Earnings playbook: The second half of the season kicks off with Apple, Ford and a pharma giant

The second half of the earnings season gets underway this week, with a ton of major companies slated to report. Roughly 150 S & P 500 companies are scheduled to post their latest quarterly earnings, including Apple, Starbucks and Pfizer. For the most part, companies thus far have outperformed the muted expectations for this reporting period. Of the nearly 270 S & P 500 members that have reported calendar first-quarter earnings, 79.5% have beaten estimates, FactSet data shows.

This quarter: Refinitiv data shows analysts expect a big year-over-year earnings drop from the chipmaker. What CNBC is watching: AMD is slated to report earnings after rival Intel posted its biggest quarterly loss in company history. "Like Intel, AMD's recent revenue trajectory has been battered by weak markets and channel flush. However, unlike Intel we fear that numbers into the 2H and 2024 could be too high rather than too low," Bernstein analyst Stacy Rasgon wrote.

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