CBS Corporation CBS is slated to report second-quarter 2017 results on Aug 7, after the closing bell. In the previous quarter, the company reported earnings beat of 9.5%. Notably, the company has surpassed the Zacks Consensus Estimate in the trailing four quarters, with an average earnings beat of 6.4%. Let’s see how things are shaping up prior to this announcement.What to Expect?The question lingering in investors’ minds now is whether CBS will be able to post positive earnings surprise in the quarter to be reported. The current Zacks Consensus Estimate for the quarter under review is 97 cents, reflecting a year-over-year increase of nearly 4%. We note that the Zacks Consensus Estimate has improved by a penny in the past seven days. Analysts polled by Zacks expect revenues of $3,114 million compared with $3,287 million reported in the prior-year quarter.We note that the stock has underperformed the industry in the past six months. The company’s shares have increased 2.7%, while the industry has gained 13%.Unlikely to Beat EstimatesOur proven model does not conclusively show that CBS is likely to beat earnings estimates this quarter. This is because a stock needs to have both a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) for this to happen. The Most Accurate estimate is at 94 cents, while the Zacks Consensus Estimate is pegged higher at 97 cents. So the ensuing difference – the Earnings ESP – is of -3.09%. The company carries a Zacks Rank #3, which when combined with the negative Earnings ESP, makes surprise prediction difficult. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.Factors Influencing this QuarterCBS, which has surpassed our estimate for nine straight quarters, might struggle to beat the same in the to-be-reported quarter. Analysts remain concerned about the company’s broadcast TV and radio performance, which are the major revenue and profit contributors. Both broadcast TV and radio are losing ground to the internet, digital media and cable television networks.Moreover, CBS remains highly vulnerable to the advertising market, as it derives a major portion of revenue from the sale of advertising on its broadcast and cable networks, television and radio stations, syndicated programming, and online properties. The deterioration in the economy of the major markets where it operates is likely to result in a fall in advertising demand, and in turn will impact the company’s revenue generating capabilities.Nevertheless, CBS’s sustained focus on increasing subscription-based revenues should drive long-term growth. Further, the company has an extensive library of premium content that it monetizes over multiple platforms. Moreover, CBS crossed $1 billion mark in revenues from retransmission consent and reverse compensation in 2016, a year earlier than anticipated. In 2017, management expects retransmission and reverse compensation to increase 25% from the prior year. The company aims to achieve $2.5 billion of revenues from retransmission and reverse compensation by 2020.CBS Corporation Price, Consensus and EPS Surprise CBS Corporation Price, Consensus and EPS Surprise | CBS Corporation QuoteStocks with Favorable CombinationHere are some companies you may want to consider as our model shows that these have the right combination of elements to post an earnings beat:Lions Gate Entertainment Corp. LGF.A has an Earnings ESP of +14.82% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.Discovery Communications, Inc. DISCA has an Earnings ESP of + 1.41% and a Zacks Rank #3.AMC Networks Inc. AMCX has an Earnings ESP of +1.42% and a Zacks Rank #3.Will You Make a Fortune on the Shift to Electric Cars? Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.It's not the one you think.See This Ticker Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CBS Corporation (CBS): Free Stock Analysis Report AMC Networks Inc. (AMCX): Free Stock Analysis Report Discovery Communications, Inc. (DISCA): Free Stock Analysis Report Lions Gate Entertainment Corporation (LGF.A): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research