Mark Douglas, CEO of MNTN, joined Yahoo Finance Live to break down the outlook on the media industry.
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.
WASHINGTON (Reuters) -Electric vehicle company Workhorse Group filed a legal challenge on Wednesday to the U.S. Postal Service (USPS) decision in February to award a multibillion-dollar, 10-year contract to Oshkosh Defense to manufacture a new generation of postal delivery vehicles. Workhorse had proposed building an all-electric vehicle fleet for USPS and has support of many U.S. lawmakers. USPS did not immediately comment.