Why Bloom Energy Shares Plunged 9.6% Today
Shares of fuel cell company Bloom Energy (NYSE: BE) fell as much as 9.6% in trading on Tuesday as investors continued a volatile week for the company. Shares were still down 7.8% at 1:30 p.m. EDT today, but the long-term picture might not be as bad as it seems.
The last week has been wild for Bloom Energy's stock, starting with an upgrade that sent shares sharply higher on Friday. On Monday, shares jumped again after General Electric announced it's exiting the coal power-plant business. It's been a long, slow death for coal in the U.S., and as it becomes a smaller portion of the energy market, there's room for new technologies like fuel cells from Bloom Energy to take its place.
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