Benzinga | Jul 28, 2020 11:55AM EDT

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 (NYSE: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 (NYSE: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 (NYSE:MCD) and Starbucks Corp (NASDAQ:SBUX) both underperformed the broader market as they faced closure during the pandemic-induced lockdown.

* Pfizer Inc (NYSE:PFE) announced early positive results from a potential coronavirus vaccine trial while its subsidiaries Upjohn and Mylan NV (NASDAQ:MYL) plan on merging, which could help buoy growth in the years to come.

* Xerox Holdings Corp (NYSE: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 (NYSE:HPQ) will further weigh on the company's recovery in the coming months.

* eBay Inc's (NASDAQ:EBAY) stock soared over 50% this year, following Amazon Inc's (NASDAQ: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 (NYSE:WMT) digital division.

* Visa Inc (NYSE:V) is expected to offset cross-border revenue losses with higher volumes in payments and processed transactions.

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