MINNEAPOLIS ( Stockpickr) -- Earnings season is in full swing. Last week we had a number of key reports from some of the biggest and brightest stars in the market. Some of the results were good and some were bad.

2011 is shaping up to be a stock picker's market. Traders who can separate the winners from the losers are likely to deliver the best performance. If a company releases a better-than-expected profit number, its stock is likely to go up in value. With an earnings miss, shares are likely to plummet.

Apple ( AAPL) released results last week that blew away estimates. The company made a whopping $6.43 per share vs. the estimate of $5.40. That is the huge beat that I expected, but unfortunately it came on the heels of the announcement that Steve Jobs was taking a medical leave of absence.

Shares of Apple fell on that news and only managed a short-lived gain thanks to the earnings performance. A continuation of the selling on Friday resulted in Apple's actually losing market value as its reward for an earning blowout.

Related: David Tepper's Top Tech Stocks

Longer-term traders should use that selling as an opportunity to buy shares at a discount. Apple is worth a minimum of $400 based on its operating performance. The Jobs news is a nonevent, in my opinion.

Delta Air Lines ( DAL) fell hard after reporting its results. The big airline concern noted pressure from rising fuel prices. In response the company stated it would cut capacity if higher prices resulted in empty seats. I would avoid all airline stocks based on this report alone.

Given the recent run-up in shares of Charles Schwab ( SCHW), only a huge beat on the profit number could have moved shares further. The report was good, not great, and shares took a small step backward.

Goldman Sachs ( GS) reported a profit that beat estimates, but it was not enough to move shares higher as the revenue number missed expectations. Goldman traded lower initially but closed the week essentially on the flat line.

eBay ( EBAY) was a shining star. Its shares jumped by a dollar after it reported earnings that beat estimates by 5 cents thanks to stronger than expected auction sales. No innovation here, simply squeezing more juice out of the lemon. I'd use the gains as an opportunity to sell shares.

Here is a look at some of the companies reporting results next week.

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