Why Plug Power Stock Jumped Then Dropped Today
Fuel cell maker and green hydrogen producer Plug Power (NASDAQ: PLUG) announced a new partnership today, and the stock popped in Wednesday morning trading. But the early 4% gain reversed course, and Plug shares slipped down as much as 1.6% by noon. As of 1:06 p.m. ET, the stock had settled to a 0.5% drop.
Plug shares have been active since last week, when the company announced a new deal with existing customer Walmart to supply the retailer up to 20 tons per day of green hydrogen to power its warehouse and distribution center forklifts. Today, Plug Power said it will supply MOL Group with a 10-megawatt electrolysis unit for the European energy company to produce its own green hydrogen.
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Source Fool.com
