Market Overview

Plug Power's Strong Q2 Sparks Short Squeeze; Others In Sector Up

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Plug Power (NASDAQ: PLUG) strong second-quarter results and an ensuing short squeeze helped pull up its peers in the fuel cell sector Thursday.

Plug Power shares rose nearly 10 percent in pre-market trading after the company swung to an unexpected profit as second-quarter revenue surged 130 percent.

Pre-market volume was 3.4 million shares versus an average daily volume of 15.8 million. Short interest represented 22 percent of Plugs shares outstanding at last count.

FuelCell Energy (NASDAQ: FCEL) extended big gains from Wednesday, touched off by an upgrade from Cowen.

Analysts cited lower costs and improved technology for boosting FuelCell to Outperform, from Market Perform. Short interest equaled about 13 percent of FuelCell's shares outstanding

Ballard Power Systems (NASDAQ: BLDP) gained four percent in pre-market trading. About 7.6 percent of Ballard's shares are held as short interest.

Plug recently traded at $6.32, up 7.8 percent from Wednesday's close.

Posted-In: Earnings News Hot

 

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