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Apple & These Stocks Big Earnings Winners

Earnings season gets underway next week and expectations on the Street are not good.

Christine Short, senior manager at S&P Capital IQ has crunched the numbers and tells us some alarming trends are emerging.

Although she didn’t elaborate, we take it to mean she expects to hear more commentary like what we heard from Nike, which said slower sales in China dragged down earnings.

“(On average) we’re expecting earnings will be down 1% in Q2. If that’s right it will be the lowest earnings growth rate for the S&P 500 since the third quarter of 2009.”

AlthoughEurope and China may drag down earnings broadly, Short also tells us, her research has identified pockets of strength. They follow:

Q2 Earnings Leaders - Y/Y % Growth
Industrials - 9%
Information Technology - 7%
Consumer Staples - 1.3%

The sectors mentioned above are the only sectors Short expects to end earnings season in the green. Within these sectors, Short says there will be sub-sectors to watch – that’s where she expects big winners.

“In tech it should be all about computers and peripherals. They're expected to contribute 20% growth to the sector with Apple the big winner. In consumer staples, food retailers and food staples are expected to have strong points.

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Posted by CNBC's Lee Brodie

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Trader disclosure: On July 3, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Patty Edwards is long MCD; Patty Edwards is long for clients WFM; Patty Edwards is long for clients BGS; Patty Edwards is long for clients CBI; Patty Edwards is long for clients WDFC; Pete Najarian is long AAPL; Pete Najarian is long AAPL CALLS; Pete Najarian is long BAC CALLS; Pete Najarian is long C; Pete Najarian is long INTC; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long LULU CALLS; Pete Najarian is long NKE CALLS; Pete Najarian is long NOK; Joe Terranova is long VRTS; Joe Terranova is long MCD; Joe Terranova is long PNC; Joe Terranova is long USB; Joe Terranova is long TCBI; Joe Terranova is long SBUX; Joe Terranova is long MNST; Joe Terranova is long NKE; Joe Terranova is long UPL; Joe Terranova is long WFM; Joe Terranova is long AAPL; Joe Terranova is long EMC; Joe Terranova is long NXPI; Joe Terranova is long LPX

For Kathy Lien:
Nothing to disclose

For Ron Carson
Ron Carson is long DE
Ron Carson is long POT

For Herman Leung
SFG is a market maker in the securities of Expedia, Inc. EXPE

For Christine Short
Nothing to Disclose

For Kyle Cooper
Nothing to Disclose





CNBC.com with wires.