Earnings Expectations for the Week of January 21

The focus was on the big banks last week, with Goldman Sachs GS, J.P. Morgan JPM and Morgan Stanley MS reporting strong results, but Bank of America BAC and Citigroup C not so much. The spotlight is on tech earnings this week. Analysts anticipate lower per-share earnings from Apple AAPL and Microsoft MSFT, but year-over-year earnings growth from IBM IBM, Google GOOG and AT&T T. The markets are closed Monday for the Martin Luther King Day holiday, but here is a quick rundown of the earnings highlights for the rest of the week. Tuesday Google and IBM are scheduled to share their fourth-quarter results after the closing bell. The forecast for the former calls for earnings per share (EPS) up almost 10 percent from a year ago to $10.54 and revenue up nearly 51 percent to $12.27 billion. For the latter, it is earnings more than 10 percent higher to $5.25 per share but revenue down marginally to $29.09 billion. The day's other tech reports include CA Technologies CA and Texas Instruments TXN, which are expected to post earnings and revenue declines for the most recent quarter, and Verizon Communications VZ, whose EPS are expected to be the same as a year ago. Advanced Micro Devices AMD is expected to post net losses for the fourth quarter and full year. Also on Tuesday, analysts are looking for earnings growth from Freeport McMoRan Copper & Gold FCX and Johnson & Johnson JNJ. But smaller EPS are expected from Delta Air Lines DAL, DuPont DD and Travelers Companies TRV. Wednesday Apple is on deck Wednesday after the markets close. The forecast calls for earnings of $13.41 per share (down 3.3 percent) for the fiscal first quarter. In the past 60 days, the EPS estimate has risen from $13.34. But analysts overestimated EPS in the previous two quarters. Analysts are also looking for Apple's sales to be up about 18 percent to $54.70 billion. Also on the tech front Wednesday, earnings growth is predicted for F-5 Networks FFIV, Motorola Solutions MSI and Western Digital WDC. However, Altera ALTR, SanDisk SNDK and Symantec SYMC are expected to post earnings and revenue declines for their most recent quarter. From McDonald's MCD, the consensus forecast calls for fourth-quarter EPS to come to $1.33, which is the same as in the year-ago period. Quarterly revenue is expected to total $6.89 billion, or marginally higher year-over-year. Full-year earnings and sales are also expected to be marginally higher. Both the quarterly and full-year consensus EPS estimates have remained steady over the past 60 days. The day's other reports include those from Amgen AMGN, Coach COH, Noble Corp. NE and St. Jude Medical STJ, which are anticipated to report earnings growth. And Baker Hughes BHI, General Dynamics GD, United Technologies UTX and WellPoint WLP are expected to post lower earnings. A fourth-quarter net loss is anticipated from Netflix NFLX. Thursday Analysts believe that Microsoft's per-share earnings for the fourth quarter will be almost four percent lower than a year ago to $0.75, when it reports late Thursday. That is lower than the consensus EPS forecast of $0.78 from 60 days ago. Sales for the quarter are expected to total $21.56 billion, which would be more than three percent higher year-over-year. Microsoft's full-year forecast calls for a profit of $2.86 per share and sales of $79.84 billion. That would be up from $2.73 per share on $73.72 billion in the previous year. AT&T's forecast has fourth-quarter EPS up more than eight percent but revenue essentially flat relative to a year ago. Lower earnings are forecast for Juniper Networks JNPR, KLA-Tencor KLAC and Xerox XRX. Earnings growth is expected from VeriSign VRSN. Thursday's other anticipated earnings gainers include McCormick & Co. MKC, Starbucks SBUX, 3M MMM and Union Pacific UMP. Those expected to offer earnings declines for the quarter include Bristol-Myers Squibb BMY, Lockheed Martin LMT, Raytheon RTN, Southwest Airlines LUV and Stanley Black & Decker SWK. And fourth-quarter and full-year net losses are forecast for E*Trade Financial ETF. Friday To end the week, Coviden COV and Haliburton HAL are expected to post lower fourth-quarter earnings, while EPS from Honeywell International HON and Kimberly-Clark KMB have increased year-over-year. Procter & Gamble's fiscal third-quarter EPS and revenue are predicted to be in the same ball park as a year ago.