It's expected to be a"sloppy" earnings season but there is one sector that is the best positioned as the first-quarter reporting gets underway, analyst Nick Colas told CNBC on Tuesday.
Tech companies have been bracing investors for a bad quarter – and that has led analysts to cut the numbers they expect the firms to hit. Because of that, Colas thinks they have a good chance to beat those expectations. Apple, in particular, is poised for an upside surprise, Colas predicted. Wall Street analysts are expecting a 14% drop to earnings and a 6% decline in revenues, he pointed out.
Amazon, on the other hand, has seen its expectations raised. Analysts expect the e-commerce company to grow earnings by 44%, Colas said.
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