I don't know why you dredged this up from so long ago. I started to type a long winded post but decided it's not worth it.
I'm done arguing about this. Technically, a stock is worth what someone is willing to pay for it. If you think that how much a company makes and is expected to make in the future (per share of course) has nothing to do with how much people think it's worth, then I feel sorry for you.
I'm not going to go through the ins and outs of it all. I'll leave you with this headline: Netflix Jumps On Earnings, Guidance Beat »www.thestreet.com/story/11384675···eat.html
. Earnings were released, profits and future guidance on profits beat expectations, and the stock went up 10%. I'm done.