Monumental Earnings Week Begins on Tuesday

In light of the pandemic, S&P 500 earnings are expected to drop by 40% this quarter, the worst quarterly profit decline since 2008. Despite the poor expectations, the following few companies reporting this week tend to beat Wall Street's expectations.

Pre-Earnings Recap:

• 3M Co MMM delivered better-than-expected earnings results in 3 of the prior 4 quarters, lagging estimates once. In the past 3 months, its stock gained 3.7%, out-of-line with industry growth of 10.4%.
• Harley-Davidson Inc's HOG stock nearly doubled on hopes of a turnaround. Investors will soon find out how fruitful the company's recovery efforts were acknowledging the fact that production and dealerships were shut down in March.
• McDonald's Corp MCD and Starbucks Corp SBUX both underperformed the broader market as they faced closure during the pandemic-induced lockdown.
• Pfizer Inc PFE announced early positive results from a potential coronavirus vaccine trial while its subsidiaries Upjohn and Mylan NV MYL plan on merging, which could help buoy growth in the years to come. 
• Xerox Holdings Corp XRX shares lost 65% in just 5 weeks. A popular consensus, among analysts, is that the company never fully recovered from the dot-com bubble, and its failed attempt to acquire HP Inc HPQ will further weigh on the company's recovery in the coming months. 
• eBay Inc's EBAY stock soared over 50% this year, following Amazon Inc's AMZN outperformance closely. This performance will be put to the test with its latest earnings report, the first under CEO Jamie Iannone, who previously served as a top executive at Walmart Inc's WMT digital division.
• Visa Inc V is expected to offset cross-border revenue losses with higher volumes in payments and processed transactions.

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