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%.
Ford Motor Company (NYSE:F), Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN) and H & R Block Inc (NYSE:HRB) are all in the spotlight Wednesday morning.
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.
Shareholders also received a bonus, in the form of a 9% increase in the company’s quarterly dividend, to 24 cents per share. HRB’s dividend is payable July 3, to shareholders of record as of June 23.
H&R Block typically takes losses in the other three quarters of the year, with any and all profits coming from the tax-prep quarter.
HRB shares are up 9% in Wednesday’s premarket trade.
Alexion Pharmaceuticals, Inc. (ALXN)
Lastly, ALXN shares are headed higher amid a management change.
The pharmaceuticals firm announced that Paul J. Clancy will take over as CFO, replacing Dave Anderson. Clancy served as Biogen Inc (NASDAQ:BIIB) CFO for the last 10 years, and will fill the slot at Alexion as of July 31.
“To ensure a smooth transition (Anderson) will then become a SeniorAdvisor to the Chief Executive Officer and will remain with Alexion until the end of August,” the company added.
This follows the hiring of Ludwig Hantson as CEO back in March, a move sparked by growing troubles at Alexion, whose rare-blood-disorder drug Soliris is starting to taper amid increasing competition.
ALXN stock responded loudly to the news, jumping 4% in early Wednesday trade. That’s welcome respite for shareholders, who have seen their investment nearly halved from a peak of around $200 back in 2015.
