When companies use the word "immaterial" to describe errors or irregularities in their previously reported numbers, what they're trying to say is that their mistakes involved such small amounts that they don't really matter. Too often, though, that's not really the case.
Oil giant BP (BP) believes that compensation claims related to the Gulf of Mexico oil disaster will be less than the $20 billion the company set aside to meet the claims, CEO Bob Dudley told analysts.
Dudley said "that given the current estimates of claims, the $20 billion Independent Claims (ICF), that BP established probably exceeds calls," Citigroup analysts wrote in a research note.
For better or worse, earnings season hits high gear this week. Here's a quick run down of what analysts are expecting to see, as well as a closer look at three of the biggest anticipated earnings gainers: American Express, Texas Instruments and Apple.