I mean both. Investors tell themselves a stock price will go up due to company performance. Performance can mean a lot of things to different people and isn't n

I mean both. Investors tell themselves a stock price will go up due to company performance. Performance can mean a lot of things to different people and isn't necessarily tied to fiscal performance. No one is buying stock and thinking, "this company will tank, and that will cause the stock to shoot up" outside of very specific situations and events.