As Wall Street is well into the new earnings season, analysts and investors alike are anticipating quarterly results from their favorite companies. What should investors look for in Qualcomm, Inc. (NASDAQ:QCOM) and American Airlines Group Inc (NASDAQ:AAL)?

Qualcomm, Inc. 

Qualcomm is set to announce its third fiscal quarter 2015 earnings results on Wednesday, July 22 after market close. Wall Street expects the semiconductor company to post earnings of $0.95 per share and $5.85 billion in revenue, down from $1.44 earnings per share and $6.81 billion in revenue from the same quarter a year prior.

As Qualcomm has fallen approximately 16% year-to-date, it's important to note that semiconductor stocks have been struggling this year as DRAM chip prices keep fluctuating and PC demand continues to plummet. Year-to-date, the Market Vectors Semiconductor ETF (SMH) has sunk nearly 2%, as compared to a 30% rise in 2014.

Qualcomm is one of many company's affected by the crumbling Chinese economy. Qualcomm is now facing significant difficulties collecting licensing royalties in China and has accused various vendors of underreporting device sales within the region. Additionally, the company has been facing headwinds from a slowing handset market, increasing pricing pressure in its core handset processor markets, and in-sourcing of handset processors at OEMS.

Qualcomm's operating profit fell 2% in the first two quarters of the fiscal year after Samsung Electronics opted out of using the company's applications processor in its new Galaxy S6 smartphone due to issues with the “Snapdragon 810” part overheating during Samsung tests. On a positive note, Samsung is considering partnering back up with Qualcomm with its next-generating flagship, the Galaxy S7. Analysts believe that if Snapdragon 820 ends up outperforming Samsung's Exynos chips, Samsung will come back to Qualcomm as a partner in order to offer the highest standard available on the market.