Wednesday was another down day on Wall Street, as major benchmarks continued to struggle in response to some troubling earnings reports and potential challenges on the macroeconomic front. After having mounted an impressive comeback yesterday, the Dow Jones Industrial Average gave up early gains and dropped 600 points to fall below the 25,000 mark, while losses in the tech-heavy Nasdaq Composite were much worse at more than 4%. Yet even with many stocks losing ground, a few companies had positive news that lifted their shares. Tupperware Brands (NYSE:TUP), Lithia Motors (NYSE:LAD), and Clementia Pharmaceuticals (NASDAQ:CMTA) were among the best performers on the day. Here's why they did so well.
Tupperware preserves its gains
Shares of Tupperware Brands finished 15% higher after the company reported its third-quarter financial results. The maker of kitchen storage products faced some struggles, with sales falling 10% from year-earlier levels and just a 1% rise in adjusted earnings per share. Yet CEO Tricia Stitzel was pleased with Tupperware's recent progress, including key initiatives designed to give the company's sales representatives more resources in the areas of digital marketing and online ordering. Currency impacts have been a tough headwind for Tupperware's international business, but investors are hopeful that in the long run, a recovery abroad will help to power even stronger results for the overall business.
Lithia drives ahead
Lithia Motors stock jumped 13% in the wake of the company's release of its third-quarter financial report. The auto dealer said that revenue surged 15% from year-ago levels, helping to power adjusted net income upward by 30% over the same period. Same-store sales for the dealership were up just 1%, but online traffic was higher by roughly a third, and CEO Bryan DeBoer highlighted the digital initiatives that Lithia has taken on as a key component of its overall success. With Lithia's board having boosted the size of its authorized stock repurchase program by $250 million, shareholders look forward to further potential gains.
Clementia makes its move
Finally, shares of Clementia Pharmaceuticals soared 40%. The biotech company said that it now expects to file a New Drug Application in the second half of 2019 for its candidate treatment palovarotene, which is intended to treat patients suffering from the rare bone disease fibrodysplasia ossificans progressiva. Clementia earned Breakthrough Therapy designation status for palovarotene, and early data show promising results for the treatment. Although phase 3 trials must still produce good results, investors are confident that Clementia will be able to make good on its promise and deliver a successful drug to market within the next couple of years.