With the first-quarter 2016 earnings season taking center stage, investors are all eagerly waiting to note the daily beats and misses of mega companies. The outlook for Q1 has been bearish with most estimates moving south over the last three months. Per estimates, total earnings for the quarter under review would plunge 10.3%, while revenues are set to decline by 2.0%. What to Expect from the Bigwigs? Earnings performance of mega companies such as Pepsico, IBM, Morgan Stanley and Netflix is always a matter of keen interest for investors. Let’s take a brief look at how the first-quarter results of these prominent stocks might turn out. Pepsico, Inc. PEP is set to release Q1 results before market opens. The company has an Earnings ESP of +2.47% and carries a Zacks Rank #3 (Hold). Improving North American Beverage (‘NAB’) business, consistent positive innovation and better industry specific pricing dynamics are expected to boost the company’s revenues and margins in the soon to be reported quarter. (Read more: PepsiCo (PEP) Likely to Beat on Q1 Earnings: Stock to Gain?).IBM Corporation IBM is slated to release first-quarter 2016 results after the market closes. The company has an Earnings ESP of 0.00% and a Zacks Rank #4 (Sell). The company’s new strategic acquisitions as well as strengthening cloud computing & analytics business are expected to have a favorable impact on both the top line and the bottom line in the quarter under review. However, market share loss as a result of industry rivalry or unfavorable foreign currency translation might offset the aforesaid positives. (Read more: IBM Gears Up for Q1 Earnings: What's in Store this Time?)Netflix, Inc. NFLX would release its first-quarter results after the closing bell. The company has an Earnings ESP of -100.00% and a Zacks Rank #3. In fourth-quarter 2015, Netflix beat earnings estimates thanks to international subscriber growth, while revenues were almost in line with expectations. The company is trying to improve its financial fundamentals on the back of greater business internationalization and efficient retailing strategies. However, we believe that new growth investments and marketing expenses might weigh on the company’s margins in the quarter to be reported. (Read more: Netflix (NFLX) Q1 Earnings: Will Higher Expenses Take a Toll?)Morgan Stanley MS would report its first-quarter results before the opening bell. The company has an Earnings ESP of 0.00% and a Zacks Rank #5 (Strong Sell). We note that positives like net income growth and declining operating expense might be partially offset by decrease in fixed income or continuation of currency and commodities trading income depression. (Read more: Morgan Stanley (MS) Q1 Earnings: What Factors Are at Play?) However, some of the companies might eventually post positive earnings surprises. So, keep an eye on our full earnings release articles for these stocks.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 >>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 INTL BUS MACH (IBM): Free Stock Analysis Report NETFLIX INC (NFLX): Free Stock Analysis Report PEPSICO INC (PEP): Free Stock Analysis Report MORGAN STANLEY (MS): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research