Booyah Breakdown: After Hours on the Street

Timing is everything in life. You have to find just the right moment to tell your boss you're quitting. You have to create that picture-perfect moment to propose to your girlfriend (or boyfriend). And make sure you have a cold beer ready when you let your spouse know you've wrecked the car.

Same should hold true for earnings announcements. Yet there seems to be inconsistencies.

Take Thursday, Feb. 1, 2007. Before the market opened, Exxon Mobil (XOM Quote) reported a 4.3% drop in fourth-quarter net income amid lower energy prices. This was despite the fact that the company had taken in the largest annual profit in U.S. history. Then around 10 in the morning, agriculture giant Archer-Daniels-Midland (ADM Quote) reported that second-quarter earnings rose 20% as higher ethanol, starch and sweetener selling prices were partially offset by an increase in corn costs. ...