More concerning economic data out of China sent oil prices and major U.S. equity benchmarks tumbling Tuesday as the S&P 500 lost 0.87%. The Dow Jones Industrial Average gave up 0.78% while the Nasdaq Composite extended its recent weakness with a loss of 1.1%.
Renewed concerns about global economic growth sent investors scurrying into favored safe-haven assets, namely U.S. government bonds and the dollar, which bounced off recent lows.
Although stocks suffered Tuesday, Fidelity National Information Services (NYSE:FIS), Pfizer Inc. (NYSE:PFE) and Yelp Inc (NYSE:YELP) had tailwinds on their way to joining the best-stocks-of-the-day club.
Fidelity National Information Services (FIS)
Shares of Fidelity National Information Services surged 6.1% on volume that was more than quadruple the daily average after the company reported first-quarter earnings that topped Wall Street estimates. On an adjusted basis, FIS earned 79 cents a share in the first quarter, beating the 74 cents a share analysts expected.
FIS, which specializes in banking technology, reported first-quarter revenue of $2.18 billion, below the $2.25 billion Wall Street expected. FIS forecast full-year per-share earnings of $3.70 to $3.80.
Pfizer Inc. (PFE)
Pharmaceuticals giant Pfizer, a member of the Dow Jones Industrial Average, rose 2.8% after the company delivered first-quarter results that topped Wall Street estimates. During the first quarter, PFE earned 67 cents a share on sales of $13 billion. Analysts expected PFE to earn 55 cents per share on revenue of $12 billion. A year earlier, PFE earned 51 cents a share on sales of $10.9 billion.
PFE raised its full-year share guidance to $2.38 to $2.48, from $2.20 to $2.30 per share. PFE also boosted its revenue guidance to $51 billion to $53 billion from $49 billion to $51 billion.
Shares of PFE are up 4.5% year-to-date.
Yelp Inc (YELP)
Online reviews provider Yelp climbed almost 3% on more than quadruple the average daily volume after David Einhorn revealed his Greenlight Capital hedge fund owns a stake in YELP. Einhorn said YELP could double its revenue by 2019, according to Reuters.
YELP is not consistently profitable and investors have shown their displeasure with YELP’s inability to generate profits, sending the stock down more than 43% over the past year.
Greenlight Capital also believes YELP could be a potential takeover target.
At the time of this writing, Todd Shriber did not own any of the aforementioned securities.