The stock market had a solid session on Wednesday, bouncing back from morning losses once it became clear that the White House would consider being more lenient on the trade front with certain countries even if it continued to take a hard-line approach toward China. Major market benchmarks finished up anywhere from 0.5% to 1.1%, and although that still left them far below their recent highs, it nevertheless signaled a potential shift in sentiment. Some companies got even bigger gains from business-specific news. Lyft (NASDAQ: LYFT), Beyond Meat (NASDAQ: BYND), and Amdocs (NASDAQ: DOX) were among the top performers. Here's why they did so well.
Lyft drivers get a new way to get paid
Shares of Lyft climbed 7% after the ride-hailing service announced a partnership with Mastercard for a new debit card offering. The Lyft Direct Mastercard is designed to give Lyft's corps of drivers valuable financial tools, including immediate access to earnings and no-fee bank accounts. Issued by Oklahoma-based Stride Bank, the program will be available in eight cities stretching from Washington and Tampa to Los Angeles and San Diego. Given some of the controversial issues that Lyft has faced with its drivers, the move seems like a smart way to treat its contractors well and gain some good will in the process.
Image source: Lyft.
Beyond IPO success
Beyond Meat saw its stock jump 9% as the meat-substitute producer got another partner coming aboard to offer its products in its restaurants. Today's news came from Restaurant Brands International's Tim Hortons unit, which said it would look at offering breakfast sandwich and wrap options using the Beyond Breakfast Sausage product. Canada's favorite brand is just the latest among a growing group of companies offering meatless products using either Beyond's product or that of rival Impossible Foods. As long as the craze continues, investors could keep bidding up Beyond's stock.
Amdocs reports record results
Finally, shares of Amdocs gained 13%. The provider of communications and media software and technology services said that revenue climbed to record levels during its fiscal second quarter, helping to boost adjusted net income by 7%. Amdocs has done its best to stay on the cutting edge of technology, with new products aimed at taking full advantage of the growing rollout of 5G wireless network services. CEO Shuky Sheffer is especially pleased with the company's record levels of backlog, which suggests sustained business strength ahead. Overall, investors seem pleased with where Amdocs sees itself going in a favorable environment in communications and media.
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Dan Caplinger has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends MA. The Motley Fool has the following options: short October 2019 $82 calls on QSR. The Motley Fool has a disclosure policy.