Why U.S. Steel, Westport Fuel Systems, and B&G Foods Jumped Today

The stock market had a generally positive day on Wednesday, with the Dow and S&P 500 up fractionally, and the NASDAQ slightly down, as market participants grew a bit more optimistic that Republicans in  Washington might achieve some progress on their key domestic policy issues this year. The third-quarter earnings season has also gone well: About three-quarters of the companies that have reported so far have given investors positive surprises on the bottom line. Other markets have also fared well. Crude oil, for example, has climbed above the $55 per barrel mark for the first time since 2015 .

All of those factors have helped lift the market, and strong performances from individual stocks have also contributed to favorable sentiment. U.S. Steel (NYSE: X), Westport Innovations (NASDAQ: WPRT), and B&G Foods (NYSE: BGS) were among the best performers on Wednesday. Below, we'll look more closely at these stocks to tell you why they did so well.

U.S. Steel rose almost 8% after the steelmaker reported third-quarter financial results late Tuesday.  Revenue jumped by more than 20%, and adjusted net earnings per share were substantially  higher than most analysts had anticipated. CEO Dave Burritt was understated in his comments about the quarter, saying that the results were "modestly better than we expected, with stable operating performance at each of our segments." Balance sheet improvements and next-generation steel product development were key parts of U.S. Steel's strategic plan, and management's outlook was favorable. With the company having committed to major investments to update its assets and improve its operational efficiency, U.S. Steel's latest results could help build momentum that will carry the steelmaker through the inevitable ups and downs that all cyclical businesses face.

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Source: Fool.com