Why Shares of Plug Power Are Slipping Today
While the Dow Jones Industrial Average was up marginally on Tuesday afternoon and the S&P 500 was close to flat, shares of fuel cell specialist Plug Power (NASDAQ: PLUG) were moving lower. After having been down by as much as 5% earlier in the session, Plug Power was off by 2.7% as of 1:49 p.m. ET.
While some might have expected that the company's shares would rise in response to news that it had secured a deal with an international oil company, it seems that investors have questions about that agreement. In addition, news from a renewable energy sector peer may also have had investors looking to trim or close their positions in Plug Power on Tuesday.
Plug Power announced Tuesday that it had received an order from Irving Oil, an energy company with downstream assets in North America and Europe, for a 5-megawatt electrolyzer. Irving Oil will use the electrolyzer to produce and distribute hydrogen at its refinery in Saint John, New Brunswick, Canada.
Source Fool.com
