Why Plug Power and Bloom Energy Stocks Finally Jumped Today
Shares of hydrogen and fuel cell specialists Plug Power (NASDAQ: PLUG) and Bloom Energy (NYSE: BE) fell Wednesday morning, dropping 6% and 4.6%, respectively, at their lowest points during the day. By the end of the day, though, the stocks dramatically reversed course and were each trading nearly 3% up as of 3:30 p.m. ET. There are three reasons why these stocks have been in a free fall in recent days, and there's one big reason why they finally popped end of trading today.
With fears of yet another round of shutdowns gripping the market in the wake of the omicron variant of COVID-19, growth stocks have been the hardest hit in recent weeks. Plug Power and Bloom Energy are still in the early growth stage and spending all of their money on expanding their footprint. So any event that could potentially slow down or stall their expansion plans bodes ill for these companies.
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Source Fool.com
