The stock market fell on Friday, with the Dow Jones Industrial Average dropping by triple digits and broader benchmarks declining by more than half a percentage point. Global political and economic issues took center stage as tensions between the U.S. and Turkey ratcheted higher. Exchanges of sanctions and diplomatic threats led to a dramatic weakening of Turkey's currency, and President Trump tweeted that he would double tariffs on steel and aluminum to the NATO-member country. Yet even as market participants fretted about those issues, some individual companies had good news and saw their shares rise. Universal Display (NASDAQ:OLED), 3D Systems (NYSE:DDD), and Ruth's Hospitality Group (NASDAQ:RUTH) were among the best performers on the day. Here's why they did so well.
Universal Display sees more OLED demand ahead
Shares of Universal Display climbed 13.5% after the manufacturer of organic light-emitting diodes reported its second-quarter financial results. The company's backward-looking numbers were downright terrible, including a 45% drop in revenue and a more-than-75% decline in earnings from the year-ago quarter. But accounting rule changes played a significant role in the poor relative performance, and Universal Display expects that there should be strong cyclical demand for OLED displays from major electronics manufacturers in 2019. That should drive orders beginning later this year, and those who've endured the painful share-price plunge in Universal Display shares so far in 2018 can't wait to see better times ahead.
3D Systems keeps moving up
3D Systems stock jumped 9.5%, adding to gains from Wednesday and Thursday that bring the total share-price increase over that three-day period to more than 45%. The 3D-printing specialist reported strong revenue growth in its second-quarter financial report late Tuesday afternoon, with sales picking up nearly 11% from year-earlier figures. Although adjusted earnings slid from what the company posted in the second quarter of 2017, 3D Systems said that sales of 3D printers were dramatically higher, and it also saw good demand in healthcare solutions. The report doesn't signal complete success for 3D Systems, but shares have already fallen substantially enough that a hint of good news was enough to bring a bounce.
Finally, shares of Ruth's Hospitality Group soared 15%. The company behind the Ruth's Chris Steak House chain said that revenue climbed almost 10% on a 1.3% rise in comparable-restaurant sales, and earnings were higher by 23% from the year-ago quarter. Outgoing CEO Michael O'Donnell singled out the performance of Ruth's Hawaiian restaurants, which was quite a bit better than the company had anticipated. New chief executive Cheryl Henry will now take over the reins at the company, and investors appear more confident than ever that Ruth's can navigate tough conditions in the restaurant industry and produce the tasty growth they want to see.