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Well DUH. Their "earnings" are only up temporarily as they no longer are paying all those salaries. Just like the analogy I have used before, some tradesman pawning all his tools friday night, so all weekend he looks like he got rich and his "earnings" went up. Then monday morning comes and no work and no earnings at all.
These pseudo earnings, that have nothing to do with their core business and actually reflect failure rather than success, will disappear shortly and we will be experiencing a rather hard crash.
Stocks are, for the most part, highly and irrationally over valued. BUT, they are because that's all the market knows, buy/sell/TRADE stocks. It can't do anything else, so that's what they do. If everyone went to rational buy today after careful consideration then hold forever and watch over the management like a hawk model, the market would collapse anyway, because it is predicated on trading, not holding. Speculation, not investing. Various flavors of charting voodoo and magickal incantations and "waving" your hands around in the air "theory". Gambling and the pet hot system of the day. No diff really from those little sucker pamphlets you see for sale at the quickstore checkout about lucky lottery numbers and various ways to beat random chance.
Default is, spin and shill to keep that churn churning. We are probably at or damn near at peak in general terms, because jobless recovery is an oxymoron. The "greater fool" theory of taking profits out of the market and walking away from the casino table while still ahead will be kicking in soon, and we will be seeing who is more rational or not. There will emerge a few percent rational, and the bulk irrational. And a lot of the ones rational are "stealth rational", they are the same ones who keep running the shill games, because THEY know they will exit, and when, and by sheer volume of their trades, influence the rest.... but well after the fact of this being useful information to the "marks" or suckers.
Clear cut recent example: as the full blowout of the shilled and lying housing bubble got close, the players who caused it EXITED in advance of the rubes and went to basically more corn and oil trading, creating yet another huge fast spike and bubble, where they skimmed off trillions or some huge number. They got out early in housing and hedged by taking those fast profits and reshilling them again in another direction. The herds ALWAYS follow, so the big players can always stay ahead, because they cause and choose the direction in the first place.
You can't beat the house, you just can't, not forever anyway. They will *encourage you greatly to think so*, but that's part of the shill.