Bloom Energy Corp BE, Ballard Power Systems Inc BLDP, FuelCell Energy Inc FCEL and Plug Power Inc PLUG shares are all trading at or near session highs Thursday afternoon amid overall market strength. Shares of several companies in the broader industrials are trading higher as stocks gain following softer-than-expected October CPI data. Lighter inflation has eased some consumer concerns raised hopes of potentially softer Fed rate hikes in the future.
Additonally, Citigroup analyst PJ Juvekar maintained Plug Power with a Buy and lowered the price target from $28 to $20.
Ballard Power also today announced they completed the interconnection of Fusion Fuel's H2Évora plant to the Portuguese electric grid and successfully commissioned the facility.
Per Ballard, the demonstration project, comprised of 15 HEVO-Solar units and associated balance of plant equipment, will produce 15 tons of green hydrogen per year and avoid the emission of 135 tons of CO2 annually.
What Happened With CPI Data?
The headline CPI rose 7.7% in October, down from 8.2% in September, according to data from the U.S. Bureau of Labor Statistics.
The October CPI reading came in below average economist estimates of 8%.
Thursday's highly anticipated CPI inflation reading comes a week after the Federal Reserve raised its benchmark rate by 0.75% for the fourth straight time in a continued fight against historically high inflation...Read More
According to data from Benzinga Pro:
- BE is trading higher by 15.97% to $21.17
- BLDP is higher by 14.59% to $5.89
- FCEL is higher by 18.14% to $3.84
- PLUG is higher by 16.60% to $17.04
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.