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Do you like to follow stocks that constantly surprise the market in a positive way? For a closer look at stocks with a history of positively surprising the market, we ran a screen.

We began by screening for stocks on winning streaks, measured by a persistence of days in which the stock outperformed the S&P 500 and little persistence of days in underperforming the index. We measured this by the ratio of the longest winning streak (in days) divided by the longest losing streak over the last month.

We then screened for those with a history of surprising the market with positive earnings reports, with an average earnings surprise of at least 25% over the last five quarterly reports.

(click to enlarge)

Do you think these stocks will continue to win? Use this list as a starting point for your own analysis.

List sorted by win streak/lose streak ratio.

1. BioDelivery Sciences International, Inc. (NASDAQ:BDSI): Focuses on developing and commercializing products in the areas of pain management and oncology supportive care. Market cap at $118.82M, most recent closing price at $4.01. In Jun 2011: Reported EPS at -0.18 vs. estimate at -0.29 (surprise of 37.9%). In Sep 2011: Reported EPS at -0.17 vs. estimate at -0.21 (surprise of 19%). In Dec 2011: Reported EPS at -0.14 vs. estimate at -0.21 (surprise of 33.3%). In Mar 2012: Reported 0.69 vs. estimate at 0.6 (surprise of 15%). [Average earnings surprise at 26.3%]. The stock's average daily alpha vs. the S&P500 index stands at 1.01% (measured close to close, over the last month). During this period, the longest winning streak lasted 10 days (i.e. the stock's daily returns outperformed the S&P 500 for 10 consecutive days). The longest losing streak lasted 1 day (i.e. a win streak / losing streak ratio of 10).

2. Asset Acceptance Capital Corp. (AACC): Engages in purchasing and collecting defaulted or charged-off accounts receivable portfolios from consumer credit originators in the United States. Market cap at $169.57M, most recent closing price at $5.52. In Jun 2011: Reported EPS at 0.12 vs. estimate at 0.06 (surprise of 100%). In Sep 2011: Reported EPS at 0.1 vs. estimate at 0.07 (surprise of 42.9%). In Dec 2011: Reported EPS at 0.14 vs. estimate at 0.09 (surprise of 55.6%). In Mar 2012: Reported 0.18 vs. estimate at 0.1 (surprise of 80%). [Average earnings surprise at 69.62%]. The stock's average daily alpha vs. the S&P500 index stands at 0.86% (measured close to close, over the last month). During this period, the longest winning streak lasted 11 days (i.e. the stock's daily returns outperformed the S&P 500 for 11 consecutive days). The longest losing streak lasted 2 days (i.e. a win streak / losing streak ratio of 5.5).

3. Akorn, Inc. (NASDAQ:AKRX): Engages in the manufacture and marketing of diagnostic and therapeutic pharmaceutical products, hospital drugs, and injectable pharmaceuticals in the United States and internationally. Market cap at $1.23B, most recent closing price at $12.95. In Jun 2011: Reported EPS at 0.08 vs. estimate at 0.05 (surprise of 60%). In Sep 2011: Reported EPS at 0.09 vs. estimate at 0.07 (surprise of 28.6%). In Dec 2011: Reported EPS at 0.11 vs. estimate at 0.09 (surprise of 22.2%). In Mar 2012: Reported 0.13 vs. estimate at 0.11 (surprise of 18.2%). [Average earnings surprise at 32.25%]. The stock's average daily alpha vs. the S&P500 index stands at 0.89% (measured close to close, over the last month). During this period, the longest winning streak lasted 10 days (i.e. the stock's daily returns outperformed the S&P 500 for 10 consecutive days). The longest losing streak lasted 2 days (i.e. a win streak / losing streak ratio of 5).

4. Cray Inc. (NASDAQ:CRAY): Engages in the design, development, manufacture, marketing, and service of high-performance computing systems, known as supercomputers. Market cap at $374M, most recent closing price at $10.10. In Jun 2011: Reported EPS at -0.08 vs. estimate at -0.21 (surprise of 61.9%). In Sep 2011: Reported EPS at -0.35 vs. estimate at -0.48 (surprise of 27.1%). In Dec 2011: Reported EPS at 0.85 vs. estimate at 0.22 (surprise of 286.4%). In Mar 2012: Reported 0.13 vs. estimate at 0.03 (surprise of 333.3%). [Average earnings surprise at 177.17%]. The stock's average daily alpha vs. the S&P500 index stands at 2.57% (measured close to close, over the last month). During this period, the longest winning streak lasted 5 days (i.e. the stock's daily returns outperformed the S&P 500 for 5 consecutive days). The longest losing streak lasted 2 days (i.e. a win streak / losing streak ratio of 2.5).

5. Lionbridge Technologies Inc. (NASDAQ:LIOX): Provides language, development, and testing services. Market cap at $189.51M, most recent closing price at $3.0. In Jun 2011: Reported EPS at 0.03 vs. estimate at 0 (surprise of N/A). In Sep 2011: Reported EPS at 0.04 vs. estimate at 0.01 (surprise of 300%). In Dec 2011: Reported EPS at 0.05 vs. estimate at 0.04 (surprise of 25%). In Mar 2012: Reported 0.03 vs. estimate at -0.01 (surprise of 400%). [Average earnings surprise at 241.67%]. The stock's average daily alpha vs. the S&P500 index stands at 1.01% (measured close to close, over the last month). During this period, the longest winning streak lasted 5 days (i.e. the stock's daily returns outperformed the S&P 500 for 5 consecutive days). The longest losing streak lasted 2 days (i.e. a win streak / losing streak ratio of 2.5).

*Price data sourced from Yahoo! Finance, all other data sourced from Finviz.

Source: 5 Stocks On Winning Streaks With A History Of Positive Earnings Surprises