Why Coherent Stock Skyrocketed by 14% Today
Bullish investors cohered around (NYSE: COHR) stock on Friday, following some quite encouraging news about a new partnership reported by the laser specialist. That crowd pushed the company's share price up a meaty 14% on the day, absolutely trouncing the otherwise solid performance of the S 500 index, which rose by 1.3%.
Before market open, Coherent and storied Japanese conglomerate Mitsubishi (OTC: MSBHF) jointly announced they have entered into a partnership. The two companies signed a memorandum of understanding and will team up on an initiative to scale the manufacture of silicon carbide (SiC) electronics.
The deal will push both companies further into the very promising market of electric vehicle (EV) component manufacturing.
Source Fool.com
