Tuesday was a down day for the stock market, as major benchmarks moved lower by modest amounts. More warnings on the trade front from the White House made some investors nervous about the potential for global economic pressure, but a dovish tone from Federal Reserve officials implies that the central bank stands ready to deal with any fallout internationally. Some companies had good news that lifted their share prices. Roku (NASDAQ:ROKU), Fortuna Silver Mines (NYSE:FSM), and Blue Apron Holdings (NYSE:APRN) were among the top performers. Here's why they did so well.
Roku reaches record levels
Shares of Roku climbed 7%, setting a record high for the stock. Investors have gotten increasingly excited about the company's success in moving beyond the hardware that the streaming-video specialist is best known for, especially in light of huge gains for the advertising side of its business. Roku now gets almost twice as much revenue from ads as it does from device sales, and between direct ad placements, referral fees, and other eyeball-capturing features, the company is doing everything it can to make the most of its golden opportunity.
Fortuna Silver Mines saw its shares climb more than 14% on a good day for silver stocks in general. The price of silver bullion was only modestly higher, rising about 1.5%, and at just over $15.50 per ounce, the white metal hasn't captured a huge amount of gains recently. However, many precious metals investors are getting more bullish about silver's prospects, and Fortuna's own production figures from Monday reported 4.6 million ounces of silver production during the first half of 2019. That was 5% above what the company had projected, and it still expects to produce 8.2 million to 9 million ounces of silver, as well as 49,000 to 54,000 ounces of gold for 2019. That could help Fortuna improve on its recent results, and shareholders seemed to recognize the company's potential today.
Blue Apron goes beyond regular meal kits
Finally, Blue Apron's stock soared more 37%. The meal-kit provider has seen tough times recently, but investors were pleased to learn that Blue Apron has entered into a partnership with plant-based meat-substitute maker Beyond Meat. Under the deal, Blue Apron will start offering meal kits that include Beyond Meat's burgers and other meat substitutes, with customized recipes aiming to highlight the products. Even with the move, though, Blue Apron still faces the same fundamental business challenges of competing in an increasingly crowded niche.