Please ensure Javascript is enabled for purposes of website accessibility

Why Polaris Industries, Corning, and Conn's Jumped Today

By Dan Caplinger - Oct 24, 2017 at 4:30PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

These stocks helped lead the markets higher. Find out why.

The stock market soared on Tuesday, with strong performances from two of the most influential companies in the Dow Jones Industrials powering that index to 200-plus-point gains during the day, though it ultimately closed slightly below that level. Other major benchmarks finished with more modest moves but still were higher, climbing in the wake of good results from cyclical companies seeing rebounds from poor conditions in past years. Although some of the biggest names in the market were among the best-performing stocks, a host of other companies also contributed to the good mood on Wall Street. Polaris Industries (PII 1.76%), Corning (GLW 1.27%), and Conn's (CONN 0.00%) 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.

Polaris gains speed

Shares of Polaris Industries revved upward by 15% after the company reported its third-quarter financial results. The maker of motorcycles and recreational motor sports equipment enjoyed a huge uptick in sales of its off-road vehicles and snowmobiles, helping to offset negative pressure from Polaris' decision to wind down its Victory Motorcycle division. Net income was also sharply higher, and CEO Scott Wine called the results "a testament to the power of the Polaris brand, the strength of our dealer network, and the competitive drive of the Polaris team." Even with Victory gone, Polaris sees its Indian Motorcycle brand picking up the pace going forward, and a recovery from a recall-plagued off-road vehicle segment could finally have Polaris climbing higher.

Polaris RZR vehicles at an off-road race in mud.

Image source: Polaris Industries.

Corning's success is clear as glass

Corning stock rose more than 6% in the wake of the glass specialist's third-quarter financial report. The maker of the well-known Gorilla Glass material for smartphones and other popular electronic devices said that it enjoyed solid gains on its top line, led by a 25%-plus rise in sales of specialty materials and a 15% jump in optical communications products. CEO Wendell Weeks pointed to the milestone of reaching 1 billion kilometers of optical fiber sold in its history. As Gorilla Glass remains a much-adopted material for electronics manufacturers and moves into other areas like pharmaceutical glass packaging and gasoline particulate filters, Corning is working hard to grow in as many arenas as possible.

Conn's recovers from the storms

Finally, Conn's stock closed up 16.5%. The retailer was hit particularly hard by Hurricane Harvey, which struck key sales areas in its home market of Texas. Yet in a business update today, Conn's said that positive sales trends returned as early as mid-September, and month-over-month sales so far in October are up sharply. Moreover, favorable trends outside the hurricane-hit areas were also encouraging. Conn's will still suffer declines in same-store sales for the quarter, but investors were pleased that the news wasn't worse.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

Corning Incorporated Stock Quote
Corning Incorporated
GLW
$31.91 (1.27%) $0.40
Conn's, Inc. Stock Quote
Conn's, Inc.
CONN
$8.02 (0.00%) $0.00
Polaris Industries Inc. Stock Quote
Polaris Industries Inc.
PII
$101.03 (1.76%) $1.75

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning analyst team.

Stock Advisor Returns
316%
 
S&P 500 Returns
112%

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 07/03/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.