On Tuesday, the stock market took a pause from the strong performance it has had all month, with major market benchmarks losing between 0.1% and 0.2% on the day. But several companies reported positive news that sent their shares soaring, and Tesla Motors (NASDAQ:TSLA), Bloomin' Brands (NASDAQ:BLMN), and Frontier Communications (NASDAQ:FTR) were among the stocks with the biggest gains today.
Tesla soared 14% on a couple of different pieces of good news for the carmaker. Consumer Reports chose Tesla's Model S sedan as its top pick in its automotive rankings for the year. In addition, Morgan Stanley raised its price target on the carmaker to $320, citing opportunities not just in vehicle production but also battery storage as potentially providing game-changing technology in other areas. With its plans for a battery "gigafactory" that could provide storage for fellow Elon Musk-led SolarCity (NASDAQ:SCTY) as well as a host of other applications, Tesla could end up being much more than just a car company in the long run.
Restaurant operator Bloomin' Brands also posted a 14% advance, as it released fourth-quarter net income that more than tripled from year-ago levels. Revenue rose 5.2% on a 1.4% rise in comparable-store sales, and even adjusting for certain one-time items, pro forma earnings per share rose 35%. With the company aggressively expanding with 15 new Bonefish Grill, Carrabba's Italian Grill, and Outback Steakhouse locations, Bloomin' Brands is making the most of what it sees as a growth opportunity. Moreover, having obtained majority control of a joint venture in Brazil, the company figures to be an international player in the restaurant industry as well.
Frontier Communications gained almost 11% after reporting good earnings news last night. Revenue was roughly flat, defying expectations for a decline, and adjusted net income was stronger than expected. Although broadband-customer growth exceeded wireline-phone-customer declines, the interesting question for the high-yielding dividend stock is whether its buyout of AT&T's (NYSE:T) Connecticut wireline and fiber business will create more cash flow for Frontier. CEO Maggie Wilderotter said she expects the deal to close in the second half of 2014.
Dan Caplinger has no position in any stocks mentioned. The Motley Fool recommends and owns shares of SolarCity and Tesla Motors. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.