Coming Week: Earnings and Storm

Updated from Oct. 22

Traders had better keep their seatbelts buckled, because the earnings roller coaster ride continues in the coming week.

"We are seeing a huge divergence between the stocks that can and the stocks that can't," says Paul Mendelsohn, strategist at Windham Financial. "For every Caterpillar (CAT Quote) or Pfizer(PFE Quote) earnings implosion, we are getting fantastic results from companies like Google (GOOG Quote) with the ability to take the market back up."

The earnings parade resumes on Monday with quarterly reports from Cendant(CD Quote), Johnson Controls(JCI Quote) and Texas Instruments(TXN Quote).

Drugmakers Merck(MRK Quote) and Schering-Plough(SGP Quote) will try to avoid a repeat of last week's Pfizer blowup when they report earnings on Monday.

On Tuesday, Internet players taking the stage include Akamai Technologies(AKAM Quote), Amazon.com (AMZN Quote) and Ameritrade(AMTD Quote).

Defense giant Northrop Grumman(NOC Quote) also will be releasing results. The Thomson First Call mean earnings estimate for the company is 69 cents a share, down from the 80 cents a share the company earned a year earlier, on revenue of $7.6 billion.

Wednesday's highlights include reports from Anheuser-Busch(BUD Quote), Callaway Golf(ELY Quote), ConocoPhillips(COP Quote) and Zimmer(ZMH Quote).

Corning(GLW Quote) will also take the spotlight on Wednesday. Analysts are looking for the glassmaker to earn 21 cents a share, up from the company's earnings of 14 cents a share last year, on sales of $1.18 billion.

The earnings frenzy reaches a crescendo Thursday with more than 500 public companies releasing results. Among the notable names on the docket are Exxon Mobil(XOM Quote), Microsoft(MSFT Quote), KLA-Tencor(KLAC Quote), MetLife(MET Quote) and Sony(SNE Quote).

Also reporting on Thursday will be AutoNation(AN Quote), Cinergy(CIN Quote) and Raytheon(RTN Quote).

Things cool down a bit on Friday, but there should still be some action following earnings announcements from the likes of Archer Daniels Midland(ADM Quote), Avon(AVP Quote) and Overstock.com(OSTK Quote).

Chevron(CVX Quote) also will post its results Friday. Analysts expect the oil giant to earn $1.92 a share, up from $1.28 last year, on revenue of $55.5 billion. Yes, that's billion with a "b."