Tuesday was an interesting day on Wall Street, as market participants had to wrestle with many different issues that vied for their attention. Between U.S.-China trade negotiations, readings on the U.S. economy, and the ongoing earnings season, investors found themselves on their toes throughout most of the session, and the major benchmarks closed in mixed territory. Some companies had good news that produced sizable gains. Hertz Global Holdings (HTZG.Q), EverQuote (EVER 0.27%) and NIO (NIO 0.27%) were among the top performers. Here's why they did so well.
Hertz bounces back
Shares of Hertz Global Holdings moved higher by 14%, recovering from some after-hours losses Monday immediately following its release of third-quarter financial results. Hertz said that global revenue rose 3%, powered in part by record third-quarter sales in the U.S. rental car segment. Conditions domestically were strong, with total transaction days up 5% year over year and revenue per day rising incrementally. Net income jumped 20% from the year-earlier period. The move higher continued the momentum for Hertz's stock from last quarter, and investors hope that the rental car giant will be able to keep its longer-term turnaround intact for the rest of the year and beyond.
EverQuote sees a big sales boost
EverQuote saw its stock jump 28% after reporting strong growth in its third-quarter financial report. Revenue soared more than 60% compared to year-ago figures, and for the first time, the company posted a net profit even before making any adjustments for extraordinary items or one-time charges. CEO Seth Birnbaum celebrated the success of the online insurance provider, pointing to "the strength of our data-driven marketplace" along with its efforts to grow its customer base, provide a more customer-friendly experience, and build partnerships with insurers.
NIO makes it two sessions in a row
Finally, shares of NIO skyrocketed 38%. The Chinese electric vehicle maker jumped yesterday after releasing its latest delivery numbers, but today, NIO said it would work with autonomous driving pioneer Mobileye to develop self-driving passengers cars for the Chinese market. Under the collaboration with Intel-owned Mobileye, NIO will engineer and manufacture self-driving systems that Mobileye will design, mass-producing the systems both for NIO's own consumer electric vehicle lines and for Mobileye's driverless ride-hailing services. The vehicles could eventually spread beyond the Chinese market, and shareholders are excited that NIO could get a big first-mover advantage over other automakers in some key parts of the world.