Why Plug Power Stock Plummeted by 11% Today
Leading hydrogen fuel cell developer Plug Power (NASDAQ: PLUG) needed some juice on Thursday, as investors aggressively traded out of the company. They were largely reacting to news of a federal review of grants and other forms of support doled out to a range of energy companies, including Plug Power.
At the end of the day, Plug Power closed almost 11% lower in price. That was on a session when the benchmark S&P 500 (SNPINDEX: ^GSPC) managed to tick up by 0.4%.
The Department of Energy (DoE) announced that morning that it would be conducting a review of more than $15 billion in financial assistance spread among 179 grants to energy projects. The grants were awarded for a variety of purposes, such as the development of next-generation batteries (Plug Power's specialty).
Source Fool.com
