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A George Costanza Market -- Who Knew?

NEW YORK ( TheStreet) -- Welcome to bizarro world where down is up and up is down; welcome to earnings season. Welcome to a world where companies are rewarded for poor performance, punished for good performance and where pundits are wrong much of the time. Yesterday was "opposite day" in true George Costanza fashion.

First, take Gannett (GCI), a name that has been putting up some pretty good numbers the past few years, after a rough 2008-2009, but the market has been slow to warm up to it.

Yesterday, the company announced good first quarter numbers, with revenue rising 1.6%, hitting the consensus estimate, and 37 cents earnings per share beating the consensus by two cents. All segments but advertising -- down 4.5% -- showed nice revenue gains, with broadcasting up 8.7%, and publishing circulation up 8.6%.

The market promptly rewarded Gannett with a 5% haircut, on a day that the S&P 500 was up more than 1%. What were they expecting, a dividend increase?

GCI Chart GCI data by YCharts
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