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Investors have likely already discounted good Q2 earnings

Palash R. Ghosh

Second-quarter earnings -- which will be launched by Alcoa's ( NYSE AA) profit report next week -- are expected to beat analysts' estimates across the board, but they are unlikely to match the huge year-over-year gains witnessed in the first quarter.

Regardless, investors have probably already assumed that second-quarter profits will come in fairly good – and are casting a wary eye onto the third and fourth quarters and beyond, as macroeconomic problems increasingly darken the investment landscape.

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