Market Snapshot: Alphabet, Exxon results to mark midpoint of ugly earnings season

With Google’s parent company and Exxon Mobil Corp. set to release results in the week ahead, more than half the companies in the S&P 500 Index will have reported quarterly results in a tough earnings season that is showing little sign of improving.

Stocks posted their second week of gains as the Bank of Japan on Friday pushed a key interest rate into negative territory with the Dow Jones Industrial Average DJIA, +2.47%  and the S&P 500 Index SPX, +2.48%  both rising 2.5%, and the Nasdaq Composite Index COMP, +2.38%  gaining 2.4%.

Dow components Exxon Mobil XOM, +1.12%  and Pfizer Inc. PFE, +0.96%  are set to report results on Tuesday, with Merck & Co. MRK, +2.99%  due on Wednesday.

The big prize, however, will be on Monday with Alphabet Inc. GOOG, +1.64% GOOGL, +1.74% earnings, which could very well catapult the parent company of Google past that of Apple Inc. AAPL, +3.45%  in terms of market cap.

Results so far this earnings season have done little to improve a projected decline for the quarter. Earnings for the S&P 500 are on track to decline 5.8% for the fourth quarter, fractionally better than the 6% decline projected in the previous week, according to John Butters, senior earnings analyst at FactSet.

Read: These earnings suggest we may be headed for recession

Even if one takes away the worst sector, energy, the S&P 500 would still be on track for a 0.5% decline, Butters said. Plus, companies aren’t looking for much improvement to materialize in the current quarter, with 85% of the companies providing earnings outlooks guiding below the Wall Street consensus, compared with the five-year average of 72%.

More than 100 S&P 500 companies are scheduled to report in the week ahead.

Notable earnings reports this week
Report date Company/ticker (FactSet EPS / revenue estimates)
Mon., Feb. 1
  • Alphabet ($8.09 / $16.89 billion)
  • Aetna Inc. AET, +3.09%  ($1.21 / $14.95 billion)
  • Mattel Inc. MAT, +1.51%  (61 cents / $1.91 billion)
Tues., Feb. 2
  • Exxon Mobil (63 cents / $50.85 billion)
  • Gilead Sciences Inc. GILD, -5.18%  ($3 / $8.15 billion)
  • Pfizer (52 cents / $13.59 billion)
  • Chipotle Mexican Grill Inc. CMG, -0.02%  ($1.82 / $1.01 billion)
  • United Parcel Service Inc. UPS, +2.42%  ($1.42 / $16.2 billion)
  • Dow Chemical Co. DOW, +1.08%  (69 cents / $11.17 billion)
Weds., Feb. 3
  • Merck (91 cents / $10.36 billion)
  • Comcast Corp. CMCSA, +2.96%  (82 cents / $18.77 billion)
  • General Motors Co. GM, +2.14%  ($1.21 / $36.92 billion)
  • Mondelez International Inc. MDLZ, +3.73%  (49 cents / $7.29 billion)
  • GoPro Inc. GPRO, +8.33%  (break even / $435 million)
Thurs., Feb. 4
  • Philip Morris International Inc. PM, +1.07%  (81 cents / $6.52 billion)
  • ConocoPhillips COP, +2.79%  (loss of 64 cents / $7.97 billion)
  • Yum Brands Inc. YUM, +2.78%  (67 cents / $4.04 billion)
  • MetLife Inc. MET, +1.99%  ($1.36 / $17.56 billion)
  • Occidental Petroleum Corp. OXY, +4.49%  (loss of 11 cents / $2.98 billion)
  • LinkedIn Corp. LNKD, +3.54%  (78 cents / $857.3 million)
Fri., Feb. 5
  • Estée Lauder Cos. EL, +1.86%  ($1.11 / $3.08 billion)
  • Tyson Foods Inc. TSN, +1.46%  (89 cents / $10.04 billion)
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