The stock market bounced back on Tuesday, with the Dow finishing with a gain of 567 points to claw back a portion of the more than 1,800 points it lost on Friday and Monday. Wall Street seemed to get more optimistic about the market's prospects after interest rates on Treasury bonds stopped going up, and some concluded that the size of Monday's sell-off had been linked more to the collapse of financial instruments linked to measures of volatility than to any fundamental concerns about the economy or the business world. Nevertheless, some stocks did have bad news that sent their shares lower even on such a positive day. Cboe Global Markets (NYSEMKT:CBOE), Clearwater Paper (NYSE:CLW), and 8point3 Energy Partners (NASDAQ:CAFD) were among the worst performers. Below, we'll look more closely at these stocks to tell you why they did so poorly.

Cboe deals with volatility concerns

Shares of Cboe Global Markets dropped 10% as investors played through the potential second-order effects of the blowup in inverse volatility ETFs that occurred Monday afternoon. Cboe didn't operate the ETFs in question, but their huge losses turned the spotlight on whether it makes sense to use volatility-linked investments in the way that users have done in the past. With Cboe providing the exchange for futures on the most commonly used index of market volatility, bearish investors fear that the exchange could see less trading volume for what had become an important market niche. That seems like a short-term overreaction, but if regulators do take further steps, Cboe will have to respond persuasively to protect its business.

Old-style picture of Chicago options trading floor from the 1970s.

Image source: CBOE.

Clearwater gets a paper cut

Clearwater Paper stock plunged 22.5% after the company reported fourth-quarter financial results late Monday. The Spokane-based paper products manufacturer said that sales were up 3% from year-ago levels, helping to push adjusted net income higher by between 4% and 5%. Yet investors seemed to focus on the company's weakness in the consumer products area, where segment sales dropped 3% and caused consequent declines in margin and pre-tax operating income. For years, investors have turned to Clearwater as a defensive investment, but today's move suggests that shareholders aren't satisfied with the tepid growth that Clearwater has delivered recently.

8point3 falls 11-point-5

Finally, shares of 8point3 Energy Partners fell 11.5%. After a long search, a private buyer for the investment vehicle for solar energy generation projects emerged, as Capital Dynamics made an offer for the limited partnership. However, the $12.35-per-share cash bid was well below the $13.83-per-share closing price for the stock on Monday, leading to today's substantial decline. Majority owners SunPower (NASDAQ:SPWR) and First Solar (NASDAQ:FSLR) control almost 65% of 8point3, and although the deal still requires approval of other shareholders, the share-price decline almost exactly matches the bid. Solar yieldcos haven't worked out the way that investors had wanted, but shareholders who stick around will have the ability to collect another couple of dividend distributions before getting cashed out.

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