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Why Workhorse Stock Just Popped

·2 min read
Why Workhorse Stock Just Popped
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Shares of would-be electric-truck producer Workhorse Group (NASDAQ: WKHS) jumped more than 12% in early trading on the Nasdaq today but have since settled down to just a 4% gain as of 1:40 p.m. EDT. Four months ago, if you recall, Workhorse suffered a near-fatal blow when the U.S. Postal Service (USPS) awarded a massive $482 million initial order for "Next Generation Delivery Vehicles" (i.e., new mail trucks) not to Workhorse but to rival bidder Oshkosh (NYSE: OSK) and its internal combustion-powered trucks instead. This was quite a letdown for Workhorse, which had promised to build cutting-edge electric trucks for the post office, possibly equipped with even more cutting-edge rooftop drones for delivery to isolated locations.