Why Plug Power, Capital One Financial, and athenahealth Jumped Today

Friday was a down day for the stock market, but major benchmarks didn't slip too far from where they started the day. A drop in crude oil took prices back below $46 per barrel, igniting debate about whether the global economy is sufficiently strong. An accelerating rise in the value of the euro against the U.S. dollar also raised some concerns among investors looking for stability as central banks seek to remove financial crisis-era stimulus measures. Even though many market participants were downbeat today, some stocks did manage to post gains. Plug Power (NASDAQ: PLUG), Capital One Financial (NYSE: COF), and athenahealth (NASDAQ: ATHN) were among the best performers on the day. Below, we'll look more closely at these stocks to tell you why they did so well.

Shares of Plug Power jumped 15% after the fuel-cell technology specialist announced a new arrangement with partner Wal-Mart Stores (NYSE: WMT). The big-box retailer had already made a deal to obtain hydrogen fuel-cell-powered forklifts from Plug Power, but the announcement gives Plug Power access to project financing at a lower cost of capital, facilitating the partnership. The fuel-cell company expects to provide GenKey hydrogen fueling stations and fuel-cell energy solutions to as many as 30 more Wal-Mart locations in North America over the next three years, with 10 sites already under contract and scheduled for completion by the end of this year. CEO Andy Marsh was pleased with the arrangement, noting that "our expanding relationship with Wal-Mart validates Plug Power's advanced capabilities in fuel cell products and systems, allowing the world's largest retailer to maintain its leading position as an industry innovator." Investors hope that the deal will lead to more business from other customers, and they were willing to overlook the dilutive impact of more than 55 million warrants that Plug gave Wal-Mart as part of the arrangement.

Image source: Plug Power.

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Source: Fool.com