Here's Why FuelCell Energy Stock Plunged More Than Its Peers in July
Shares of FuelCell Energy (NASDAQ: FCEL) plunged 28.9% in July, according to data provided by S&P Global Market Intelligence. The fall was much higher than stocks of peers Bloom Energy or Plug Power, which fell roughly 19% and 20%, respectively.
FuelCell Energy's disappointing performance in the first quarter contributed to a 20% fall in its stock in the first half of this year. The stock continued to fall in July. On July 12, FuelCell Energy announced it had received a court case win versus Posco Energy. Posco Energy is a South Korean energy company with which FuelCell partnered for nearly eight years before things started to sour between the two. FuelCell felt Posco wasn't giving it many new projects. Instead, Posco Energy spun off its own fuel cell business into a new entity in 2019, which FuelCell believes caused misuse of its intellectual property. The two companies have been fighting in the courts since then.
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Source Fool.com
