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Earnings Season: Projected Winners and Losers

We've been telling you that earnings season gets underway today--when Alcoa releases its earnings after the closing bell. Wall Street investors are certainly interested in who will meet or beat expectations--and who will do NEITHER for Q4. CNBC's Mary Thompson previewed some numbers on "Squawk on the Street" as to which sectors may come out on top--or the bottom.

Thompson relayed information from analysts surveyed by Thomson Financial. Alcoa is expected to see an 88% increase in earnings for the fourth quarter. Not bad. But those analysts expect overall earnings for companies to be up only 9.7% for Q4. We say only because the number is lower than the previous two quarters: Q3-overall earnings up 19%, Q2-earnings up 16.3%.

Thompson went on to point out some sector "decliners" for Q4--energy is expected to decline for the first time in 16 quarters. Utilities are also expected to be down--about 8%.

But there are some projected earnings "winners." Financials are expected up 34% for Q4--as are materials--up 33%, industrials up 15% and telecom up 9%.

We'll be covering all the earnings here CNBC.com in our earnings central area.