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American Corporate earnings reports, the scorecard of capitalism, will start appearing in April 2004, as companies disclose their first-quarter results. The largest growth rate will come from materials companies like metals, paper and chemicals. They are expected to show earnings growth rate of 75 percent, compared to the first quarter of 2003. Technology earnings are next best. They are expected to show growth of 54 percent, which is pretty much unchanged from the fourth quarter. Consumer discretionary goods companies are expected to see earnings growth of 12 percent in the first quarter, compared with 15 percent growth in the fourth quarter.