Earnings Preview 7/15/11

Second quarter earnings season is now under way, but things really start to move into high gear next week. There will be 348 firms reporting, and 108 of those are in the S&P 500. By next Friday we should have a very good handle on how the overall earnings season will go.

The firms reporting this week are sort of like a who’s who of U.S. industry including: Apple (AAPL), American Express (AXP), Bank of America (BAC), Caterpillar (CAT), General Electric (GE), International Business Machines (IBM), Intel (INTC), McDonald’s (MCD), Schlumberger (SLB) and Verizon (VZ). That is an interesting cross section of U.S. business.

We have a relatively light economic data calendar, so earnings should be front and center, along with the sovereign debt situations on both sides of the Atlantic. The theme of the economic data will be housing, starting on Monday with the Homebuilder’s index, moving on to Housing Starts and Building Permits on Tuesday and Existing Home Sales on Wednesday. We finish up on Thursday with the Philly Fed index, and of course the weekly initial jobless claims numbers.

Monday

  • The National Association of Homebuilder’s index was at just 13 in June, when the break even between expansion and contraction is 50. No consensus expectations exist, but I would expect a slight uptick to 14 or 15, but that is still an absolutely awful level.

Tuesday

  • Housing Starts are expected to rebound slightly, rising to an annual rate of 570,000 in June from just 560,000 in May. What “strength” there is in the number is likely to come from the extremely volatile multi-family apartment and condo sector. Single family starts are a better gage of the overall pace of housing activity. Single family starts were only running at an annual rate of 419,000. This is an extremely low level, the bubble peak was over 1.8 million. 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. Given the record low level of new home sales in February, I suspect that the hopes of a rebound, however slight, are just that, hopes, particularly when it comes to single family starts.
  • 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 edge down to 605,000 from 612,000. 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.

Wednesday

  • Existing Home Sales are expected to rise to a seasonally adjusted annual rate of 4.95 million from 4.81 million in May. What is more significant will be the level of inventories, and if the May months of supply rate of 9.3 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 an 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.

Thursday

  • Weekly initial claims for unemployment insurance come out. They had a very nice decline early in they year, but then had a rough few months. Last week they fell by 22,000 to 405,000 (but only after an upward revision to the prior week of 10,000). A slight increase is expected next week, rising to 411,000. The four week moving average will stay well above the 400,000 level, where it has been for the three months. The sharp rise in initial claims were an early warning of the weak jobs report for June. Robust job expansion is generally associated with initial claims below the 400,000 level.
  • Continuing claims have also been in a downtrend of late, but the road down has been bumpy. Last week they rose by 15,000 to 3.727 million. That is down 928,000 from a year ago. I would expect a small decline this week. The consensus is looking for a small increase to 3.700 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 3.831 million, and are down by 502,000 over the last year. 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 7.485 million, which is up 25,000 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 1.267 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. Given the differential between job growth and the decline in total people getting benefits, it looks like about 1 million people have simply run out of benefits, and have not found new work. Make sure to look at both sets of numbers! Many of the press reports will not, but we will here at Zacks.
  • The Philly Fed index, one of the regional Mini-ISM’s is expected to rise to 0.0 from -7.70 in June. Any reading above zero indicates expansion, so the expected level means manufacturing activity in the Mid Atlantic would be stalled, neither expanding nor contracting. The May reading was shockingly weak, April was at 18.8.

Friday

  • Nothing of particular significance.

Potential Positive or Negative Surprises

Historically the best indicators of firms which are likely to report positive surprises are a recent history of positive surprises and rising estimates going into the report. The Zack’s 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 potential disappointing earnings report.

Potential Positive Surprises

  • Honeywell (HON) is expected to report EPS of $0.98 versus $0.60 a year ago. Last time out HON reported 8.69% above expectations and over the last month, the estimates for this quarter have risen by 0.17%. HON is a #1 ranked stock.
  • Olin (OLN) is expected to report EPS of $0.51 versus $0.31 a year ago. Last time out OLN reported 16.67% above expectations and over the last month, the estimates for this quarter have risen by 0.33%. OLN is a #1 ranked stock.
  • Select Comfort Sleep Systems (SCSS) is expected to report EPS of $0.17 versus $0.11 a year ago. Last time out SCSS reported 57.89% above expectations and over the last month, the estimates for this quarter have risen by 0.84%. SCSS is a #1 ranked stock.

Potential Negative Surprises

  • Morgan Stanley (MS) is expected to report a loss of $0.62 versus EPS of $0.87 a year ago. Last time out MS reported 35.29% above expectations but over the last month, the estimates for this quarter have plunged by 308.6%, moving from an expected profit to an expected loss. MS is a #5 ranked stock.
  • Piper Jaffrey (PJC) is expected to report EPS of $0.49 versus $0.36 a year ago. Last time out PJC reported 28.3% below expectations and over the last month, the estimates for this quarter have dropped by 7.9%. PJC is a #4 ranked stock.
  • Petmed (PETS) is expected to report EPS of $0.24 versus $0.32 a year ago. Last time out PETS reported 13.64% below expectations and over the last month, the estimates for this quarter have fallen by 2.38%. PETS is a #4 ranked stock.

    Earnings Calendar

    Company Ticker Qtr End EPS Est Year Ago
    EPS     		Last EPS
    Surprise %     		Next EPS Report Date Time Daily Price
    BROWN & BROWN BRO 201106 $0.30 $0.29 -3.03 20110718 AMC $24.81
    CHECK PT SOFTW CHKP 201106 $0.63 $0.53 3.45 20110718 BTO $56.59
    EQUITY LIFESTYL ELS 201106 $0.80 $0.76 1.79 20110718 BTO $65.23
    GANNETT INC GCI 201106 $0.57 $0.61 -2.38 20110718 BTO $13.32
    HALLIBURTON CO HAL 201106 $0.72 $0.52 5.17 20110718 BTO $51.83
    HASBRO INC HAS 201106 $0.38 $0.29 29.41 20110718 BTO $41.31
    ICU MEDICAL INC ICUI 201106 $0.56 $0.56 -2.13 20110718 AMC $45.79
    INTL BUS MACH IBM 201106 $3.01 $2.61 0.87 20110718 AMC $174.23
    LINCARE HLDGS LNCR 201106 $0.51 $0.47 0 20110718 AMC $29.04
    MGIC INVSTMT CP MTG 201106 $0.05 ($0.04) -185.71 20110718 BTO $6.04
    MOSAIC CO/THE MOS 201105 $1.38 $0.89 12.04 20110718 AMC $66.08
    NEW ORIENTAL ED EDU 201105 $0.22 $0.15 25 20110718 BTO $116.15
    PACKAGING CORP PKG 201106 $0.34 $0.38 -4.88 20110718 AMC $27.59
    PARK NATIONAL PRK 201106 $0.72 $1.30 31.63 20110718 $63.55
    PETMED EXPRESS PETS 201106 $0.24 $0.32 -13.64 20110718 BTO $11.69
    SCHWAB(CHAS) SCHW 201106 $0.20 $0.17 5.26 20110718 BTO $15.20
    STANLEY B&D INC SWK 201106 $1.27 $1.24 8 20110718 BTO $68.99
    STEEL DYNAMICS STLD 201106 $0.41 $0.22 9.52 20110718 AMC $15.64
    WYNN RESRTS LTD WYNN 201106 $0.98 $0.52 89.04 20110718 AMC $158.78
    ZIONS BANCORP ZION 201106 ($0.01) ($0.84) 147.06 20110718 AMC $22.97
    AB ELECTROLUX ELUXY 201106 $0.40 $0.98 N/A 20110719 $45.51
    ALTERA CORP ALTR 201106 $0.64 $0.58 4.62 20110719 AMC $42.58
    AMERISERV FINL ASRV 201106 $0.02 $0.01 66.67 20110719 BTO $2.07
    APPLE INC AAPL 201106 $5.73 $3.51 19.63 20110719 $357.77
    APTARGROUP INC ATR 201106 $0.75 $0.67 0 20110719 AMC $52.52
    BANCFIRST OKLA BANF 201106 $0.69 $0.71 -5.8 20110719 AMC $38.73
    BANK OF AMER CP BAC 201106 ($0.91) $0.27 -37.04 20110719 BTO $10.07
    BANK OF NY MELL BK 201106 $0.56 $0.59 -5.26 20110719 BTO $25.09
    CHIPOTLE MEXICN CMG 201106 $1.68 $1.46 2.1 20110719 AMC $324.63
    CINTAS CORP CTAS 201105 $0.44 $0.35 13.89 20110719 AMC $31.22
    COCA COLA CO KO 201106 $1.16 $1.06 -1.15 20110719 BTO $67.67
    COMERICA INC CMA 201106 $0.53 $0.39 18.75 20110719 BTO $32.58
    CROWN HLDGS INC CCK 201106 $0.83 $0.67 14.29 20110719 AMC $37.71
    CSX CORP CSX 201106 $0.44 $0.36 1.92 20110719 AMC $25.25
    DELTA AIR LINES DAL 201106 $0.49 $0.65 24 20110719 BTO $8.51
    FIDELITY NAT IN FIS 201106 $0.54 $0.46 0 20110719 AMC $29.60
    FOREST LABS A FRX 201106 $0.96 $0.95 3.7 20110719 BTO $38.79
    FORTINET INC FTNT 201106 $0.07 $0.05 41.67 20110719 AMC $26.98
    FULTON FINL FULT 201106 $0.18 $0.14 0 20110719 AMC $10.50
    GOLDMAN SACHS GS 201106 $2.32 $2.75 97.47 20110719 BTO $129.89
    GRAINGER W W GWW 201106 $2.11 $1.65 21.79 20110719 BTO $156.59
    HARLEY-DAVIDSON HOG 201106 $0.70 $0.59 -3.77 20110719 BTO $41.80
    INFINERA CORP INFN 201106 ($0.22) ($0.10) 5.88 20110719 AMC $6.50
    INTUITIVE SURG ISRG 201106 $2.71 $2.19 4.02 20110719 $355.96
    JOHNSON & JOHNS JNJ 201106 $1.24 $1.21 8 20110719 BTO $67.66
    KAYNE ANDSN EGY KED 201105 $0.25 $0.16 3.33 20110719 AMC $20.18
    KEYCORP NEW KEY 201106 $0.20 $0.06 40 20110719 BTO $7.96
    KNOLL INC KNL 201106 $0.27 $0.22 0 20110719 BTO $19.55
    MANHATTAN ASOC MANH 201106 $0.39 $0.36 -8.33 20110719 AMC $34.36
    MARTEN TRANS MRTN 201106 $0.28 $0.23 11.76 20110719 AMC $22.11
    MCMORAN EXPLOR MMR 201106 ($0.14) ($0.11) -42.11 20110719 $17.51
    MERCANTILE BANK MBWM 201106 $0.12 ($0.08) 192.31 20110719 BTO $8.60
    MERIDIAN BIOSCI VIVO 201106 $0.21 $0.17 0 20110719 BTO $26.15
    MILLER ENERGY MILL 201104 ($0.08) ($2.18) 0 20110719 AMC $7.46
    NOVARTIS AG-ADR NVS 201106 $1.39 $1.20 6.87 20110719 BTO $61.35
    OMNICOM GRP OMC 201106 $0.92 $0.79 16.95 20110719 $47.11
    PEABODY ENERGY BTU 201106 $1.04 $0.69 11.67 20110719 BTO $58.04
    PINNACLE FIN PT PNFP 201106 $0.11 ($0.32) 100 20110719 AMC $15.10
    PLATINUM UNDRWT PTP 201106 $0.60 $1.50 10.9 20110719 AMC $33.34
    POLARIS INDUS PII 201106 $1.18 $0.76 91.43 20110719 BTO $113.41
    PRECISION CASTP PCP 201106 $1.95 $1.65 -2.09 20110719 BTO $160.48
    RENASANT CORP RNST 201106 $0.22 $0.18 -5.88 20110719 AMC $15.01
    RIVERBED TECH RVBD 201106 $0.12 $0.05 -10 20110719 AMC $39.01
    SCHIFF NUTRITN WNI 201105 $0.11 $0.08 7.69 20110719 BTO $11.42
    SMITH (AO) CORP AOS 201106 $0.50 $0.81 10.64 20110719 BTO $41.32
    STATE ST CORP STT 201106 $0.97 $0.93 3.53 20110719 BTO $44.20
    STERLING BCS-TX SBIB 201106 $0.02 $0.01 -100 20110719 BTO $7.69
    STRYKER CORP SYK 201106 $0.90 $0.80 1.12 20110719 $58.64
    TAUBMAN CENTERS TCO 201106 $0.62 $0.61 8.62 20110719 AMC $60.04
    TD AMERITRADE AMTD 201106 $0.29 $0.30 7.14 20110719 $18.06
    TESSCO TECH INC TESS 201106 $0.40 $0.26 40 20110719 AMC $11.61
    UNITEDHEALTH GP UNH 201106 $0.93 $0.99 37.08 20110719 BTO $52.27
    UTD RENTALS INC URI 201106 $0.44 $0.25 -166.67 20110719 AMC $23.29
    VMWARE INC-A VMW 201106 $0.31 $0.20 0 20110719 AMC $100.55
    WAL-MART MX-ADR WMMVY 201106 $0.23 $0.20 0 20110719 $29.20
    WASTE CONNCTION WCN 201106 $0.38 $0.32 6.67 20110719 AMC $32.51
    WELLS FARGO-NEW WFC 201106 $0.69 $0.55 0 20110719 BTO $27.28
    WESTAMER BANCP WABC 201106 $0.78 $0.80 -2.53 20110719 $48.22
    WIPRO LTD-ADR WIT 201106 $0.12 $0.12 8.33 20110719 AMC $12.78
    YAHOO! INC YHOO 201106 $0.18 $0.16 18.75 20110719 $14.63
    YARA INTL-ADR YARIY 201106 $1.50 $0.84 15.23 20110719 $56.24
    8X8 INC EGHT 201106 $0.03 $0.02 -25 20110720 AMC $4.53
    ABBOTT LABS ABT 201106 $1.11 $1.01 1.11 20110720 BTO $53.16
    ALTRIA GROUP MO 201106 $0.54 $0.50 0 20110720 $26.85
    AMER EXPRESS CO AXP 201106 $0.98 $0.84 4.3 20110720 AMC $51.38
    AMPHENOL CORP-A APH 201106 $0.77 $0.68 1.41 20110720 BTO $50.39
    AMR CORP AMR 201106 ($0.74) ($0.03) 9.02 20110720 BTO $5.09
    ASTORIA FINL CP AF 201106 $0.23 $0.19 31.82 20110720 AMC $13.11
    ATMI INC ATMI 201106 $0.28 $0.24 13.64 20110720 BTO $18.57
    BANNER CORP BANR 201106 ($0.53) ($1.96) 40 20110720 AMC $17.13
    BLACKROCK INC BLK 201106 $2.92 $2.37 7.64 20110720 BTO $182.27
    BOSTON SCIENTIF BSX 201106 $0.08 $0.06 250 20110720 AMC $7.09
    CA INC CA 201106 $0.47 $0.46 4.35 20110720 AMC $22.11
    CATHAY GENL BCP CATY 201106 $0.26 ($0.03) 27.78 20110720 AMC $15.78
    CENTRAL VLY COM CVCY 201106 $0.09 $0.04 77.78 20110720 AMC $6.68
    CHEESECAKE FACT CAKE 201106 $0.42 $0.39 3.03 20110720 AMC $32.70
    COCA-COLA FEMSA KOF 201106 $1.22 $1.05 2.97 20110720 BTO $93.82
    COHEN&STRS INC CNS 201106 $0.34 $0.19 -6.25 20110720 AMC $34.01
    COHU INC COHU 201106 $0.21 $0.28 18.52 20110720 $12.89
    CORE LABS NV CLB 201106 $0.88 $0.71 1.32 20110720 AMC $115.34
    COVANTA HOLDING CVA 201106 $0.09 $0.17 -25 20110720 AMC $16.48
    CROSS(AT)-A ATX 201106 $0.22 $0.20 233.33 20110720 AMC $12.86
    CVB FINL CVBF 201106 $0.14 $0.18 33.33 20110720 AMC $9.14
    DATALINK CORP DTLK 201106 $0.07 $0.00 30 20110720 AMC $7.00
    E TRADE FINL CP ETFC 201106 $0.16 $0.12 33.33 20110720 AMC $12.96
    EAGLE BCP INC EGBN 201106 $0.24 $0.15 4.35 20110720 AMC $13.77
    EAST WEST BC EWBC 201106 $0.37 $0.21 8.82 20110720 BTO $19.46
    EBAY INC EBAY 201106 $0.39 $0.35 0 20110720 $32.19
    EMC CORP -MASS EMC 201106 $0.27 $0.23 -4 20110720 BTO $26.82
    EXPONENT INC EXPO 201106 $0.51 $0.48 12.77 20110720 AMC $44.40
    F5 NETWORKS INC FFIV 201106 $0.71 $0.50 1.49 20110720 $110.96
    FIRST CASH FINL FCFS 201106 $0.47 $0.36 4.17 20110720 $42.41
    FIRST REP BK SF FRC 201106 $0.65 $999.00 15.52 20110720 BTO $29.82
    FORWARD AIR CRP FWRD 201106 $0.37 $0.27 17.39 20110720 AMC $33.96
    FREESCALE SEMI FSL 201106 $0.25 $999.00 N/A 20110720 AMC $17.85
    GRUPO AEROP-ADS OMAB 201106 $0.27 $0.13 106.25 20110720 $18.10
    HANESBRANDS INC HBI 201106 $0.86 $0.67 48.48 20110720 BTO $31.50
    HEARTLAND EXP HTLD 201106 $0.21 $0.18 6.67 20110720 DMT $16.63
    HOST HOTEL&RSRT HST 201106 $0.29 $0.23 -8.33 20110720 BTO $16.64
    ICON PLC ICLR 201106 $0.22 $0.38 -4.55 20110720 BTO $24.79
    INTEL CORP INTC 201106 $0.51 $0.51 21.74 20110720 $22.27
    JAKKS PACIFIC JAKK 201106 $0.15 $0.17 2.5 20110720 BTO $17.86
    JOHNSON CONTROL JCI 201106 $0.53 $0.54 1.82 20110720 $40.76
    KINDER MORG MGT KMR 201106 $0.46 $0.52 -43.18 20110720 AMC $65.04
    KNIGHT CAP GP KCG 201106 $0.21 $0.58 32 20110720 $10.83
    LASALLE HTL PRP LHO 201106 $0.57 $0.52 18.18 20110720 AMC $25.37
    LUFKIN INDS LUFK 201106 $0.68 $0.35 -4.35 20110720 BTO $85.32
    M&T BANK CORP MTB 201106 $1.53 $1.53 18.44 20110720 BTO $86.00
    MELLANOX TECH MLNX 201106 $0.09 $0.15 180 20110720 AMC $28.86
    MKS INSTRUMENTS MKSI 201106 $0.63 $0.66 2.82 20110720 AMC $25.06
    MONARCH CASINO MCRI 201106 $0.13 $0.16 -16.67 20110720 AMC $10.04
    NEOGENOMICS INC NGNM 201106 ($0.01) ($0.03) -100 20110720 BTO $1.36
    NOBLE CORP NE 201106 $0.29 $0.85 -11.11 20110720 BTO $36.09
    NORTHERN TRUST NTRS 201106 $0.69 $0.78 -9.23 20110720 BTO $44.44
    NVE CORP NVEC 201106 $0.77 $0.64 -8.54 20110720 AMC $56.34
    PACIFIC CONTL PCBK 201106 $0.10 $0.09 0 20110720 AMC $10.05
    PIPER JAFFRAY PJC 201106 $0.49 $0.36 -28.3 20110720 BTO $27.15
    PLEXUS CORP PLXS 201106 $0.54 $0.59 5.36 20110720 AMC $32.20
    PNC FINL SVC CP PNC 201106 $1.47 $1.60 14.6 20110720 $57.26
    POPULAR INC BPOP 201106 $0.05 ($0.29) -2100 20110720 BTO $2.59
    QUALCOMM INC QCOM 201106 $0.62 $0.50 6.94 20110720 AMC $54.92
    QUEST DIAGNOSTC DGX 201106 $1.13 $1.07 1.01 20110720 BTO $58.00
    RAYMOND JAS FIN RJF 201106 $0.42 $0.48 3.23 20110720 AMC $31.44
    RLI CORP RLI 201106 $1.05 $1.52 19.35 20110720 AMC $62.62
    ROBT HALF INTL RHI 201106 $0.22 $0.08 5.88 20110720 AMC $25.32
    S Y BANCORP INC SYBT 201106 $0.45 $0.40 -4.76 20110720 BTO $23.35
    SABA SOFTWARE SABA 201105 ($0.01) $0.06 200 20110720 AMC $8.91
    SEAGATE TECH STX 201106 $0.25 $0.70 -7.41 20110720 AMC $16.68
    SEI INVESTMENTS SEIC 201106 $0.31 $0.28 3.33 20110720 BTO $22.05
    SELECT COMFORT SCSS 201106 $0.17 $0.11 57.89 20110720 AMC $18.00
    SENSATA TECHNOL ST 201106 $0.50 $0.44 0 20110720 BTO $36.62
    SLM CORP SLM 201106 $0.41 $0.39 17.07 20110720 AMC $16.15
    ST JUDE MEDICAL STJ 201106 $0.84 $0.79 2.56 20110720 $45.55
    STANLEY FURN CO STLY 201106 ($0.16) ($0.80) 31.25 20110720 AMC $4.27
    TE CONNECT-LTD TEL 201106 $0.71 $0.70 -1.39 20110720 BTO $35.28
    TEREX CORP TEX 201106 $0.18 ($0.28) -60 20110720 AMC $26.39
    TEXAS CAP BCSHS TCBI 201106 $0.36 $0.22 -3.13 20110720 AMC $26.27
    TEXTRON INC TXT 201106 $0.24 $0.29 -41.18 20110720 BTO $21.91
    TRACTOR SUPPLY TSCO 201106 $1.19 $1.02 50 20110720 AMC $69.07
    UMPQUA HLDGS CP UMPQ 201106 $0.13 $0.04 20 20110720 AMC $11.59
    UNITED CONT HLD UAL 201106 $1.42 $1.95 8.89 20110720 BTO $21.20
    US BANCORP USB 201106 $0.53 $0.45 6.12 20110720 BTO $24.69
    UTD TECHS CORP UTX 201106 $1.41 $1.32 6.6 20110720 BTO $87.82
    VIRGINIA COMMRC VCBI 201106 $0.14 $0.15 -14.29 20110720 $5.99
    WERNER ENTRPRS WERN 201106 $0.34 $0.29 4.76 20110720 AMC $25.36
    WESTELL TECH-A WSTL 201106 $0.05 $0.07 25 20110720 AMC $3.38
    WESTWOOD HLDGS WHG 201106 $0.52 $0.36 10.42 20110720 AMC $39.35
    XILINX INC XLNX 201106 $0.53 $0.58 15.38 20110720 AMC $33.53
    ABB LTD-ADR ABB 201106 $0.37 $0.27 -6.45 20110721 $25.63
    ACACIA RES-TECH ACTG 201106 ($0.01) ($0.06) -19.05 20110721 AMC $36.96
    ACME PACKET INC APKT 201106 $0.21 $0.15 0 20110721 AMC $65.30
    ADV MICRO DEV AMD 201106 $0.08 $0.12 60 20110721 $6.44
    AKZO NOBEL NV AKZOY 201106 $1.27 $1.35 N/A 20110721 $59.62
    ALASKA AIR GRP ALK 201106 $2.35 $2.29 15.94 20110721 $67.21
    ALBEMARLE CORP ALB 201106 $1.12 $0.89 21.05 20110721 AMC $67.92