U.S. markets bounced back on Tuesday thanks to tech stocks’ recovery from a dismal Monday-Friday slide. The S&P 500 Index was 0.5% better, the Dow Jones Industrial Average grew 0.4% and the Nasdaq Composite gained 0.7%.
Here’s a look at why:
Ford Motor Company (F)
F shares are trying to keep up a slow recovery amid news that Ford has made some inroads on the electric vehicle front — in Germany.
Germany’s Deutsche Post DHL Group — better known under its simpler delivery brand, DHL — has signed Ford up as a components supplier as it builds out its line of StreetScooter electric delivery vans.
DHL purchased StreetScooter GmbH in 2014 with the original intent of producing electric vans for its own delivery fleet. However, it has expanded those operations to sell to other customers, and now intends on building another plant so it can double its output to 12,000 vans per year by the end of 2017, the New York Times reports.
Ford’s part in this? “For the larger van, Ford will supply vehicle technology based on the Transit model, with Deutsche Post keeping assembly, distribution and sales in-house, a Germany-based Ford spokesman told Reuters.”
F shares are up fractionally in early Wednesday trade.
H & R Block Inc (HRB)
HRB shares are rocketing higher Wednesday morning after the company posted positive earnings results in its all-important fiscal fourth quarter that covers the tax preparation season.
For the full year, H&R Block reported revenue of $3.04 billion, which was flat year-over-year at a time when the company focused on cutting costs. However, that was a much stronger top line than expected, with analysts estimating revenues of $2.32 billion.
The company also brought up its net income from continuing operations, which improved 10% year-over-year to $421 million. On a per-share basis, profits of $3.75 per share were well above the consensus mark for $3.53. That was helped by cost cutting of about $85 million throughout the year.