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This is a shortened trading week due to the Martin Luther King Day holiday but that doesn’t mean it’s not filled with plenty to keep traders busy.

Fourth-quarter earnings season heats up with about 100 companies expected to report. Among them will be many of the regional banks, but there will also be other large-cap companies reporting that investors should be watching.

We’ll hear from a diverse group of large-cap companies including manufacturers, industrials, and transports.

These were some of the big winners over the last 2 years but, as a result, they’re no longer cheap.

Will valuation be a factor even for non-technology big-cap companies in 2022?

5 Must-See Large Cap Earnings Chart 

1.    Fastenal (FAST - Free Report)

Fastenal distributes industrial and construction supplies. It’s often a barometer for the manufacturing and construction industries.

Fastenal has beat 7 quarters in a row, so it has a great pandemic earnings surprise track record.

Fastenal shares continue to grind higher and added 17.3% over the last year as it hit new 5-year highs.

But shares have fallen 7% in the last month, on overall stock market weakness.

Will another beat send the shares higher?

2.    United Airlines (UAL - Free Report)

United Airlines has been a wild stock since the pandemic started as travel has had fits and starts.

United Airlines has beat 2 quarters in a row so it has put together a mini-streak.

It’s been a frustrating year for investors as shares are up just 9.8% during that time. Over the last month, as fears about Omicron have eased, the shares have rebounded 12.6%.

United Airlines isn’t a cheap stock on a P/E basis. It’s trading at 26x.

But with the recovery back on, is it time to get into United Airlines to start 2022?

3.    Union Pacific (UNP - Free Report)

Union Pacific operates a railroad on the West Coast and along the Mexico border.

Union Pacific has beat 3 out of the last 4 quarters and has a pretty solid earnings surprise track record.

Shares are up 13.7% over the last year, as logistics have been hot, and in the last month, have fallen, but only 0.3%. It’s still trading near its 5-year highs.

Union Pacific isn’t cheap either, with a forward P/E of 22.

Is Union Pacific too hot to handle in 2022?

4.    Intuitive Surgical (ISRG - Free Report)

Intuitive Surgical makes the Da Vinci surgical system.

It has a great earnings surprise track record, having put together 10 earnings beats in a row. That’s impressive given the pandemic.

Intuitive Surgical recently gave preliminary Q4 procedure results, which were up 19% year-over-year. However, the delta and omicron variant outbreaks did impact the quarter.

Intuitive Surgical has been one of the most popular large cap growth stocks of the last 5 years. Shares are up 344% during that time.

But over the last month, shares have fallen 7.2% on growth stock weakness.

It still trades with a forward P/E of 56.

Is valuation an issue with Intuitive Surgical in 2022’s rising rate environment?

5.    PPG Industries (PPG - Free Report)

PPG Industries is in paints and coatings. It has beat 5 out of the last 6 quarters.

Shares rallied hard off the coronavirus lows in 2020 but over the last year, PPG Industries only gained 11.5%.

Over the last month, the shares have fallen, but only 0.5%.

Shares are not cheap, as PPG Industries trades with a forward P/E of 20.2.

What will be the catalyst to push PPG Industries to new highs in 2022?

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