This week’s financial news centers on the announcement of earnings from some of the most important firms in American industry. Even with bigshots like Apple Inc. (NASDAQ:AAPL) and Google Inc (NASDAQ:GOOG) already out of the way, there’s still a veritable feast of data from some very exciting companies.

AT&T Directv

Wednesday will see both AT&T Inc. (NYSE:T) and Tripadvisor Inc (NASDAQ:TRIP) reveal their earnings numbers for the three month through June. Here’s a look at what the market is expecting from the two companies, and what traders should look out for in the earnings releases.

AT&T earnings preview

In the second quarter of last year AT&T Inc. (NYSE:T) managed to earn 67 cents per share on revenue totaling $32.3 billion. The company has had a good run of quarters in the last year, and investors will be hoping it can keep beating estimates in tonight’s release.

What to expect: Analysts following AT&T Inc. (NYSE:T) are expecting the wireless carrier to show off earnings of $0.63 per share for the quarter, which the company refers to as its second of fiscal 2014. Revenue is expected to come in at $33.3 billion, according to a Businessweek survey of 26 analysts following the company.

What to watch out for: AT&T Inc. (NYSE:T) has been performing relatively well in the last year, but there are a few areas that the company’s investors want it to show progress on in this afternoon’s earnings report. The most important of these is likely the company’s margins. The company’s Next plans, which differ from the way US carriers normally bill their customers, are supposed to have had a positive effect on margins in the quarter.

Similar types of deals have done just that for AT&T Inc. (NYSE:T) competitors, and the company’s investors will be very disappointed if real improvement is not witnessed in AT&T numbers. AT&T is looking for half of its subscribers to be on plans that require no subsidies by the second quarter. If the company misses that mark, and margins suffer, investors may take out their disappointment on the company’s shares.

The other important movement at AT&T Inc. (NYSE:T) during the quarter is, of course, the number of subscribers the company managed to add during the quarter. The company’s executives will discuss that among other things on a conference call it plans to hold at 4:30 PM EST this afternoon.

Tripadvisor earnings preview

The same quarter of 2013 saw Tripadvisor Inc (NASDAQ:TRIP) earn 52 cents per share on revenue totaling $247 million. The company is in a period of high growth, and its stock is priced to match expectations The company’s shares are currently valued at 73 times 2013 earnings.

What to expect: Analysts are looking for Tripadvisor Inc (NASDAQ:TRIP) to put up earnings of 61 cents per share when it reveals its numbers after the market closes on Wednesday afternoon. Consensus revenue estimates show the company earning $322 million in the quarter, which the company refers to as its second of fiscal 2014.

What to watch out for: Tripadvisor Inc (NASDAQ:TRIP) stock is highly valued, and that means that there could be wild swings after it announces earnings, particularly if one number or another falls outside of the guidance offered by the analysts. The most important business at Tripadvisor during the quarter was its click-based advertising. If revenues in that business fall short in this afternoon’s report investors should expect a reaction.

Other trends to watch out for include the development of its newly-acquired restaurant-booking platform, and its tracking of its hotel business. Tripadvisor executives are going to speak to investors and analysts about this afternoon’s earnings release in a call it has scheduled for 4:30 PM EDT this afternoon.