Did I mention earnings season?  Did I me…

Did I mention earnings season?  Did I mention I thought individual earnings reports would be the next catalyst for our stocks?  Here are some earnings updates from our stocks from the last 16 hours:

1. Apple – blowout, huge, amazing quarter with typical Apple-esque conservative guidance.  Earnings nearly doubled…and we were talking a huge multi-billion dollar earnings base to begin with.  I won’t be rushing into a new tranche on this one today, but will look to continue to build this one up slowly but surely in coming weeks.

2. Nokia – good quarter, but ugly guidance, and analysts will be cutting estimates for next quarter.  Regardless, the stock looks like it’s got a nice bid underneath it today because the Street had pretty much priced in total and immediate death for the company.  Seriously, as I explained heading into our position, any decent news was likely to help catalyze higher prices because the pessimism around this name is so thick.

3. Nuance – just pre-announced a big upside to their 2nd quarter results ahead of schedule.  Summary of the upside from briefing.com: Co expects 2Q11 (Mar) non-GAAP revenue of $329-332 mln, up from prior guidance of $315-327 mln and vs $322.2 mln consensus. Non-GAAP EPS is expected to be $0.31-0.32, up from prior guidance of $0.28-0.31 and vs consensus of $0.30.    I mentioned earlier how I’ve been building this position up and it was my 3rd largest position heading into today.  The stock is up more than 5% in the pre-market and I will let it ride for now, but frankly, it’s still very cheap and, yes I’ll be looking to add to it in coming weeks too, even as I might trade out of some of the call options I’ve got in it.

Cypress – Another name I’ve been steadily building and is decent sized heading into the earnings call today — and it was another very good fundamental report.  Let’s take this summary from the PR: Thursday 8:41 AM Cypress Semiconductor (CY): Q1 EPS of $0.24

. Revenue of $233M (+15% Y/Y)

. Shares

premarket.

And let’s mention that F5’s results will spike Riverbed at the open.

Lots of action and it’s our job to keep our heads on straight while the rest of the Street now scrambles to catch up to these results.  Back in a bit.