you need to question again ? does market value works in current mode or its always as future mode or called it as forward mode ?
Market always discount before earnings arrival and this is normal that the reason you see market reaching all time high since it has already predicted that earning are going to come positive very soon.
go back to history of market across the world stock market always work in forward mode it always discount the future outlook.
remember market always work based on number of people thinking about future earning / growth optimistic approach and pessimistic approach and looking at the behavior of market people are more optimistic about growth is going to come and earning will be seen in numbers as well.
so evaluate area where you saw slowdown in business in past grab the best company stock among them.