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Expect Higher Profits but No Revenue Growth in Earnings Season, Says Schwab Strategist

NEW YORK ( TheStreet) -- Companies will grow profits during the third quarter, but not revenue, according to one strategist.

"We have three-quarters of companies beating earnings per share targets and 50 percent of them beating the revenue growth," said Randy Frederick, managing director of trading of derivatives at the Schwab Center for Financial Research, based in Austin, Tex. "But that's because the targets keep getting lowered."

In Frederick's view, for the economy to get back on track, revenue growth is needed.

"I don't think we're going to see that this quarter," he added.

So don't let a...