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More than three-quarters of S&P 500 companies have reported third-quarter earnings, but some traders say that there could still be some big surprises.

Gina Sanchez of Chantico Global said one of unexpected outperformer could be Toyota Motor, which is set to report earnings on Thursday.

With Volkswagen bogged down in its rigged emission test scandal, Toyota has reclaimed the mantle of world's largest automaker, Sanchez said.

"You're really starting to see Toyota picking up the slack there, and I do think there's potential for an upside surprise out of Toyota," she said Tuesday on CNBC's "Trading Nation. "

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On the other side, Erin Gibbs of S&P Investment Advisory has one name that she warns could be a disappointment for investors this earnings season.

Gibbs said Whole Foods Market is still struggling to come back from a mislabeling scandal in which the company overcharged for misstated weight on food products.

Whole Foods, which is set to report after the bell Wednesday, also has a history of missing on earnings, Gibbs said Tuesday.

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"They've missed the last three out of four for earnings estimates, and they've missed the last seven out of eight for revenue estimates," she said. "So based on their track record alone, I'm saying that they're going to be one of the ones that might miss."

This week has already seen some big moves, including Tesla, which soared 9 percent after its report, and Groupon and Fidelity which both plunged on earnings.

In a Wednesday report, Jonathan Golub of RBC Capital Markets noted that stock prices have been seeing more extreme moves on third-quarter earnings.

"Investors have rightly noted that companies missing expectations are being punished more harshly than normal this earnings season. However, the converse is also true. Companies that are positively surprising are also being rewarded more generously," Golub wrote.

Disclosure: Sanchez does not have any position in Toyota and Gibbs does not have any position in Whole Foods.

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