A Few Major Firms Left to Post Earnings Reports

The bulk of the earnings season has passed, with more than three-quarters, or about 390, of the S&P; 500 companies posting their quarterly earnings, according to Thomson Financial/First Call.

Most corporate heavyweights have posted their results, but a few giants still are expected this week.

Drugstore chain CVS Corp., consumer products company Procter & Gamble Co., phone company Verizon Communications, United Airlines’ parent UAL Corp. and insurance company Cigna Corp. are slated to release results this week.

Even if earnings and sales are worse than forecast, the market is expected to trend higher as investors look ahead.

Analysts slashed their expectations throughout the quarter as the economy slowed and lowered the bar for many companies. More than half of the S&P; 500 companies have topped Wall Street’s expectations, while about 30% matched forecasts and the rest missed estimates, the research firm said.

Companies in the S&P; 500 are expected to post a 21.8% drop in profits for the third quarter, the biggest fall since 1991, according to First Call.

Analysts are forecasting a 15.5% drop in earnings in the fourth quarter and a 4.4% decrease in the first quarter.