scratching my head

Now, this is what I don't understand how Wall Street dynamics works, and reason why I am NOT a momentum investor. HIG which last night reported 40% jump in profit increase, beat the estimates, has a very consistent earning record, and by my account a very undervalued stock... Guess what happened, the street pushed it down 4% this morning. Another case, FII, an asset management company, reported a DROP in profit, fell BELOW estimate. The street pushed it up 4% higher. Granted I also view FII as an undervalue long term value play and I am happy that I got an unexplained pop for it, it's not quite the same when you don't know exactly what these traders are thinking. The only thing I can think of is short covering from those who EXPECTED WORSE.