Why Plug Power, Nikola, and Bloom Energy Stocks Dropped Monday
Investors recently have been shunning the alternative energy sector in favor of cyclicals and value stocks in an environment of rising commodity prices. Fuel cell names including Plug Power (NASDAQ: PLUG) and Bloom Energy (NYSE: BE), along with fuel cell electric vehicle (FCEV) maker Nikola (NASDAQ: NKLA), have been part of the sell-off. That trend continued today, with shares of those stocks moving as follows as of 11:15 a.m. EDT:
Nikola had been down more than 5% earlier in the session, and the recovery may be related to investors looking back on the company's first-quarter financial update from Friday. Bloom Energy also reported its first quarter last week and had some positive news. But what qualified as some positive developments for these growing companies wasn't enough for the stocks to buck current investor sentiment.
Nikola semi truck at hydrogen refueling station. Image source: Nikola.
Source Fool.com
