Small-Cap Surprises

On Wednesday, we offered an earnings report card for the large-cap stocks in the S&P 500. We are about halfway through earnings season, and large-cap reporting looked OK. There were more upsides than downsides, and the magnitude of upsides were larger than the size of downsides. This may partially explain the outperformance of large-caps vs. small-caps so far this year. To dig deeper, today we will work up an earnings report card for the small-cap sector, as represented by the Russell 2000.

So far exactly 47% of the Russell 2000 has reported, and the table below highlights the top 20 winners and the bottom 20 losers. As a reminder, when I evaluate the earnings, I don't look at absolute numbers or even growth rates but rather at earnings surprises. Surprises are the best tell for where expectations are wrong -- and finding incorrect expectations is the only real way to make money in stocks....342 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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