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Stocks have been struggling lately, to put it mildly, but earnings season has been pretty decent. Stock prices in the tech sector has been especially weak but I don't believe tech deserves the cold shoulder. Here's why.

I've been keeping track of some of the tech bellwethers as well as some of the smaller players.All in all, the results of this earnings season have been pretty positive.

The following table is our tech scorecard. Results include a good selection of tech stocks that have reported this month right up through Monday, Jan 25. 40 out of 47 companies on our list have beat earnings expectations thus far in this earnings season. That's 85%, which to mind is pretty good.

There has been some grumbling among investors that topline growth has been lacking. This scorecard shows that 31 out of 47 companies have shown year-over-year growth in revenues. Not spectacular but not bad; it's about two thirds of companies reporting thus far and that's a decent percentage.

In any case, here is our tech scorecard thus far. We've identified which ones beat earnings expectations and which ones had topline revenue growth.

Name Symbol Earnings Beat? Topline Growth? Guidance
Infosys INFY Beat Yes Upside
EXFO EXFO Miss No Upside
Linear Tech LLTC Beat Yes Upside
Xyratex XRTX Miss No Upside
Intel INTC Beat Yes In-line
ADTRAN ADTN Beat Yes
Cree CREE Beat Yes Upside
IBM IBM Beat Yes Upside
Supertex SUPX Beat No
Wipro WIT Beat Yes
ASML Holding ASML Beat Yes
iGATE IGTE Miss Yes
Amdocs DOX Beat No Mixed
eBay EBAY Beat Yes Mixed
F5 Networks FFIV Beat Yes Upside
Logitech Intl SA LOGI Beat No
NVE Corp NVEC Beat Yes
Plexus PLXS Beat No Upside
Seagate Tech STX Beat Yes Upside
Skyworks SWKS Beat Yes Upside
Xilinx XLNX Beat Yes Upside
Amphenol APH Beat Yes Upside
Fairchild Semi FCS Beat Yes Upside
Affiliated Computer ACS Beat Yes
Xerox XRX Beat No Upside
California Micro CAMD Beat Yes
Advanced Micro AMD Beat Yes
Digi Intl DGII Beat Yes In-line
Elec For Imaging EFII Beat No
Emulex ELX Beat No Mixed
Google GOOG Beat Yes Upside
Intl Game Tech IGT Beat No
Microsemi MSCC Beat No Mixed
NetScout Systems NTCT Beat No In-line
Synaptics SYNA Beat No Mixed
Western Digital WDC Beat Yes
LM Ericsson ERIC Miss No
Apple AAPL Beat Yes Upside
Atheros Communications ATHR Beat Yes
JDA Software JDAS Miss Yes
Mindspeed MSPD Beat Yes Upside
PLX Tech PLXT Beat Yes Upside
Texas Instruments TXN Beat Yes Upside
VMware VMW Beat Yes Upside
Volterra Semi VLTR Beat Yes
Zoran ZRAN Beat Yes Upside

Since earnings reports are backwards looking, I've included forward guidance. Out of 46 stocks in the list, there are 29 that have provided guidance that I was able to include. Out of that 29, fully 21 have provided upside guidance, and the rest have provided mixed or in-line guidance.

So with 85% of tech stocks beating earnings expectations and 66% reporting year-over-year growth in revenues the tech sector is looking pretty good from the point of view of fundamentals. Given how hard tech stocks have fallen, I'm thinking this is getting to be a pretty good entry point for those looking to invest in the tech sector (ETFs IYW, XLK and ROM are pretty good candidates). And with a significant number of stocks providing positive forward guidance, the risk at this point seems to be somewhat diminished.

The next few weeks will feature plenty more earnings reports so stay tuned for updates to the tech scorecard.

Disclosure: no positions in stocks mentioned in this post though I am currently long ROM

Source: Tech Sector Earnings Scorecard: Time to Get Bullish?