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Why this could be an awful week for earnings

A huge week for earning is coming up, with companies as diverse as Coca-Cola, Bank of America, Google and GE revealing how much they earned in the third quarter. And some traders worry that the results won't be good.

"To me, 'negative' is probably the word that comes to mind when I look through this week," said JIm Iuorio, managing director of TJM Institutional Services and a CNBC contributor.

As of Friday, 31 S&P 500 companies have reported, and 55 percent of those have beaten earnings estimates, according to Thomson Reuters I/B/E/S. On the revenue side, 52 percent have beaten estimates.

And in fact, despite concerns about revenue and earnings growth, S&P 500 operating earnings per share for the third quarter are expected to post a recordand the third record in a row, according to S&P's Howard Silverblatt.

As Silverblatt writes: "We will all, legitimately, complain about slow earnings and sales growth, but in the end Q3 may set a record, which is difficult to argue with."

Traders on the floor of the New York Stock Exchange.
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Traders on the floor of the New York Stock Exchange.

Still, Anthony Grisanti of GRZ Energy, also a CNBC contributor, said earnings and revenue growth will be even slower than most expect.

"Even though we've ratcheted back a lot of the earnings expectations, I still see headwinds," Grisanti said. "It's going to be a mixed bag, but mixed to the downsideand I think it weighs on the market."

—By CNBC's Alex Rosenberg. Follow him on Twitter: @CNBCAlex.

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