20110816	AMC	$1.88
JINKOSOLAR HLDG	JKS	201106	1.5	0.76	37.25	20110816	BTO	$15.90
KNIGHTSBRIDGE	VLCCF	201106	0.41	0.79	-2.78	20110816		$18.12
LECROY CORP	LCRY	201106	0.03	0.05	-64.29	20110816	BTO	$8.40
MEDQUIST HLDGS	MEDH	201106	0.3	-0.07	10.71	20110816	BTO	$10.87
MILLER ENERGY	MILL	201107	-0.02	-0.03	0	20110816	AMC	$2.67
PERNIX THERAPTC	PTX	201106	0.04	0.01	-41.67	20110816	BTO	$6.10
PERRIGO COMPANY	PRGO	201106	0.99	0.71	11.46	20110816	BTO	$88.41
PHOTRONICS INC	PLAB	201107	0.19	0.13	41.18	20110816	AMC	$6.06
SAKS INC	SKS	201107	-0.09	-0.13	6.25	20110816	BTO	$8.70
SKULLCANDY INC	SKUL	201106	0.19	999	N/A	20110816	AMC	$15.86
TAOMEE HOLDINGS	TAOM	201106	0.12	999	N/A	20110816		$12.82
THE9 LTD-ADR	NCTY	201106	-0.37	-0.33	15.38	20110816	AMC	$5.25
TITAN PHARMA	TTNP	201106	-0.06	-0.03	N/A	20110816		$1.75
TJX COS INC NEW	TJX	201107	0.88	0.73	-2.5	20110816	BTO	$53.06
TOWERS WATSON	TW	201106	0.91	0.69	34.04	20110816	BTO	$54.98
UNITEK GLOBAL	UNTK	201106	-0.36	-2.24	15.38	20110816	AMC	$5.68
VALUEVISION CLA	VVTV	201107	-0.06	-0.23	33.33	20110816	BTO	$5.35
VANCEINFO TECH	VIT	201106	0.2	0.18	-11.11	20110816	BTO	$17.67
WAL-MART STORES	WMT	201107	1.08	0.97	3.16	20110816		$49.73
ABERCROMBIE	ANF	201107	0.25	0.24	145.45	20110817	BTO	$68.48
AFC ENTERPRISES	AFCE	201106	0.23	0.21	3.85	20110817	AMC	$14.28
AMER SUPERCON	AMSC	201106	-0.21	0.28	22.22	20110817	BTO	$6.22
AUTONAVI HL-ADR	AMAP	201106	0.17	0.15	90	20110817	BTO	$15.66
BJ'S WHOLESALE	BJ	201107	0.76	0.67	12.5	20110817	BTO	$50.07
CACI INTL A	CACI	201106	1.17	0.96	12.62	20110817	AMC	$49.50
CANADIAN SOLAR	CSIQ	201106	0.29	0.07	7.32	20110817	BTO	$7.64
CHICOS FAS INC	CHS	201107	0.24	0.17	4	20110817	BTO	$13.23
CHINA DISTANCE	DL	201106	0.05	0.04	-50	20110817	AMC	$2.50
CHINA RE IN-ADR	CRIC	201106	0.06	0.08	-50	20110817	BTO	$5.83
CHINAEDU CP-ADR	CEDU	201106	0.03	0.13	300	20110817	AMC	$6.14
CITI TRENDS INC	CTRN	201107	-0.64	-0.04	-4.6	20110817	BTO	$12.54
DEERE & CO	DE	201107	1.68	1.44	2.91	20110817	BTO	$73.48
EATON VANCE	EV	201107	0.51	0.35	8.89	20110817		$23.97
E-HOUSE CHINA	EJ	201106	-0.01	0.11	-50	20110817	BTO	$7.19
FLOWERS FOODS	FLO	201106	0.26	0.25	8.7	20110817	BTO	$20.57
HOT TOPIC INC	HOTT	201107	-0.08	-0.14	0	20110817	AMC	$6.71
INTERXION HLDG	INXN	201106	0.09	0.02	-22.22	20110817	BTO	$11.54
INTL RECTIFIER	IRF	201106	0.52	0.29	19.15	20110817	AMC	$23.38
ISOFTSTONE LTD	ISS	201106	0.12	999	-25	20110817	BTO	$11.01
JDS UNIPHASE CP	JDSU	201106	0.18	0.09	-5.56	20110817	AMC	$11.42
LIMITED BRANDS	LTD	201107	0.45	0.36	2.56	20110817	AMC	$34.45
MAGNETEK INC	MAG	201106	0.06	0.02	33.33	20110817	BTO	$1.44
NAVIOS MARITIME	NNA	201106	-0.02	-0.08	300	20110817	BTO	$3.13
NETAPP INC	NTAP	201107	0.45	0.39	6.82	20110817	AMC	$42.68
NETEASE.COM-ADR	NTES	201106	0.78	0.55	21.13	20110817	AMC	$46.59
PETSMART INC	PETM	201107	0.5	0.41	10.91	20110817	AMC	$40.46
PHOENIX NEW MED	FENG	201106	0.05	999	N/A	20110817	AMC	$8.78
QIHOO 360 TECH	QIHU	201106	0.02	999	N/A	20110817	AMC	$21.57
SINA CORP	SINA	201106	0.18	0.4	-8.7	20110817	AMC	$103.00
STAPLES INC	SPLS	201107	0.2	0.2	-12.5	20110817	BTO	$13.10
TARGET CORP	TGT	201107	0.96	0.92	5.32	20110817	BTO	$47.27
XUEDA EDUC-ADR	XUE	201106	0.18	999	33.33	20110817	BTO	$8.09
AEROFLEX HOLDNG	ARX	201106	0.35	999	0	20110818	BTO	$10.82
AEROPOSTALE INC	ARO	201107	-0.03	0.46	0	20110818	AMC	$11.79
AMERICAS CAR-MT	CRMT	201107	0.75	0.7	13.24	20110818	AMC	$32.57
AUTODESK INC	ADSK	201107	0.34	0.3	3.23	20110818	AMC	$28.75
BALDWIN TECH A	BLD	201106	-0.01	-0.05	-133.33	20110818		$0.96
BLUE COAT SYS	BCSI	201107	0.15	0.34	-4	20110818	AMC	$16.90
BON-TON STORES	BONT	201107	-1.6	-1.91	-4.96	20110818	BTO	$6.03
BROCADE COMM SY	BRCD	201107	0.06	0.08	50	20110818	AMC	$3.60
BUCKLE INC	BKE	201107	0.5	0.44	-2.74	20110818	BTO	$38.69
CAMELOT INF-ADS	CIS	201106	0.19	0.14	28.57	20110818	BTO	$9.12
CASUAL MALE RET	CMRG	201107	0.13	0.12	-10	20110818	DMT	$3.64
CATO CORP A	CATO	201107	0.59	0.54	2.97	20110818		$26.36
CDC CORP	CHINA	201106	-0.01	-0.09	-250	20110818	AMC	$1.39
CHILDRENS PLACE	PLCE	201107	-0.39	-0.3	4.76	20110818	BTO	$40.66
CHINA FIN ONLIN	JRJC	201106	0.01	0.02	0	20110818	AMC	$3.03
DOLLAR TREE INC	DLTR	201107	0.75	0.61	9.33	20110818		$65.42
FOOT LOCKER INC	FL	201107	0.12	0.04	36.36	20110818	AMC	$18.60
GAMESTOP CORP	GME	201107	0.22	0.26	3.7	20110818	BTO	$21.44
GAP INC	GPS	201107	0.33	0.36	2.56	20110818	AMC	$16.30
HEWLETT PACKARD	HPQ	201107	1.09	1.08	2.48	20110818	AMC	$31.05
INTUIT INC	INTU	201107	-0.1	-0.11	1.83	20110818	AMC	$42.05
JA SOLAR HOLDGS	JASO	201106	0.14	0.18	12.12	20110818	BTO	$4.16
KENSEY NASH CP	KNSY	201106	0.34	0.54	2.38	20110818	BTO	$26.61
LANCASTER COLON	LANC	201106	0.8	0.81	-11.25	20110818	BTO	$58.43
LSI INDUSTRIES	LYTS	201106	0.11	0.04	800	20110818	BTO	$6.95
MARVELL TECH GP	MRVL	201107	0.32	0.36	-7.69	20110818	AMC	$12.63
MENTOR GRAPHICS	MENT	201107	-0.07	-0.05	7.14	20110818	AMC	$9.32
NAVIOS MARITIME	NM	201106	0.18	0.29	5.88	20110818	BTO	$3.34
NEW YORK & CO	NWY	201107	-0.14	-0.49	50	20110818	BTO	$4.86
NORDSON CORP	NDSN	201107	0.88	0.65	7.95	20110818	AMC	$43.00
OPLINK COMMNCTN	OPLK	201106	0.17	0.21	10.26	20110818	AMC	$16.04
PERRY ELLIS INT	PERY	201107	0.04	-0.11	10.2	20110818	BTO	$17.75
ROSS STORES	ROST	201107	1.28	1.07	0	20110818		$71.07
SALESFORCE.COM	CRM	201107	0.04	0.16	20	20110818	AMC	$134.55
SCANSOURCE INC	SCSC	201106	0.65	0.52	5.26	20110818	AMC	$31.44
SEARS HLDG CP	SHLD	201107	-0.46	-0.19	-13.93	20110818	BTO	$62.32
SILICON GRAPHIC	SGI	201106	-0.05	-0.55	142.86	20110818	AMC	$12.41
SMUCKER JM	SJM	201107	1.08	1.04	2.04	20110818	BTO	$74.18
STAGE STORES	SSI	201107	0.3	0.27	0	20110818	BTO	$16.53
STEIN MART INC	SMRT	201107	0.09	0.08	3.23	20110818	BTO	$7.47
TECH DATA CORP	TECD	201107	0.95	0.82	-2.83	20110818	BTO	$41.57
TORO CO	TTC	201107	1.15	1.01	16.77	20110818	BTO	$48.44
TRONOX INC	TROX	201106	3.79	999	N/A	20110818	BTO	$122.50
WET SEAL INC -A	WTSLA	201107	0.02	0.02	0	20110818	AMC	$4.69
WILLIAMS-SONOMA	WSM	201107	0.36	0.31	7.14	20110818	BTO	$32.17
ANN INC	ANN	201107	0.46	0.32	6.25	20110819	BTO	$21.94
CHINA SUNERGY	CSUN	201106	-0.18	0.33	38.46	20110819	BTO	$1.39
HIBBET SPORTS	HIBB	201107	0.19	0.14	11.76	20110819	BTO	$34.91
KIRKLANDS INC	KIRK	201107	0.02	0.16	15.38	20110819	BTO	$9.15
YINGLI GREEN EN	YGE	201106	0.31	0.22	-7.69	20110819	BTO	$6.35

 
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