CMI - Why Shares in Westport Fuel Systems Surged in February
Shares in clean-energy company Westport Fuel Systems (NASDAQ: WPRT) surged higher by 25.3% in February according to data from S&P Global Market Intelligence . However, merely mentioning the monthly performance would not tell anything like the whole story. The reality is that the stock was up over 60% on the month before correcting after Feb 8.
It comes down to an article from Reuters on Feb. 5 that outlines how Amazon (NASDAQ: AMZN) ordered "hundreds of trucks that run on compressed natural gas." The engines will be supplied by a 50-50 joint venture between Westport and Cummins (NYSE: CMI) named Cummins Westport. The move comes as a consequence of Amazon's drive to invest in less-polluting vehicles for its fleet.
Where is Westport stock headed next? Image source: Getty Images.
For further details see:
Why Shares in Westport Fuel Systems Surged in February