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Tim Mullaney: Earnings are the ultimate stock-market reality show

A week ago, veteran RBC Capital Markets internet analyst Mark Mahaney made an ill-timed but, it appears, utterly correct call about third-quarter earnings, saying profits for internet companies will be great. Then the market tanked, with internet and technology stocks doing worse than everything else.

Whoops.

Forgotten on the way to bear-marketville was the sweet little idea that it is earnings season, and earnings are pretty good.

On Tuesday morning, Goldman Sachs GS, +0.98% beat profit forecasts by 17% and Morgan Stanley MS, +0.91% beat by 15%, helped by investment-banking and wealth-management revenue gains.

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