Image: Spirit Airlines.

Tuesday was another testament to the uncertainty that investors currently have about the stock market. Just as we saw on Monday, the market recovered from a big decline early in the day, and this time, the recovery was almost enough to bring the Dow and S&P 500 back to the unchanged mark. Ongoing pressure in the energy markets again weighed on stocks in that part of the market, but value investors have started to step into some hard-hit sectors to find what they see as long-term bargains. Among the winners on the day were Spirit Airlines (SAVE -2.90%), Masco (MAS -4.48%), and Owens-Illinois (OI 0.27%).

Spirit Airlines gained altitude, climbing 6% in the wake of its fourth-quarter financial report. The budget airline said that adjusted net income rose by almost 25% on a nearly 10% jump in revenue compared to the year-earlier quarter, and it benefited substantially from continued declines in fuel prices. New CEO Bob Fornaro gave his vision for the airline's future, pointing to operational gains while still supporting the general value proposition that Spirit offers to customers who are willing to work within its unusual fare structure. At the same time, Spirit also intends to go after markets that are less competitive, aiming to avoid unnecessary price wars with larger carriers in favor of establishing itself as a go-to choice among those who don't get as much service from major airlines as they would like. Even though 2016 benefits from cheaper fuel won't be as strong as 2015's boost, the environment remains favorable for Spirit looking forward.

Masco gained 8% after the maker of building and home improvement products topped expectations in its fourth-quarter results. Revenue from continuing operations rose 3%, overcoming currency headwinds and helping to produce adjusted earnings from continuing operations of $0.29 per share, $0.03 higher than the consensus forecast among investors. Masco has gone through some big changes over the past year, spinning off its services business in mid-2015 to make itself a pure play in the home improvement and building products arena. Strength in its cabinet-making business as well as its Delta, Hansgrohe, and Watkins brands helped support Masco's growth, and the company gave investors a solid outlook for 2016 as well.

Finally, Owens-Illinois rose 10%. The maker of glass containers to serve the food and beverage industries reported its fourth-quarter results Monday night, and earnings per share of $0.40 met expectations even as revenue of $1.63 billion rose by only slightly more than 1%. The company pointed to the fact that "North America has recovered exceptionally well" and expects to work toward fully integrating its recent acquisition of the food and beverage container company Vitro. CEO Andres Lopez projected a stable environment for most of its end markets in 2016, and Owens-Illinois hopes that rising exposure to beer imports and to the domestic market in Mexico will help boost its results despite economic uncertainties in areas like Brazil and Europe. Overall, Owens-Illinois hopes that the economy will cooperate as it aims to boost growth and get its balance sheet into healthier shape.