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Benzinga
Benzinga
Business
Henry Khederian

Why Plug Power And FuelCell Shares Are Falling Today

Shares of several industrial companies, including Plug Power Inc (NASDAQ:PLUG) and FuelCell Energy Inc (NASDAQ:FCEL), are trading lower in sympathy with the broader market as stocks continue to sell off in anticipation of Fed policy tightening in 2022. Weaker-than-expected fourth-quarter sales from General Electric (NYSE:GE) have also weighed on the sector.

General Electric's fourth-quarter adjusted EPS came in at 92 cents, beating the analyst consensus estimate of 87 cents estimate. GE's fourth-quarter sales of $20.30 billion did however miss the analyst consensus estimate of $21.48 billion.

Plug Power is an innovator of modern hydrogen and fuel cell technology. It has revolutionized the material handling industry with its full-service GenKey solution, which is designed to increase productivity, lower operating costs and reduce carbon footprints in a reliable and cost-effective way.

FuelCell Energy is a fuel-cell power company. FuelCell designs manufactures, sells, installs, operates and services fuel cell products, which efficiently convert chemical energy in fuels into electricity through a series of chemical reactions.

Plug Power is trading lower by 6.2% at $19.42.

FuelCell is trading lower by 3.1% at $3.80.

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