Market Preview: Finding Reason to Rally

"We expect US revenues to slow 100 bps basis points vs. 1Q on a slightly harder comp, with Int'l revenues slowing 600 bps, with up to 800 bps of currency headwinds," the firm said. "Our net revenue estimate is 1% below the Street. Focus on mobile cannibalization overstated, in our view, with data showing macro, geographic mix and 'Quality Improvements' having a greater impact."

Oppenheimer believes Motorola Mobility has been an overhang for Google's stock, causing investors to take a wait-and-see approach ahead of the second-quarter report. The consternation stems from Motorola Mobility booking a loss of $4 million in 2011 despite generating EBITDA (earnings before interest, taxes, depreciation and amortization) of $208 million on the year. Ouch.

Ahead of the conference call, the firm listed Google's key issues as "MMI integration/financial impact, CPC cost-per-click trend, impact of Nexus Tablet, and participation/health of CEO Page" and said currency weakness adds to the earnings headline risk.

Check out TheStreet's quote page for Google for year-to-date share performance, analyst ratings, earnings estimates and much more.

Elsewhere, arriving before the opening bell will be numbers from AutoNation(AN) , BB&T(BBT) , Blackstone Group(BX) , Cypress Semiconductor(CY) , Danaher(DHR) , Fairchild Semiconductor(FCS) , Fifth Third Bancorp(FITB) , Freeport-McMoRan(FCX) , Genuine Parts(GPC) , KeyCorp(KEY) , Nokia(NOK) , Novartis(NVS) , Philip Morris International(PM) , Quest Diagnostics(DGX) , Safeway(SWY) , Scholastic(SCHS) , Southwest Airlines(LUV) , Textron(TXT) , Travelzoo(TZOO) , Union Pacific(UNP) and UnitedHealth(UNH) .

The late tape is slated to see reports from Advance Micro Devices(AMD) , Capital One Financial(COF) , Chipotle Mexican Grill(CMG) , Dole Food(DOLE) , E*Trade Financial(ETFC) , NCR(NCR) , Rambus(RMBS) and SanDisk(SNDK) .