PLUG, BLDP, FCEL Stocks Down on ClearEdge Power Bankruptcy

by William White | May 2, 2014 1:58 pm

PLUG, BLDP, FCEL Stocks Down on ClearEdge Power Bankruptcy

Plug Power (PLUG[1]), Ballard Power Systems (BLDP[2]) and FuelCell Energy (FCEL[3]) stocks are down[4] on news that ClearEdge Power, a fellow maker of fuel cells, has filed for bankruptcy.

plug power plug stock PLUG, BLDP, FCEL Stocks Down on ClearEdge Power Bankruptcy[5]ClearEdge Power filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in San Jose, California on Thursday. The company listed over $100 million of both assets and debts in its filing, reports Businessweek.

ClearEdge Power is also being sued by about 250 employees that it fried without giving the mandatory 60-day notification. The fired employees come from the company’s South Windsor, Connecticut plant, Businessweek notes.

ClearEdge Power was looking to land a major contract[6], but it was delayed. The delay caused a shortage is cash in the company.

PLUG and BLDP shares were down 4% as of Friday afternoon. FCEL shares had dropped by 1% at the same time.

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Endnotes:
  1. PLUG: http://studio-5.financialcontent.com/investplace/quote?Symbol=PLUG
  2. BLDP: http://studio-5.financialcontent.com/investplace/quote?Symbol=BLDP
  3. FCEL: http://studio-5.financialcontent.com/investplace/quote?Symbol=FCEL
  4. are down: http://www.businessweek.com/news/2014-05-02/fuel-cell-producer-clearedge-power-files-for-bankruptcy-1
  5. [Image]: http://investorplace.com/wp-content/uploads/2013/12/plug-power-plug-stock.jpg
  6. land a major contract: http://www.streetinsider.com/Trader+Talk/FuelCell+(FCEL),+Ballard+(BLDP),+Plug+Power+(PLUG)+on+Watch+as+Peer+Files+Bankruptcy/9438427.html
  7. WWE Stock Takes Hit After Tough Earnings: http://investorplace.com/2014/05/wwe-stock-takes-hit-tough-earnings/
  8. EL: Estee Lauder Stock Is Looking Pretty Post-Earnings: http://investorplace.com/2014/05/el-estee-lauder-stock-looking-pretty-post-earnings/
  9. TPX: Tempur Sealy Stock Shoots Higher on Earnings Beat: http://investorplace.com/2014/05/tpx-tempur-sealy-stock-shoots-higher-earnings-beat/

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