Apogee Enterprises (NSDQ: APOG) beat second quarter estimates by $.10, reporting $.77 versus estimates of $.66. Despite the beat and an increase in estimates for fiscal 2017 (ending February 2017) the stock dropped 6%. Analysts expressed concern over a 13% decline in the company’s backlog.

Due to the size of some of Apogee’s projects this metric can be “lump,y” meaning the delay of one big job or a faster than expected completion of a project can exaggerate swings.

Management was incredibly bullish and raised estimates for the year to $2.80-$2.90 versus a previous range of $2.70-2.85. APOG trades for a PE of 13 despite 28% expected growth this fiscal year and 16% growth expected in 2018.

Installed Building Products (NYSE: IBP) should continue to see strong growth based on a positive report out by home builder Lennar. Although the overall 8% order growth enjoyed by Lennar is slightly lower than previous growth rates, the deceleration is entirely due to weakness in Houston where demand for big houses has been clipped by the price of oil. Outside of Houston orders were up 10%.

Lattice Semiconductor (NSDQ: LSCC) was initiated with a Positive at Susquehanna. Analyst Christopher Rolland initiated Lattice Semiconductor saying it is an top acquisition candidate due to potential cost synergies and a strategic portfolio.