Why Ballard Power Stock Just Dropped 10%
Investors reacted negatively to Ballard Power Systems' (NASDAQ: BLDP) third-quarter earnings report last month -- or more precisely, to the company reporting a lack of earnings, and losses instead. But what a difference a couple of weeks make.
Since the month of November began, Ballard stock has enjoyed an astonishing 31.5% run-up in share price. Investors approved of Ballard CEO Randy MacEwen's prediction of "continued strong support by the China national government for the adoption of fuel cell vehicles and hydrogen fueling infrastructure, including a subsidy program we expect to extend through 2025," which would benefit Ballard's business.
Up until yeserday, that is. On Tuesday, Ballard's share price tumbled, and closed the day down 10.5%.
Source Fool.com
