Jackson Hewitt Shares Jump On CEO Appointment

BOSTON (AP) — Shares of Jackson Hewitt Tax Service Inc. surged on Friday after the company named a former chief executive of larger rival H&R Block Tax Services Inc. as its new chief executive, a move that led an Oppenheimer and Co. analyst to upgrade his rating of Jackson Hewitt's stock.

Parsippany, N.J.-based Jackson Hewitt saw its shares climb $1.78, or 41.6 percent, to $6.09 in morning trading.

After markets closed Thursday, Jackson Hewitt announced the immediate appointment of Harry W. Buckley, who was president and CEO of H&R Block from 1988 to 1995.

Buckley, 64, is a former member of the Jackson Hewitt board and a former chairman of a major franchisee. In the CEO post, Buckley succeeds Michael C. Yerington, who is leaving the company. Buckley will also join the Jackson Hewitt board as a director.

Oppenheimer and Co. analyst Scott Schneeberger upgraded his rating of Jackson Hewitt's stock to "Outperform" from "Perform." The stock has traded in a 52-week range of $2.80 to $17.83, and is off nearly 73 percent since the start of the year.