Shares of several industrial companies, including Plug Power Inc PLUG and FuelCell Energy Inc 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 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.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.