For Barclays, The Spotlight's Swinging From Banks To eBrokers Like Charles Schwab

This week, Charles Schwab reported in-line second-quarter earnings, while revenue topped expectations. Additionally, Charles Schwab is hosting a business update on Friday.

Related Link: Schwab Q2 Profit Up 28%

On Tuesday, TD Ameritrade's quarterly results handily beat Street expectations.

Last week, BlackRock reported results, which met the consensus view. However, Barclays finds underlying trends more concerning.

BlackRock is seeing a negative revenue mix shift, given outflows from its higher priced products and inflows coming from its lower-priced products.

"The broader rotation into passive / fixed income and away from active / equities is concerning for the sector as well as it signals a continuation of headwinds for active equities managers," analyst Kenneth Hill wrote in a note.

Related Link: Here Are The 14 Stocks Morgan Stanley Wants You To Focus On During Q2 Earnings

Blackstone will report on July 21, and Barclays estimates earnings of $0.48 versus consensus view of $0.41. Despite modest expectations, the analyst believes commentary on the ability to put elevated levels of dry powder to work and/or harvest investments will be of interest.

"We believe that interest in the alternative names is pretty tepid currently, but an improvement in either could stoke some investor interest," Hill continued.

In addition, KCG Holdings will report earnings on July 21. Hill raised the second-quarter EPS view to $0.35 from $0.28 (vs. cons of $0.33). The analyst expects to hear about the revenue environment for the firm and strategies to enhance earnings moving forward.

"We expect the tone on conference calls to be cautious for the slew of eBrokers given the rate backdrop, and more mixed for BX and KCG as both deal with an environment that isn't great, but isn't bad either," Hill added.