Google, Apple, Facebook, Exxon and Chevron are part of Zacks Earnings Preview:

CHICAGO, Jan. 27, 2014 /PRNewswire/ -- Zacks.com releases the list of companies likely to issue earnings surprises. This week's list includes Google (Nasdaq:GOOG-Free Report), Apple (Nasdaq:AAPL-Free Report), Facebook (Nasdaq:FB-Free Report), Exxon (NYSE:XOM-Free Report) and Chevron (NYSE:CVX-Free Report).

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Earnings Fail to Impress the Market

The emerging market turmoil is dominating the headlines, but we are entering the heart of 2013 Q4 earnings season this week, with as many reports coming out this week alone as have come out the entire season thus far. In total, we have more than 440 companies reporting results this week, including 123 S&P 500 members.

We will see results this week from a diverse group of bellwethers from Tech leaders like Google (Nasdaq:GOOG-Free Report), Apple (Nasdaq:AAPL-Free Report) and Facebook (Nasdaq:FB-Free Report) to Energy leaders like Exxon (NYSE:XOM-Free Report) and Chevron (NYSE:CVX-Free Report). By the end of this week, we will have seen results from almost half of the S&P 500 members.

We have a good sense of the Q4 earnings season already, having seen results from 122 S&P 500 companies or 24.4% of the index's total membership that combined account for 33% of its total market capitalization. The emerging narrative in the market appears to be of surprisingly mixed or unimpressive results.

But the fact is that in many respects the Q4 earnings season is no different from what we saw in Q3 and other recent quarters. What may be different, however, is that folks have finally started paying closer attention to corporate earnings. And while earnings aren't bad, they are not consistent with a stock market that, till a few days back, was sitting pretty in record territory either.

It appears that the market was looking for something better, particularly on the guidance front. The hope was, and still is, that given the improving domestic economic scene and signs of stabilization in Europe, we will get relatively reassuring guidance from management teams. But we are not seeing that, with managements continuing to provide sub-par outlook for the coming quarter(s). In other words, management teams are dishing out what they have been doing for more than a year now. And this is prompting estimates for the current quarter to come down.

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