Earnings as related to Stock Valuation: The Wall Street Journal reported in January 2004 that "Earnings Reports Lift Stocks Despite Valuation Worries".

Among companies wowing Wall Street...Lexmark International climbed 7.2% after its fourth-quarter earnings beat Wall Street estimates...
Energizer Holdings jumped 11% after the company said first-quarter earnings climbed 33% and beat expectations...
And Tyson Foods surged 11% after its fiscal first-quarter earnings surged 46% despite the mad-cow scare late in the period.

The simple fact of beating Wall Street earnings estimates appears to have been enough to allow these stocks to increase in value. (Posted by P. Timmerding.)