Earnings season is starting and it might not be a very good one. And some stocks, inevitably, will be big losers.

BTIG strategist Julian Emanuel notes that S&P 500 companies are expected to report a drop in their earnings-per-share of a about 4%. But these companies also tend to beat earnings forecasts, and if that continues at its historical rate, earnings growth would be down just around 1%, Emanuel explains. Not good, but not as bad as it looks.

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