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.
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.
