diff --git a/tests/test_perf_tracking.py b/tests/test_perf_tracking.py
index 97b338d2..4c0e2919 100644
--- a/tests/test_perf_tracking.py
+++ b/tests/test_perf_tracking.py
@@ -1060,28 +1060,34 @@ class TestPerformanceTracker(unittest.TestCase):
         bar_event_2 = factory.create_trade(
             'bar', 11.0, 20, start_dt + datetime.timedelta(minutes=1))
 
-        foo_event_3 = factory.create_trade(
-            'foo', 12.0, 30, start_dt + datetime.timedelta(minutes=2))
+        events = [
+            foo_event_1,
+            bar_event_1,
+            foo_event_2,
+            bar_event_2
+        ]
 
-        tracker.process_event(foo_event_1)
-        tracker.process_event(bar_event_1)
-        messages = tracker.process_event(foo_event_2)
-        tracker.process_event(bar_event_2)
-        messages += tracker.process_event(foo_event_3)
+        import operator
+        messages = {date: snapshot[0].perf_messages[0] for date, snapshot in
+                    tracker.transform(
+                        itertools.groupby(
+                            events,
+                            operator.attrgetter('dt')))}
 
         self.assertEquals(2, len(messages))
 
-        self.assertEquals(1, len(messages[0]['intraday_perf']['transactions']),
+        msg_1 = messages[foo_event_1.dt]
+        msg_2 = messages[foo_event_2.dt]
+
+        self.assertEquals(1, len(msg_1['intraday_perf']['transactions']),
                           "The first message should contain one transaction.")
         # Check that transactions aren't emitted for previous events.
-        self.assertEquals(0, len(messages[1]['intraday_perf']['transactions']),
+        self.assertEquals(0, len(msg_2['intraday_perf']['transactions']),
                           "The second message should have no transactions.")
 
         # Ensure that period_close moves through time.
         # Also, ensure that the period_closes are the expected dts.
         self.assertEquals(foo_event_1.dt,
-                          messages[0]['intraday_perf']['period_close'],
-                          messages[0])
+                          msg_1['intraday_perf']['period_close'])
         self.assertEquals(foo_event_2.dt,
-                          messages[1]['intraday_perf']['period_close'],
-                          messages[1])
+                          msg_2['intraday_perf']['period_close'])
diff --git a/zipline/finance/performance.py b/zipline/finance/performance.py
index 92d0bef8..06ddcd77 100644
--- a/zipline/finance/performance.py
+++ b/zipline/finance/performance.py
@@ -130,7 +130,6 @@ omitted).
 
 """
 
-import itertools
 import logbook
 import math
 
@@ -206,24 +205,26 @@ class PerformanceTracker(object):
         """
         Main generator work loop.
         """
-        # Set the simulation date to be the first event we see.
-        peek_date, peek_snapshot = next(stream_in)
-        self.saved_dt = peek_date
-
-        # Stitch back together the generator by placing the peeked
-        # event back in front
-        stream = itertools.chain([(peek_date, peek_snapshot)],
-                                 stream_in)
-
-        for date, snapshot in stream:
+        for date, snapshot in stream_in:
             new_snapshot = []
 
-            for event in snapshot:
-                messages = self.process_event(event)
-                if messages is not None:
-                    event.perf_messages = messages
-                    event.portfolio = self.get_portfolio()
+            if self.emission_rate == 'daily':
+                for event in snapshot:
+                    messages = self.process_event(event)
+                    if messages is not None:
+                        event.perf_messages = messages
+                        event.portfolio = self.get_portfolio()
 
+                        new_snapshot.append(event)
+
+            elif self.emission_rate == 'minute':
+                self.saved_dt = date
+                self.todays_performance.period_close = self.saved_dt
+
+                for event in snapshot:
+                    self.process_event(event)
+                    event.perf_messages = [self.to_dict()]
+                    event.portfolio = self.get_portfolio()
                     new_snapshot.append(event)
 
             if new_snapshot:
@@ -277,10 +278,7 @@ class PerformanceTracker(object):
                        event.dt < self.last_close):
                     messages.append(self.handle_market_close())
             elif self.emission_rate == 'minute':
-                if event.dt > self.saved_dt:
-                    self.todays_performance.period_close = self.saved_dt
-                    messages.append(self.to_dict())
-                    self.saved_dt = event.dt
+                messages.append(self.to_dict())
 
             if event.TRANSACTION:
                 self.txn_count += 1
diff --git a/zipline/gens/tradesimulation.py b/zipline/gens/tradesimulation.py
index 6a58866f..23072506 100644
--- a/zipline/gens/tradesimulation.py
+++ b/zipline/gens/tradesimulation.py
@@ -285,10 +285,11 @@ class AlgorithmSimulator(object):
             perf_messages, risk_message = \
                 self.perf_tracker.handle_simulation_end()
 
-            for message in perf_messages:
-                message[self.perf_key]['recorded_vars'] =\
-                    self.algo.recorded_vars
-                yield message
+            if self.perf_tracker.emission_rate == 'daily':
+                for message in perf_messages:
+                    message[self.perf_key]['recorded_vars'] =\
+                        self.algo.recorded_vars
+                    yield message
 
             # When emitting minutely, it is still useful to have a final
             # packet with the entire days performance rolled up.
@@ -298,7 +299,6 @@ class AlgorithmSimulator(object):
                 )
                 daily_rollup['daily_perf']['recorded_vars'] = \
                     self.algo.recorded_vars
-                log.info("emitting daily rollup: %s" % daily_rollup)
                 yield daily_rollup
 
             yield risk_message