The stock market fell again on Wednesday, posting what has become an increasingly rare two-day losing streak. Major benchmarks gave up modest amounts of ground in the wake of some disappointing high-profile earnings reports, and some investors also pointed to increasing tensions between the U.S. and North Korea for fueling concerns about a market correction. Yet even with a downbeat tone overall, some stocks managed to buck the trend. Red Robin Gourmet Burgers (NASDAQ:RRGB), Hertz Global Holdings (OTC:HTZG.Q), and Novo Nordisk (NYSE:NVO) were among the best performers on the day. Below, we'll look more closely at these stocks to tell you why they did so well.
Red Robin cooks up a good quarter
Shares of Red Robin Gourmet Burgers sizzled higher by 9% after the company announced its second-quarter financial results. The burger chain said that comparable-restaurant sales rose for the first time in more than a year, posting a 0.5% gain, and overall revenue climbed slightly. Even though Red Robin's bottom line suffered slightly, CEO Denny Marie Post was happy about the early results from its lower-priced Tavern Double burger menu, and efforts to rein in costs appear to be making progress. Analysts at BTIG responded to the report by upgrading Red Robin stock, and investors hope that this could be the beginning of a rebound for the hard-hit restaurant industry more broadly.
Hertz hits the gas
Hertz Global Holdings stock soared 23% in the wake of the release of the company's financial report for the second quarter. At first glance, things were ugly for the rental car giant, with lower revenue and wider losses than in the year-ago period. Yet Hertz said that conditions in the industry have improved early in the current quarter, and the company's turnaround plan has shown significant progress toward a full recovery. Tough conditions in the used-car market have hit car rental specialists throughout the industry, but Hertz is hopeful that better times await down the road.
Novo Nordisk's sales rise
Finally, shares of Novo Nordisk gained 8%. The pharmaceutical company said that earnings were flat in the second quarter compared to the year-ago period, but sales for the full year are likely to be higher than it had originally expected. Sales of blockbuster drugs like diabetes treatment Victoza and obesity drug Saxenda have been promising and led Novo Nordisk to narrow its guidance for 2017 toward the higher end of its previous range. The company will face challenges in the U.S. market, where pressure on drug prices is likely to crimp margins. However, if the company's pipeline keeps moving forward as it has in the past, then Novo Nordisk could make further progress and enjoy even greater sales growth in the future.