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Here's Why Fisker Stock Jumped Wednesday

Howard Smith, The Motley Fool
·2-min read
Here's Why Fisker Stock Jumped Wednesday

Shares of electric-vehicle start-up Fisker (NYSE: FSR) jumped as much as 20% Wednesday after the company announced plans for a new manufacturing agreement with Foxconn Technology. The memorandum of understanding (MOU) seeks to have Foxconn -- a component supplier for Apple (NASDAQ: AAPL) also known as Hon Hai Precision (OTC: HNHPF) -- manufacture electric vehicles (EVs) under the Fisker brand. Today's bounce comes after Fisker shares dropped 10% on Tuesday.