This comes as welcome news for investors in BlackBerry (BBRY - Get Report) and Plug Power (PLUG - Get Report), two stocks which were pummeled as the market took a dive. Halfway through Tuesday's session the stocks are making up for losses, with BlackBerry up 5.8% to $9.63 and Plug Power surging 14.8% to $3.26.
The S&P 500 dropped more than 2% on Monday after data from the Institute for Supply Management showed manufacturing growth in January had dropped to an eight-month low.
Year to date, BlackBerry is up 28.8%, as investors grew more confident a turnaround could take place under the direction of new CEO John Chen.For its February-ending fourth quarter, analysts surveyed by Thomson Reuters predict a net loss of 56 cents a share, a narrower drop than the prior quarter's loss of 67 cents a share. Consensus is for revenue of $1.13 billion, 57% lower than $2.68 billion a year earlier. Meanwhile, Plug Power has spiked 105.8% since the beginning of the year after announcing contracts from top clients including Wal-Mart (WMT), Kroger (KR) and Procter & Gamble (PG). For its December-ended fourth quarter, analysts expect Plug Power to post a net loss of 8 cents a share on $7.45 million.