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The Q3 earnings season is in its last leg with 423 S&P 500 members or 84.6% of the index’s total membership having already reported their quarterly results, as of Nov 4, according to the latest Zacks Earnings Preview report.

Per the report, approximately 72.8% of the companies posted positive earnings surprises, while 55.1% beat top-line expectations. Earnings of these companies are up 3.6% from the same period last year, while revenues have increased 2.4%.

The trend this earnings season indicates that we may finally see a positive earnings picture after five straight quarters of decline. The report projects that earnings for the total S&P 500 companies will improve 3% from the year-ago period, while total revenue will grow 1.5%. We will have a clearer picture by the end of this week.

Talking about the technology sector, per the Earnings Preview report, as of Nov 4, 86.7% of the sector’s total market capitalization in the S&P 500 index has already reported results. Total earnings of these tech companies are up 5% from the same period last year on 2.5% higher revenues, with 82.2% beating earnings estimates and 75.6% surpassing revenue expectations.

Apple Inc.’s (AAPL - Free Report) dismal results proved to be a drag on the overall performance of the sector. The company’s Q3 earnings were down 19% from the same period last year on 9% lower revenues. However, according to our model, if we exclude Apple, earnings for the rest of the companies that have reported to date are up 12.3% on 5.3% higher revenues.

As per the Earnings Preview report, technology earnings are expected to be up 3.9% in spite of 1% lower revenues.

Let’s see what’s in store for three semiconductor stocks, all of which are expected to release quarterly numbers on Nov 10.

NVIDIA Corporation (NVDA - Free Report) , which designs, develops and markets a top-to-bottom family of award-winning 3D graphics processors, graphics processing units and related software, will report its third-quarter fiscal 2017 results. The stock carries a Zacks Rank #1 (Strong Buy) and has an Earnings ESP of +1.79%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

The Zacks Consensus Estimate for the quarter is pegged at 56 cents. Last quarter, the company posted a positive earnings surprise of 18.92%. Notably, NVIDIA has outperformed the Zacks Consensus Estimate in the trailing four quarters with an average positive surprise of 28.53%. (Read more: NVIDIA Likely to Beat on Q3 Earnings: Here's Why)

NVIDIA CORP Price and EPS Surprise

NVIDIA CORP Price and EPS Surprise | NVIDIA CORP Quote

The leading designer, manufacturer and marketer of analog, mixed-signal and discrete semiconductors, Microsemi Corporation (MSCC - Free Report) will report fourth-quarter fiscal 2016 results. The stock has an Earnings ESP of 0.00% and carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for the quarter is pegged at 73 cents. Last quarter, the company posted a positive earnings surprise of 14.81%. Notably, Microsemi has outperformed the Zacks Consensus Estimate twice and matched the same two times in the trailing four quarters. It has an average positive earnings surprise of 8.82%.

MICROSEMI CORP Price and EPS Surprise

MICROSEMI CORP Price and EPS Surprise | MICROSEMI CORP Quote

A provider of total semiconductor testing and packaging solutions to fabless companies, integrated device manufacturers and foundries, ChipMOS Technologies (IMOS - Free Report) will report third-quarter 2016 results. The stock carries a Zacks Rank #3 and has an Earnings ESP of 0.00%.

The Zacks Consensus Estimate for the quarter is pegged at 22 cents. Last quarter, the company posted a positive earnings surprise of 15.38%. Notably, ChipMos has outperformed the Zacks Consensus Estimate twice while missing the same on two occasions in the trailing four quarters. It has an average negative earnings surprise of 7.45%.

CHIPMOS TEC ADR Price and EPS Surprise

CHIPMOS TEC ADR Price and EPS Surprise | CHIPMOS TEC ADR Quote

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