Sprint, Exxon Earnings On Tap in Coming Week

Updated from 6:01 p.m. EDT

Update includes Capmark's bankruptcy filing.

NEW YORK (TheStreet) -- Investors could be in for another slog of soggy momentum, as a diverse array of blue-chip names report earnings in the coming week.

Despite mostly positive results so far, stocks have produced lackluster performance.

"People are still nervous," says Jordan Smyth, managing director for Edgemoor Investment Advisors. "They're still waiting for the 'all clear' signal."

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While Smyth says about 150 companies from the S&P 500 index are due to report next week -- and about 80% of firms that have so far reported have beaten expectations -- investors appear to be locking in gains from a months-long run-up. Smyth says that's because investors are hearing mixed interpretations of even positive news. For instance, the impressive climb in existing-home sales reported on Friday was tarnished by bearish commentators attributing it to a rush to grab government incentives before they expire, rather than true organic growth.

One signal that things are clearer, if not "all clear," will be revenue growth absent from many of those Street beats last quarter. Companies have stayed in the black by cutting costs -- including jobs -- through the downturn and into the emerging recovery. For instance, Microsoft (MSFT Quote) beat the average analyst forecast on Friday, but its profit and revenue still dropped from year-ago levels.

Until investors see evidence that consumers are adding to growth by spending, and not lowering costs by being laid off, stocks will gain only on a "selective basis," says Alan Gayle, senior investment strategist for RidgeWorth Investments.