Is the Worst Over for Waste Management?

Until very recently, value managers have been at the low end of the totem pole. It obviously follows that many value stocks have also been hurting. Pardon my gross oversimplification, but if I had to pick one stock besides Philip Morris (MO Quote) that has caused more pain for the value camp, it would probably be Waste Management (WMI Quote).

Having carried out many a money manager with the trash, I'm wondering what is to be made of its recent first-quarter earnings report, which sparked a 20% pop in the stock. Does that mean we've seen the bottom?

I once read a long time ago that growth managers put up great numbers via astute selling, i.e., getting off the bullet train before the wreck. Value managers succeed by smart buying, i.e., they avoid being terribly early. ...