Welcome to Seeking Alpha's Wall Street brunch, our Sunday look ahead to this week's

market-moving events, along with the weekend's top news and analysis.

Hello, today is Sunday, July 20th, and I'm your host, Kim Khan.

Earning season kicks up a notch with 112 S&P 500 companies reporting numbers this week,

including five Dow Industrials.

According to Factset, so far for the Q2 reporting period, with 12% of the S&P 500 reporting,

83% of those companies have reported a positive EPS surprise and 83% have reported a positive

revenue surprise.

Two of the magnificent seven group of stocks are set to report, Google parent Alphabet and Tesla weigh in on Wednesday. There are

plenty of other household names do as well, including Verizon, Coca-Cola, and Intel. Alphabet is expected

to post EPS of $219 on revenue of nearly $94 billion. Going into the print, there have been

25 upward revisions to earnings versus 11 downward revisions, but the top line is more

split, with 17 upward revisions and 15 downward revenue revisions. Needham recently

raised its earnings estimates and price target on this thought, saying it expects its strategic

position and corporate

culture to drive valuation upside. Analysts say Alphabet's current strategic position is strong

because of its digital advertising dominance, YouTube, which is the most streamed service in the

U.S., and Gen A.I, which they expect its proprietary LLMs to drive valuation over the next

three to five years.

But essay analyst bears of Wall Street, who has a sell on Alphabet, says the stock is

already overvalued at the current price, even if we exclude the potential fines or the breakup

of some parts of its business. If those risks also materialize, Alphabet could lose a fortune

...