'Big beat ahead'—Bank of America sees better-than-feared earnings and these stocks leading the way

Apple CEO Tim Cook delivers the keynote address during the 2020 Apple Worldwide Developers Conference (WWDC) at Steve Jobs Theater in Cupertino, California.
Brooks Kraft/Apple Inc/Handout via Reuters

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The second-quarter earnings reporting season is about to begin and Bank of America has higher hopes for U.S. business results than the rest of Wall Street. 

The firm said there is a "big beat ahead," forecasting overall S&P 500 earnings will come in 8% higher than the consensus of analysts' expectations. 

A fifth of S&P 500 companies report earnings next week with the consensus estimating earnings of $23.20 per share for the second quarter, a 44% decline year over year. Bank of America is forecasting EPS of $25. To be sure, the bank's estimate is still a 39% decline for earnings since last year.