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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.
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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.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.