Shares of growth and technology companies are leading the market higher today, but alternative energy company Plug Power (NASDAQ: PLUG) was outpacing even the tech-heavy Nasdaq Composite index. While the Nasdaq was up by 1.1% as of 12:45 p.m. ET, Plug Power stock was higher by 6% at that time. 

Investors have been feeling better about growth stocks over the past few days as they anticipate inflation data to keep heading in the right direction, which could mean the Federal Reserve will slow interest rate hikes.

The outsized gain in Plug shares today comes from another tailwind, too, however. The company just announced a deal to sell its equipment to a competitor in Canada. Supporting a competitor might not sound like a good business decision, but it most certainly is in the best interests of Plug Power, too. 

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Source Fool.com