DEBORAH MARCHINI, CNN ANCHOR: Key on most investors' minds, of course, is earnings. We have heard the bulk, we believe, of the warnings. Now we wait for the other shoe to drop. Joining me to do that is Brett Gallagher, head of U.S. equities at Bank Julius Baer. Nice to have you here this morning.</s>BRETT GALLAGHER, JULIUS BAER: Thank you. Good morning.</s>MARCHINI: Is all the bad news out, or are there surprises perhaps yet to come?</s>GALLAGHER: Well, I think we're going to see a mix in this quarter. Now, analysts have brought down their estimates for the second quarter pretty substantially, so you are going to see periodic positive surprises here and there as companies are able to beat those lowered expectations. Not so much because earnings are great or things have started to pick up, but simply because expectations have come down. So I think it's going to be a bit of a mixed bag, but that's better than what we had last quarter.</s>MARCHINI: I dare say. We'll talk a little bit about analysts' expectations for the future when we visit again in a couple of minutes time.</s>GALLAGHER: Great. TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Brett Gallagher of Bank Julius Baer: Earnings Mixed Bag