Major benchmarks fell on Tuesday, reflecting the balance of optimistic and pessimistic assessments as more companies gave their latest insights on their financial performance. In the absence of significant macroeconomic or geopolitical news, investors seemed content to see the broader stock market drift slightly lower. However, at the individual-company level, there was a lot going on, and some companies had great news that sent their share prices sharply higher. Polaris Industries (NYSE:PII), Lyft (NASDAQ:LYFT), and Stamps.com (NASDAQ:STMP) were among the top performers. Here's why they did so well.
Polaris races ahead
Shares of Polaris climbed 11% after the motorsports vehicle manufacturer reported its third-quarter financial results. Revenue climbed 7% compared to year-ago levels, with double-digit percentage gains in sales of off-road vehicles and snowmobiles. Motorcycle sales were down 3% year over year, but that was better than what some of Polaris' competitors saw, and solid gains in sales from aftermarket products and global adjacent markets helped lift the top line. Adjusted earnings per share fell 10%, but the company said it now expects full-year earnings to come in toward the upper end of its previous range. Given the concerns many investors had about the competitive environment and trade-related issues, Polaris left shareholders feeling more comfortable than they were before the report.
Lyft sees profits coming
Lyft saw its stock jump nearly 7% following favorable comments from the ride-hailing company's co-founders. John Zimmer and Logan Green predicted that Lyft would see its adjusted pre-tax operating earnings turn positive by the last part of 2021, which is a year or more sooner than many stock analysts had expected. Ridesharing services have faced increasing scrutiny, including a recent California law aimed at clarifying the employment status of their drivers. Also, there's a big difference between true profitability and the adjusted numbers that Green and Zimmer specified, and it'll be interesting to see whether Lyft can make good on its promise.
Stamps.com gets a vote of confidence
Finally, shares of Stamps.com soared 19%. The company announced a new deal with United Parcel Service under which Stamps.com customers will have access to special discounts on UPS shipping rates. Stamps.com CEO Ken McBride was pleased with the agreement, seeing it as a way to let clients use UPS services "in a simpler and more seamless fashion and at very attractive new discounts." Stamps.com has struggled ever since it lost its exclusive partnership with the U.S. Postal Service, but the new deal with UPS reestablishes the online company's status as an important player in its industry.