Major benchmarks rose Wednesday after a late rally on news that President Trump has received concessions from the EU to potentially avoid a trade war.

But several individual stocks endured steep drops today, among them Tupperware Brands (NYSE:TUP), Lithia Motors (NYSE:LAD), and Owens Corning (NYSE:OC). Read on to learn why they fell.

Stock market data and charts overlaying a digital world map

Image source: Getty Images.

Tupperware "must perform better"

Shares of Tupperware Brands plunged 16.4% after the kitchen and household products leader told investors that sales in the second quarter fell 7% year over year (or 4% in constant currency) to $535.4 million -- well below the $553.5 million most investors were expecting. To be fair, that included a 2-percentage-point impact from last year's closure of its Beauticontrol business, as well as the combination of Tupperware and NaturCare in Japan.

That translated to adjusted earnings of $59.5 million, or $1.17 per share -- down from $1.21 in last year's second quarter, but above estimates for $1.10 per share. This figure included a $0.10-per-share benefit from a lower-than-expected tax rate during the quarter, as well as a negative $0.06-per-share impact from foreign currency exchange.

Still, CEO Tricia Stitzel cut through the noise, stating: "Although adjusted earnings per share was above guidance and the local currency sales comparison improved sequentially, we do acknowledge that we must perform better across the global portfolio."

Lithia's profit breaks down

Lithia Motors stock dropped 10% following the automotive retailer's announcement of disappointing second-quarter results.

That's not to say Lithia's quarter looked bad at first. Revenue soared 26% to $3.1 billion, and adjusted earnings per share increased 11% to $2.52. But consensus estimates predicted higher earnings of $2.94 per share on lower revenue of $3.04 billion.

"Our stores generated strong revenue growth, both overall and on a same-store basis," added CEO Bryan DeBoer. "Total gross profit increased over 20% and our service operations performed well."

DeBoer also noted Lithia is still chasing roughly $250 million in "dry powder available" in the form of both revenue- and cost-management initiatives, while also looking for additional acquisitions to drive growth.

"Generating substantial revenue growth creates a profit engine that we can invest to accelerate innovation, build out our physical footprint and deliver compelling shrareholder returns," he said.

In other words, Lithia is forsaking profitability to reinvest in the business and grow revenue. In the meantime, however, it seems the market isn't pleased with its profit shortfall.

Owens Corning falls short

Shares of Owens Corning sank 8.7% in the wake of the insulation, roofing, and fiberglass products company's subpar second-quarter results. Revenue climbed 14.2% to $1.824 billion, and adjusted earnings fell slightly to $131 million, or $1.17 per share. By contrast, most investors wanted earnings of $1.45 per share on revenue of $1.86 billion.

Chairman and CEO Mike Thaman credited growth to both acquisitions and pricing actions in the roofing and insulation segments. He also noted that the company faced "operational headwinds" that offset commercial progress in the first half of the year, but expects improved operational performance in the second half, when the company historically collects the bulk of its full-year profits. If that prediction pans out, I suspect Owens Corning's pullback may prove short-lived.

Steve Symington has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.