Why Plug Power Stock Dropped on Ballard's Good News
Shares of fuel cell company Plug Power (NASDAQ: PLUG) slipped as much as 3.3% in early trading Friday and are still trading down about 2.8% as of 10:15 a.m. EDT. Curiously, though, the news out of the fuel-power sector this week isn't about Plug at all -- it's about Plug's rival in fuel cells, Ballard Power Systems (NASDAQ: BLDP).
What's up in fuel cells this week? As Ballard announced yesterday, Indian industrial giant Tata Motors has just placed an order for 15 of Ballard's 70-kilowatt "FCmove" fuel cell modules to power its zero-emission Fuel Cell Electric Buses. No price on the purchase was announced, but Ballard says it plans to deliver the fuel cells before the end of next year.
Image source: Getty Images.
Source Fool.com
