Earnings on Tap: Sony, Comcast, Time Warner

 Sony (SNE) is expected to announce dismal results Wednesday, as the consumer-electronics firm struggles with lukewarm sales of its television sets and a strong yen that threatens to eat into overseas profits.

A poll of Wall Street analysts expects the firm to post earnings-per-share of $0.31, while some analysts forecast the company to continue its string of quarterly losses.

A recent decision to restructure the struggling TV division may be under scrutiny as investors look for ways the company can derive greater revenue from the costly investments made in the division. Management may also talk about the gaming division in the wake of the recent price cut introduced on the PlayStation 3 console and the upcoming Vita handheld.

Sony shares, which have lost over 40% of their value year to date, now trade at a discount to Morningstar's fair value estimate of $29 a share, but analyst Michael Holt has upped his fair-value uncertainty rating for the firm, given its struggles with the TV unit and a rising yen.

Cable and communications-services specialist  Comcast (CMCSA) is also expected to announce results Wednesday.

Analysts, on average, expect the firm to post EPS of $0.40 per share, compared with $0.31 in the year-ago quarter. The firm's net income has risen for three straight quarters, and the market may be pleased if the trend continues.

The key metric analysts will look for is cable subscriber losses and broadband customer gains.

Lastly,  Time Warner  is slated to report third-quarter results before the markets open on Wednesday with analysts looking for earnings of $0.75 a share compared with $0.62 in the year-ago period.

Time Warner has reported rising revenue for the last three quarters, and investors are expecting strong revenues again, this time from Harry Potter and the Deathly Hallows: Part 2, which was released in July this year. The home video releases on Nov. 11.

At $33.50 a share, Time Warner trades in 4-star territory and at a notable discount to Morningstar analyst Michael Corty's fair value estimate of $41 per share. He believes the company's filmed entertainment studio business is well positioned, while the premium HBO offering benefits from its award-winning original programming and continues to be the nation's most widely distributed pay-television service.

Investors will key in on the company's estimates for the advertising market.

Rouhan Sharma contributed to this report.