As always, we take a look at some of the more notable earnings surprises for the day, and how the share prices have been reacting thus far in today's trading:

Nasty Miss for ARM

With a negative 400% earnings surprise on almost -30% sales growth, it may be tough to understand why transportation industry equipment supplier ArvinMeritor (ARM) is trading up so far this morning, as high as $16.34 in the earlier morning hours.  Then again, its income growth reached nearly 100% to the positive, and the company exzpects higher profits in fiscal year 2008.

The coil coating leader for a variety of manufactured products reported earnings of -6 cents per share, which is a decrease of -115.00% compared to last year's earnings of 40 cents per share. This figure has been adjusted to exclude $0.27 after-tax charge & $0.54 loss from   According to the Zacks Price Response indicator (PRI), Zacks Investment Research expects a -0.23% price decrease in the 10 days following the EPS earnings report.

Tesco Reports No Growth

Energy industry supplier Tesco Corp. (TESO) reported, along with earnings, 0% sales growth and 0% income growth.  An EPS surprise of -35.00% is included in this report.  Year-over-year, earnings dropped 48% from the 25 cents reported in last year's quarter.

Thus far today, the share price for Tesco has fallen nearly a percentage point. The company engages in the design, manufacture, and service delivery of technology based solutions for the upstream energy industry worldwide. It operates through two segments, Top Drives and Casing Services.

'Tis the Season for Macy's

Macy's, Inc. (M) posted a strong earnings surprise of 42.86% on minimal sales growth.  With holiday shopping season just ahead, the company is hopeful that decent sales thus far will translate into a better-than-expected December quarter.  The Zacks PRI expects a 3.39% price increase in the 10 days following the EPS earnings report.

The 10 cents per share EPS reported is a decrease of -50.00% compared to last year's earnings of 20 cents per share. Currently, the stock is trading down $1.19, or 3.88%. The company's subsidiaries operate department stores under the names Bloomingdale's, The Bon Marche, Burdines, Goldsmith's, Lazarus, Macy's, Rich's and Stern's. These department stores sell a wide range of merchandise, including men's, women's and children's apparel and accessories, cosmetics, home furnishings and other consumer goods.