$PLUG Rally Sparked By $WMT and New Deal Rumors
Plug Power, $PLUG, was a bright spot in a sea of red today. Shares of the manufacturer of hydrogen fuel cells soared 23% today, swelling the company’s market cap to $588 Million.
$PLUG God, this is incredible. Talk about being in the right place at the right time..
— jim mckee (@DanDaMan) Mar. 3 at 02:52 PM
The company said last week that it had struck a deal with, $WMT, to roll out its hydrogen cells to power electric lift trucks at the mega-retailer’s six North American distribution centers. WalMart will take 1,738 of PlugPower’s GenDrive fuel cells over the next two years.
“This agreement is a tripling of Walmart’s commitment to Plug Power’s fuel cells, and is encouraging because it comes from a company with so much experience using our product,” said Plug Power CEO Andy March in the release.
The stock climbed nearly 6% on that news. Some investors attributed today’s action to continued enthusiasm for the deal and rumors of more deals to come.
$PLUG is party over now? what happened to all the after hours news rumors, wish we all have math and correct info to play for all's good
— Trade4Fun (@trade4fun1) Mar. 3 at 03:07 PM
— Gary Vee (@gverlz) Mar. 3 at 03:03 PM
Analysts at Cowen & Co said in a note to investors that the Wal-Mart deal could be the first of many such partnerships.
The company will release fourth quarter results on March 13. It will hold a conference call at 10a.m. to discuss the numbers.
Analysts expect a loss of $0.08 on $7.45 Million in revenues, according to statistics published on Yahoo Finance.
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