Why Is Wall Street So Cold to Such Hot Earnings?

You'd never know it from recent equity action, but fourth-quarter earnings season has so far been remarkably strong. The Dow Jones Industrial Average ($INDU) coughed up 3.5% in January -- its worst showing in nearly a year -- and yet results are easily beating Wall Street's expectations. True, that bar remains pretty low. But then revenue -- the bogeyman of the prior reporting season -- is coming in ahead of estimates, too. And most important: Guidance is going up.