We're heading into the end of the heavy period of earnings season: Next week just over a quarter of the S&P 500 is set to report. But we'll only hear from two Dow components—Pfizer and Merck, which report before the bell Tuesday and Wednesday. Merck's EPS are projected to drop 20 percent to 79 cents, on 5 percent lower revenue of $11.1 billion, while Pfizer is also projected to suffer, EPS looking at a 4 percent decline to 56 cents while revenue drops 6 percent to $13.99 billion.
Media companies are out in force mid-week, starting after the bell Tuesday. DreamWorks Animation reports Tuesday afternoon, as does Barry Diller's IAC, though the Internet conglomerate conference call isn't until Wednesday morning. It'll be a rough quarter for Dreamworks Animation—the studio is expected to show a 27 percent decline in revenue while earnings are projected to swing to a loss of 3 cents per share. IAC looks stronger: Wall Street analysts expecting Earnings per share to grow 35 percent to 69 cents while they see revenue growing 18 percent to $757 million, according to Thomson Analytics.