U.S. companies with businesses in emerging markets like China and Brazil will likely do well in the upcoming earnings season, says Scott Macdonald, head of credit and economics research at Aladdin Capital Holdings.
"Companies like Intel have quite a lot of international sales outside the U.S.... and I think that's going to keep pushing them along," he told CNBC Thursday.
Macdonald expects firms in the financial, industrial and technology sectors to deliver healthy earnings reports, highlighting that he is upbeat on Alcoa, Caterpillar, Deere & Company, Case New Holland as well as Intel.
"The environment for earnings is definitely much more complicated than it was in the past...you've got to make some differentials between products and also where they are selling in terms of geographic regions," he noted.
Banks will likely perform better on a year-on-year perspective, he added, although the results may not be as strong compared to the second quarter.
"If you look at where they (banks) stand in terms of their credit standpoint, where the loan books are, and the cleanup that's gone through there - I think the banks will improve."
While the top 10-20 lenders in the United States tend to grab the majority of investors' attention, he points out that there are around 7,000 banks regionally and many are "beginning to improve in their performance".
In terms of opportunities moving forward, Macdonald believes the U.S. infrastructure space is a "painfully obvious" area that businesses need to focus on, considering President Barack Obama's recent announcement of a six-year, $50 billion plan to improve and expand America's roads, railways and runways.