Is it wise to buy stocks on the basis that it beat its quarterly estimates?

Doing that is similar to buying Toto and 4D based on the weather forecast for the next few weeks.

If got alot of rain, you should not buy. If alot of bright sunny days, you buy.

When the weather forecast is wrong, we do not blame the forecaster or nature. However in financial markets, it is a strange phenomenon. If I forecast company X to do 10% increase profits, and they did not meet the forecast, the markets will punish the company for not meeting the forecast! Strange indeed!!