Google, IBM, Intel, Coke and Johnson & Johnson are part of Zacks Earnings Preview:

CHICAGO, July 15, 2013 /PRNewswire/ -- Zacks.com releases the list of companies likely to issue earnings surprises. This week's list includes Google (Nasdaq: GOOG-Free Report), IBM (NYSE: IBM-Free Report), Intel (Nasdaq: INTC-Free Report), Coke (NYSE: KO-Free Report) and Johnson & Johnson (NYSE: JNJ-Free Report).

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Q2 Earnings Season Into High Gear

The 2013 Q2 earnings season gets into high gear this week as earnings reports from 178 companies come out, including 76 from the S&P 500. By the end of this week, we have earnings reports from more than a fifth of the index's total membership; giving us a good enough sample size to judge the Q2 earnings season.

This week's reporting docket is heavy with Finance sector results, but we have plenty of bellwethers from other key sectors on deck as well, which makes this week's reports a fairly representative sample. From Google (Nasdaq: GOOG-Free Report), IBM (NYSE: IBM-Free Report), and Intel (Nasdaq: INTC-Free Report) to Coke (NYSE: KO-Free Report) and Johnson & Johnson (NYSE: JNJ-Free Report) and much more in between, this week's reports span the full spectrum of the economy. While earnings reports from almost 80% of the S&P 500 companies will still be awaited by the end of the week, the trends established this week will likely carry through the rest of this reporting cycle with only minor changes.

With respect to the results thus far, we have seen Q2 results from 29 S&P 500 members (as of Friday, July 12th). These results provide a bit of a mixed picture, though not materially different from what we saw in Q1. Earnings and revenue growth for these 29 companies are comparable to what these same companies achieved in 2013 Q1. But the beat ratios (% of companies coming out with positive surprises) are modestly weaker on the earnings side and about the same on the revenue side. Given the very small sample size, it is not advisable to draw any conclusions at this stage. As such, the more important story on the earnings front pertains to expectations form the coming reports.

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Since 1988, the Zacks Rank has proven that "Earnings estimate revisions are the most powerful force impacting stock prices." Since inception in 1988, #1 Rank stocks have generated an average annual return of +28%. During the 2000-2002 bear market, Zacks #1 Rank stocks gained +43.8%, while the S&P 500 tumbled -37.6%. Also note that the Zacks Rank system has just as many Strong Sell recommendations (Rank #5) as Strong Buy recommendations (Rank #1). Since 1988, Zacks Rank #5 stocks have significantly underperformed the S&P 500 (+3% versus +10%). Thus, the Zacks Rank system allows investors to truly manage portfolio trading effectively.

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