Stock Market Today, Nov. 9: Plug Power Rises 3.45% on Positioning Ahead of Q3 Report
Plug Power (NASDAQ:PLUG), a clean hydrogen and fuel cell systems provider, closed at $1.50, up 3.45%. Pre-market and during Monday's session, investors focused on Q3 results after the close and on margins and cash burn. The stock moved up as much as another 4% after results were released.
Trading volume reached 76.5 million shares, coming in about 37% above its three-month average of 55.9 million shares. Plug Power IPO'd in 1999 and has fallen 99% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) closed at 7,550, up 2.35%, while the Nasdaq Composite (NASDAQINDEX:^IXIC) closed at 25,253, up 2.74%. Among clean hydrogen and fuel cell systems peers, Bloom Energy closed at $193.88, up 11.91%, and Ballard Power Systems closed at $1.57, up 2.28%, reflecting firmer sentiment across the group.
What this means for investors
Investors pumped money into the AI build-out trade today. Plug Power stock rose in tandem, as its hydrogen-powered fuel cell units offer an alternative to meet growing energy demand.
Investors bid shares up ahead of earnings, expecting improvements in revenue generation and cash usage. The company met, or beat, most expectations, reporting 13% revenue growth to $201 million. Net cash usage of $28 million was the company's lowest-ever quarterly cash burn.
After-hours action was initially mixed, but Plug stock jumped about 4% as of 5 p.m. ET. Investors shouldn't read too much into those numbers, though. The company will update investors on its future opportunities at its symposium being held on Nov. 19. That information is more likely to determine the future direction of Plug stock.
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Howard Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bloom Energy. The Motley Fool has a disclosure policy.
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