It’s the busiest week of the earnings season thus far, with nearly 150 S & P 500 components set to report. Among the key names slated to post results are tech giants Apple and Microsoft, Amazon and Meta Platforms. Investors will also get a look at Caterpillar’s third-quarter results, which could provide clues on the stat of the global economy. So far, about 20% of the S & P 500 has reported earnings, with 73% of those companies beating expectations, according to FactSet. Here’s a breakdown of what to expect from some of the biggest companies reporting next week. Tuesday General Motors is set to report earnings in the premarket, with corporate leadership set to hold a call with analysts at 8:30 a.m. ET. Last quarter: GM posted weaker-than-expected earnings amid supply chain issues. This quarter: Analysts polled by Refinitiv expects earnings to have grown by more than 23% year over year. What CNBC is watching: “GM said third-quarter sales rose 24%, but that wasn’t enough to stop UBS from downgrading the stock to neutral earlier this month. ‘While we continue to like GM’s EV momentum in 2023 with a strong (IRA-compliant) launch pipeline, the overall sector outlook for 2023 is deteriorating fast so that demand destruction seems inevitable at a time when supply is improving,’ the bank said.” What history shows: GM has posted better-than-expected earnings in 27 of the last 28 quarters, according to FactSet. However, the stock averages only a marginal gain on earnings days, Bespoke Investment Group data shows. Coca-Cola is set to report earnings before the open, followed by a conference call at 8:30 a.m. ET. Last quarter: KO posted better-than-forecast earnings thanks to a sales volume recovery . This quarter: Analysts see a slight decline in year-over-year earnings for the beverage giant, according to Refinitiv. What CNBC restaurant reporter Amelia Lucas is watching: “Coke’s rival PepsiCo hiked its 2022 forecast earlier this month after higher prices fueled sales growth. Coke has similarly been raising prices across its portfolio to mitigate higher costs, but investors will be watching to see how inflation-weary consumers responded. The strong U.S. dollar could also hurt Coke’s performance. Roughly two-thirds of the beverage giant’s revenue comes from international markets.” What history shows: Coca-Cola has outperformed analyst earnings expectations in the last 11 quarters, FactSet data shows. That said, Bespoke data shows Coca-Cola shares only average a small advance on earnings days. Alphabet is set to report earnings after the close, with management expected to hold a conference call at 5 p.m. ET. Last quarter: GOOGL posted earnings and revenue that missed analyst expectations . This quarter: Revenue for the tech giant is expected to have grown by nearly 8% last quarter, but earnings are forecast to have fallen by about 10%, Refinitiv data shows. What CNBC tech reporter Jennifer Elias is watching: “Analysts said they expect Google is among the best positioned for a downturn — just how much better remains unclear. They expect Google to see continued revenue growth decelerate a few points lower than last quarter’s revenue growth slowdown at 13%. They also suspect revenue from Search could potentially remain flat as opposed to experiencing a deceleration. But a lot is still up in the air, they say.” What history shows: Alphabet outperforms earnings expectations 69% of the time and averages a gain of 1.8% after reporting, Bespoke data shows. However, the company’s last two quarterly profits have fallen short of estimates, according to FactSet. Microsoft is set to report earnings after the bell, followed by a conference call with analysts at 5:30 p.m. ET. Last quarter: MSFT posted disappointing quarterly results, b ut the stock ticked higher on rosy guidance . This quarter: Analysts see nearly 10% revenue growth for the software and PC giant, according to Refinitiv. What CNBC tech reporter Jordan Novet is watching: “Microsoft has held up better than much of software this year, with dividends and buybacks drawing shareholders concerned about inflation and economic deterioration. In recent weeks, though, some analysts have lowered their estimates for the quarter and the full fiscal year. In addition to enduring dollar strength, what technology researcher Gartner called the sharpest decline in the PC market since at least the mid-1990s served as inspiration for the analysts who made downward revisions. KeyBanc analysts led by Michael Turits now expects 33% Azure cloud growth for the fiscal year, down from 35% previously. The analysts cited input from large channel partners that suggested the Azure growth they were seeing was slowing down or below plan. ‘Some channels indicated long-term agreements were being signed, but migrations were stretching out, particularly around larger more complex migrations and those involving legacy ‘lift and shift,” they wrote. Finally, some analysts are watching for slowing growth in the LinkedIn business, with a less feverish pace of hiring and fears of brands easing up on advertising. ” What history shows: FactSet data shows Microsoft’s earnings per share have come in above expectations in 24 of the last 25 quarters. Chipotle is set to report earnings after the close. Management is set to hold a call at 4:30 p.m. ET. Last quarter: Higher prices offset disappointing sale, with CMG saying that more hikes were coming . This quarter: Chipotle’s bottom line is expected to have grown by about 30% from the year-earlier period, Refinitiv data shows. What CNBC restaurant reporter Amelia Lucas is watching: “Last quarter, Chipotle said its price hikes scared away some lower-income consumers. Another round of price increases went into effect on August, so it will be interesting to see if the trend accelerated in the third quarter. Surveys and traffic data keep showing that consumers are quick to cut down on their restaurant spending as inflation pressures budgets.” What history shows: Bespoke data shows that Chipotle shares on average rise 1.9% on earnings days. The fast-casual chain has also beaten expectations in the last six quarters, according FactSet. Wednesday Boeing is set to report earnings before the open, followed by a conference call at 10:30 a.m. ET. Last quarter: BA reiterated its 2022 cash flow forecast as it prepared for Dreamliner delivers to resume . This quarter: Boeing’s revenue is expected to have grown by 17% on a year-over-year basis, per Refinitiv. What CNBC airlines reporter Leslie Josephs is watching: “Questions abound for Boeing but top of mind is how quickly the manufacturer can ramp up production, and therefore deliveries, of its bread-and-butter 737 Max planes. Both Boeing and Airbus have discussed supply chain challenges in increasing output, a factor that is limiting airline capacity and keeping fares firm. Also, Boeing has enjoyed a resurgence in aircraft orders but its outlook for 2023 is key, though airline executives have been pretty bullish on the resurgence in travel demand. Boeing executives will likely provide an update on the certification process of its smallest and largest members of the Max family, the 7 and 10, which could be subject to stricter safety standards than older models under new legislation passed after the crashes. Investors will also likely hear from executives on the pace of 787 Dreamliner production and deliveries after this year’s resumption.” What history shows: Boeing has posted larger-than-expected losses for four straight quarters, according to FactSet. Ford Motor is set to report earnings after the bell, and corporate leadership is set to hold a call at 5 p.m. ET. Last quarter: F posted earnings that beat estimates and raised its dividend . This quarter: While the company’s earnings per share are expected to be down more than 40% year over year, analysts see revenue growth in the high-single digits, according to Refinitiv. What CNBC is watching: “Ford reported third-quarter sales growth of 16% for the third quarter . Still, Wells Fargo analysts expect the company’s earnings per share to fall short of expectations. ‘The lower-than-expected results are driven by 40-45K vehicles that were built in Q3 but still await parts for completion. The impacted vehicles are disproportionately high-margin models, though Ford expects the vehicles to be completed in Q4,’ they said.” What history shows: The automaker has posted better-than-expected earnings in three of the last four quarters, per FactSet. But Bespoke data shows the stock struggles on earnings days, falling an average of 0.3%. Meta Platforms is set to report earnings after the close. Management is set to hold a call at 5 p.m. ET. Last quarter: META posted earnings and revenue that missed expectations, while forecasting another quarter of declining sales . This quarter: Analysts see year-over-year revenue and earnings declines for the social media giant, according to Refinitiv. What CNBC social media reporter Jonathan Vanian is watching: “If Snap’s recent earnings report is any indication, Meta could be in for a rough week when it reports its third-quarter earnings on Wednesday. Although Snap is much smaller than Meta, the company acknowledged in a letter to investors that corporate marketing budgets continue to shrink over concerns of a recession. This reduction could impact Meta’s core online advertising business alongside the prolonged impact of Apple’s 2021 iOS privacy change. Investors will be looking for any signs that Meta is weathering the online advertising storm better than its peers. For instance, any indication that Meta’s Reels short-video service is taking off could convince investors that CEO Mark Zuckerberg is leading the company in the right direction.” What history shows: Meta has posted stronger-than-forecast earnings per share in seven of the last 10 quarters, according to FactSet. Thursday Caterpillar is set to report earnings before the bell, and management is expected to hold a call with analysts at 8:30 a.m. ET. Last quarter: CAT said third-quarter profits would suffer due to higher costs. This quarter: Caterpillar’s earnings and revenue are expected to be up mid-to-high double digits, per Refinitiv. What CNBC is watching: “Caterpillar is often seen as a bellwether for the global economy. Because of this, as well as increasing calls for a global recession, investors and analysts will attentively listen to what the company has to say about demand for its machinery and services going forward.” What history shows: Caterpillar has beaten earnings expectations for the last nine quarters, according to FactSet. However, the stock averages a decline of 0.6% on earnings days. Merck is set to report earnings before the open, followed by a conference call at 8 a.m. ET. Last quarter: MRK posted better-than-expected earnings, boosted by Keytruda sales. This quarter: Merck’s earnings per share are expected to have fallen by nearly 2%, Refinitiv data shows. What CNBC is watching: “Merck shares have been on fire this year, rising 24%, in part thanks to continued sales growth of drugs such as Keytruda and positive trial outlooks . Investors will be looking for signs that the pharmaceutical giant can maintain this sort of momentum.” What history shows: Merck’s earnings per share have topped analyst expectations for five straight quarters, FactSet data shows. McDonald’s is set to report earnings in the premarket, with a management call scheduled for 8:30 a.m. ET. Last quarter: MCD said higher prices and value items boosted U.S. sales . This quarter: The fast-food giant’s earnings and revenue are expected to have fallen by about 6% and 8%, respectively, from the year-earlier period, Refinitiv data shows. What CNBC is watching: “McDonald’s has been a two-fold story all year, it seems. On one hand, the company’s European business has been pressured by the ongoing war between Ukraine and Russia. On the other, its U.S. operations has remained strong. Goldman Sachs analyst Jared Garber expects to see more of this in the latest quarterly results. On Wednesday, he lowered his price target on the stock to $270 from $278 to ‘account for our updated IOM SSS estimates and segment margins, which have been lowered due to a weaker economic backdrop in Europe and inflation. However, these changes are modestly offset by our expectation of further SSS strength in the US market throughout 3Q22 and into 4Q22 as the company continues to find success with its limited time promotional items.'” What history shows: McDonald’s earnings per share have outperformed expectations in six of the last 10 quarters, FactSet data shows. Amazon is set to report earnings after the bell. Management is slated to hold a conference call at 5:30 p.m. Last quarter: AMZN shares jumped on stronger-than-expected revenue and upbeat guidance . This quarter: Refinitiv data shows analysts expect 15% year-over-year revenue growth for Amazon, though earnings per share are seen as having fallen by nearly 30%. What CNBC is watching: “Investors and analysts will be watching for signs on how Amazon, one of the largest retailers in the world, is comping with global inflationary pressures that don’t appear to be abating anytime soon. JPMorgan’s Doug Anmuth trimmed his estimates in part due to these pressure. Meanwhile, Rob Sanderson of Loop Capital thinks that this “may be the quarter where Amazon finally shows progress in passing through inflationary pressure.” What history shows: Amazon averages a gain of 0.95% on earnings days and beats expectations 62% of the time, according to Bespoke. However, the company’s last two results have fallen short of expectations. Intel is set to report earnings after the close, with the company slated to hold a call at 5 p.m. ET. Last quarter: INTC missed on earnings and revenue, with its CFO saying they were ” on the bottom .” This quarter: Analysts see a sharp earnings per share drop for Intel, according to Refinitiv. What CNBC is watching: “With signs of deteriorating PC demand, investors will be looking for clues on how Intel plans to weather the storm. Earlier this month , Citi reiterated its neutral rating on the stock, saying: ‘We believe there is more downside to the consensus estimates given collapsing PC demand.'” What history shows: Before last quarter, Intel had posted better-than-expected earnings for 28 straight quarters, FactSet data shows. Apple is set to report earnings after the bell, followed by a management conference call at 5 p.m. ET. Last quarter: AAPL posted better-than-expected earnings and revenue and said it sees growth accelerating despite ” pockets of softness .” This quarter: The iPhone maker’s earnings per share are expected to have expanded slightly from the year-earlier period, Refinitv data shows. What CNBC tech reporter Kif Leswing is watching: “The biggest signal investors can get from Thursday’s earnings is whether Apple’s recent round of iPhones, the iPhone 14 series, has stronger demand than last year. The September quarter includes a few weeks of sales of the new devices, which were announced last month. Another possible upside surprise is if iPad and Mac sales grow quarter-over-quarter after they were hampered by supply shortages earlier this year. Finally, Apple’s important Services business will be under the microscope, as the company telegraphed slower-than-before growth in the high-profit division in the September quarter, blaming macroeconomic slowness and a strong dollar.” What history shows: Apple has beaten earnings expectations in the last 14 quarters, according to FactSet. The stock also does well when after the company posts its numbers, Bespoke data shows.
Earnings playbook: How to trade the busiest week of the season thus far, including Apple and Amazon