NEW YORK (TheStreet) --Earnings season is officially in high gear and being in the heart of the season analysts are looking for about 70% of companies to beat expectations, BloombergTV's Vonnie Quinn reported on this afternoon's "Bloomberg Markets."

Bloomberg Gadfly Columnist Michael Regan joined Quinn on today's program to comment on the current state of earnings season and previews what is still to come.

"We're about a third of the way into the season, we've fallen into this pattern the last few years that the expectation has been for companies to beat expectations. It's usually low 70s percentage of companies beat earnings per share estimates, this quarter is staking up, so far at least, to be even better," Regan said.

Additionally, as Regan noted, 18 companies on the Dow Jones industrial average have reported and all 18 have beat earnings expectations. However, as Quinn noted during the interview, it is the end results which truly count in terms of a percentage alluding to sectors which could hinder results.

"Obviously energy is the most worrisome, only six of 37 companies have reported so far, and with Exxon Mobil (XOM), and Chevron (CVX) reporting Friday and with BP (BP) missing by about 20% a lot of focus will be on the energy sector," Regan noted.

In his column Regan also points to the fact that it is mostly blue chip stocks which are beating the estimates. Quinn questioned him as to whether this is typically the case, mentioning that 18 Dow companies have already reported earnings which beat estimates.

"I don't remember that happening when all Dow companies beat, we're a little more than halfway through reports," he said. But the focus is now shifted on Apple (AAPL) - Get Report .

"Apple's had a rough time after earnings in the last few quarters, falling more than 6% its last two earnings report. That being said, it always tends to be as its one of the most important stocks," Regan said. 

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