Sellers In Plug Power Hit The Panic Button As Citron's Left Makes Comments On CNBC
Downside in shares of Plug Power (NASDAQ: PLUG) has intensified sharply following the appearance of Citron's Andrew Left on CNBC. The stock has plunged more than 19 percent over the last 45 minutes, bringing Tuesday's total decline to a jaw-dropping 40 percent.
In the TV appearance, Left discussed some of the items described in Citron's note which hit wires around 11:30AM EDT.
In addition to saying "you can not trust management," Left echoed the sentiment set out in the Citron note "Plugging Into Some Reality: Fair Value of Plug Power is 50 Cents." When CNBC's Brian Sullivan asked Left how he arrived at $0.50 as a fair value for Plug shares, Left suggested he took the average price of Plug's recent offerings.
The other stocks in the fuel cell group responded to Left's appearance: FuelCell Energy (NASDAQ: FCEL) shares (which opened Tuesday's session up nearly 19 percent) are now down 17 percent and shares of Ballard Power (NASDAQ: BLDP) are down 25 percent.
A reaction also seemed apparent in some of the other alternative energy names. Shares of First Solar (NASDAQ: FSLR) are now down more than 2.5 percent, Trina Solar (NYSE: TSL) shares are down about 5 percent, and shares of Yingli Green Energy (NYSE: YGE) are down about 7 percent.
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