It's the busiest week of earnings season, and it could have serious consequences for the stock market. About 160 S&P 500 companies are scheduled to publish their results, including Apple, Amazon and McDonald's. Pfizer is also on deck. As of Friday's close, more than 200 members of the S&P 500 had reported first-quarter earnings. Of those companies, 80% beat expectations, FactSet data shows. Tech giants like Meta Platforms and IBM have certainly struggled after publishing their latest numbers. Take a look at CNBC Pro's breakdown of what to expect from some of this week's key reports. All times are Eastern. McDonald's is scheduled to report earnings Tuesday before the bell, followed by a call at 8:30 a.m. Q4: MCD lost revenue as conflict in the Middle East puts pressure on the company's top line. This quarter: The fast-food giant is expected to report single-digit earnings and revenue growth compared to the same period a year earlier, LSEG shows. What CNBC is watching: McDonald's enters this quarterly report struggling, with its shares down more than 7% year to date. Can he get out of his slump? Barclays analyst Jeffrey Bernstein believes the first-quarter report could mark an inflection point for McDonald's. The analyst has a price target of $340, implying an upside of more than 20%, and an Overweight rating. “MCD offers unique liquidity, scale and scale within the industry, along with strong underlying growth worldwide, and significant cash yield, while maintaining relatively modest balance sheet leverage and significant real estate equity, the latter of which generates significant rental income,” “We believe this is underappreciated,” Bernstein wrote in an April 19 note. What history shows: McDonald's profits have exceeded expectations for eight straight quarters, according to Bespoke Investment Group. However, they are typically flat Earnings Days Coca-Cola is scheduled to report earnings in the pre-market Management is scheduled for a call at 8:30 a.m. Q4: Price hikes led to better-than-expected revenue for KO this quarter: Expected Coca-Cola's earnings and revenue remain little changed year over year, according to LSEG What CNBC is watching: Organic sales growth will be the key metric to watch and JPMorgan's Andrea Teixeira expects a 4.9% year-over-year expansion However, the analyst said this was below the consensus of 7%. It also said the company “faces a relatively tough comparison on gross margins as last year as there were about 70 basis points of separate benefits within cost of sales to be covered, although we continue to see strong margin expansion through buy and sell operations.” Teixeira has an overweight rating on the stock. What history shows: Coca-Cola has a track record of beating analysts' earnings estimates by a 72% beat rate, according to Bespoke. However, stocks average an advance of only 0.1% on earnings days. Amazon is scheduled to report its earnings after the close. A call with company leadership is scheduled for 5:30pm Q4: AMZN reported better-than-expected earnings as revenue jumped 14% year over year. This quarter: The e-commerce giant is expected to report more than 160% growth in earnings per share compared to the same period a year earlier, according to LSEG. What CNBC is watching: Amazon shares have been on fire year to date, rising 18%. Telsea analyst Joseph Feldman expects this momentum to continue when Amazon announces its earnings. “We expect continued double-digit sales and earnings growth in the first quarter of 2024 – reflecting strength in online spending, gains from expanded merchandise and faster fulfillment, and the stability (and growth) of AWS,” wrote Feldman, who received an outperform rating and a $200 price tag. Target the arrows. What history shows: Detailed data shows that Amazon has beat earnings estimates for four straight quarters. Stocks also posted sharp gains on three of those four earnings days. Pfizer is scheduled to report earnings Wednesday before the bell, with a conference call expected at 10 a.m. Q4: PFE beat earnings expectations as the company's Covid business performed slightly better than expected. This quarter: The pharmaceutical giant is expected to report a sharp decline in profits and revenue compared to the previous year, according to LSEG. What CNBC is watching: Pfizer shares came under pressure this month, losing more than 8%, even after the company's respiratory syncytial virus vaccine showed it could protect at-risk adults ages 18 to 59, and the Food and Drug Administration approved its gene. Treatment of a rare hereditary bleeding disorder. Could this report help turn things around for the struggling pharmaceutical giant? What history shows: Pfizer's earnings beat earnings expectations 87% of the time, according to Bespoke. However, the stock has fallen on three of the past four earnings days. Apple is scheduled to report earnings on Thursday after the bell. Management scheduled to hold call at 5pm Q4: AAPL price falls after tech giant forecasts point to weak iPhone sales. This quarter: The tech giant's profits are expected to decline slightly year-on-year, LSEG data shows. What CNBC is watching: The struggling Magnificent Seven member enters the report with questions about AI efforts and growing competition in China. Last week, UBS said Apple's share of China's smartphone market fell about 3.6% year-on-year from a year earlier, while its iPhone sell-through rate — the percentage of phones sold by retailers — fell 13% in March from the previous month. What history shows: Apple has beat earnings expectations for the fourth straight quarter, Bespoke data shows. However, shares fell on three of the last four earnings days, including a 4.8% decline.
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Your guide for the week includes Apple and Amazon
