Why Ballard Power Systems, Finish Line, and Nordstrom Jumped Today
Wednesday was a relatively quiet day on Wall Street, with major benchmarks remaining close to the unchanged level as market participants took a break from the events of the past several weeks. Investors in the energy arena were optimistic about the future, sending crude oil prices higher by about $1 per barrel to climb above $49. Yet most of the market seemed content to wait in the seasonal lull between earnings releases, treading water in search of the next catalyst to push stocks more sharply in one direction or the other. Some individual companies had good news to send their shares higher, and Ballard Power Systems (NASDAQ: BLDP), Finish Line (NASDAQ: FINL), and Nordstrom (NYSE: JWN) were among the best performers on the day. Below, we'll look more closely at these stocks to tell you why they did so well.
Shares of Ballard Power Systems jumped 27% after the company made a major advance in its fuel cell technology. Until now, fuel cell systems have required substantial amounts of platinum, which makes them more expensive to make. Now, Ballard intends to create a key component of the fuel cell process using far less precious metals, with estimates of more than an 80% decline in the amount of platinum required. Ballard attributed the advance to its partnership with Japan's Nisshinbo Holdings, as the two companies have worked together for four years. New fuel cell stacks using the advanced technology should be available later this year, and that could breathe new life into Ballard's stock going forward.
A new design could replace this older fuel cell technology. Image source: Ballard Power Systems.
Source: Fool.com