Earnings Season: Consumers in Charge

Earnings Preview: PEP, GM, CBS

Even though 73 percent of the S&P 500 components have already reported quarterly earnings, Thursday will be an active day for quarterly reports. With consumers in the drivers' seat, Wall Street will get earnings from big names including PepsiCo, General Motors, and CBS.

PepsiCo continues its turnaround push to raise the stature of key brands. The beverage and snack maker has made a push towards increasing its market share in emerging markets as soda consumption declines in developed economies. Investors will look for commentary and financial results to gauge how the initiatives are working so far. Thomson Reuters data shows Wall Street is expecting earnings of $1.05 per share on revenue of $19.7 billion.

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General Motors has had an impressive rebound from bankruptcy. Wall Street is expecting General Motors to post one of its most profitable years ever before the bell Thursday. The real focus for investors will be how much the automaker lost in Europe, and whether or not GM will increase guidance in 2013. Street consensus is for GM to post earnings of $0.51 on $39.1 billion in revenue.

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And CBS is expected to post a fourth consecutive quarter of increasing profit. Political ad spending is expected to lift revenues for CBS network, radio and company-owned TV stations. CBS cable networks are expected to turn in continued growth thanks to growth in subscribers, licensing revenues and higher fees. Investors will look for updates on the media company's previous announcement to convert its outdoor U.S. business into a real estate investment trust. Analysts are expecting earnings of $0.68 and revenues of $3.78 billion according to Thomson Reuters.

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(Plan Your Earnings Watch Here - CNBC.com Earnings Central)