6 big companies ready to lift off in fourth quarter

They buck expectation of lackluster profits.

Third- quarter earnings season is ancient history. Investors already are eyeing the fourth.

The fourth quarter is expected to be another profit dud for most — but there are some real moonshots coming up. Six companies in the Standard & Poor’s 500, including utility Pinnacle West Capital, online retailer Amazon . com and cruiseship operator Royal Caribbean Cruises are expected to report quarterly profit that’s double year- ago levels, according to a USA TODAY analysis of data from S& P Capital IQ.

These stellar profit gains, if they materialize as expected, would be a welcome respite.

Analysts currently expect the fourth quarter to be yet another decline. Companies in the S& P 500 are expected to post 3.7% lower adjusted profit. If these predictions are correct, that would signal the second quarter in a row with a profit decline. That comes off a pretty dismal third quarter. All but 50 of the companies in the S& P 500 have reported third- quarter results,

and profits are down 1.6%, S& P Capital IQ says. That’s the first quarterly decline since 2009.

Investors are looking for fuel to propel the stock market higher as valuations get increasingly stretched and markets struggle to exceed their former highs. Big profit gains could grab investors’ attention — especially if profits in the S& P 500 continue to shrivel.

Pinnacle West is seen delivering the biggest jump in adjusted profit of any company in the S& P 500. The company, which sells electrical power through its Arizona Public Service unit, is expected to post an adjusted profit of 23 cents a share, a 354% increase from the same period a year ago. Despite the expected boom in profit, shares have skidded 9.9% this year and analysts rate the stock a “hold” on average. Investors might be a bit cautious since the company missed adjusted earnings forecasts in the fourth quarter last year by 72%.

Additionally, given the risk of higher short- term interest rates, investors are less enthused about dividend plays like utilities. Pinnacle yields 4% a year, roughly twice the yield of the S& P 500.

Investors, though, can’t seem to contain their excitement over Amazon. com. Shares of the online retailer have more than doubled this year. Investors are certainly trying to get in ahead of what’s expected to be a stellar quarter. Amazon is expected to post an adjusted quarterly profit of $ 1.63, which is 262% higher than in the same period last year.

And that might be an understatement. During the third quarter, the company delivered a profit even though analysts were bracing for a loss.

Cruise operators are winning over investors again. Profit at Royal Caribbean Cruises is expected to jump 191% to 93 cents a share, a dramatic improvement from the 39% increase in adjusted profit in the fourth quarter of 2014. Investors like what they see — shares are up 19% this year.