Why Generac Holdings Stock Tumbled by Almost 4% Today
Energy technology solutions company Generac Holdings (NYSE: GNRC) couldn't muster much energy on the stock exchange on Hump Day. The company's stock lost nearly 4% of its value on the day, after it announced a new investment.
Before the market opened, Generac announced that it had obtained a minority stake in privately held Watt Fuel Corp, a company that develops and produces low-emission solid oxide fuel cell systems. Generac did not disclose the financial particulars of this arrangement; it also did not specify how large a stake in Watt it now owns. It did say that the deal closed on Nov. 23.
In its press release on the matter, it wrote that the two companies "plan to collaborate on the design and development of low-emission solutions supporting the resiliency needs of Generac's customers."
Source Fool.com
