Stocks may gyrate, but earnings soared in Business Week's flash report on the first quarter. Profits jumped 22% on an 11% hike in revenues. Even Old Economy stalwarts like Weyerhaeuser and Alcoa are up 142% and 61%. Brokers also flexed their muscle: Merrill Lynch was up 70%. Losers? Coca-Cola lost $58 million, and profits slipped 2% at General Motors.

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