Five Things Wall Street Strategists Are Watching During Earnings

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With companies making up about 75 percent of the Standard & Poor's 500 Index's market value scheduled to report results over the next three weeks, here's what Wall Street strategists are paying special attention to.

Analysts estimated profit for the entire index dropped 6.4 percent in the second quarter, the worst decline since 2009, according to data compiled by Bloomberg. Sales probably fell 4.3 percent.