Hydrogen stocks are on the move Thursday as a couple of bits of news have shares rising and falling.
Let’s start with the positive, which comes from Plug Power (NASDAQ:PLUG). The company announced a deal with Lhyfe for “ten 5 megawatt (MW) European manufactured PEM (proton exchange membrane) electrolyzer systems.”
Andy Marsh, CEO of Plug Power, said the following about the news lifting PLUG stock up:
In addition to high-performing electrolyzers, we are bringing to Lhyfe deep mobility opportunities through our joint venture with Renault and our experience deploying hydrogen-powered forklift solutions for customers like Amazon and Walmart.
What Has Hydrogen Stocks Down?
The bad news today comes from FuelCell Energy (NASDAQ:FCEL). The company released earnings for the third quarter of 2022 before markets opened this morning. Unfortunately, its results failed to impress investors.
The biggest letdown is the company’s diluted earnings per share of negative 8 cents. That’s worse than the -6 cents per share that Wall Street was expecting. It’s also wider than the negative 4 cents per share reported in the same period of the year prior.
That’s despite the company reporting revenue of $43.1 billion for the period. This comes in above the $35.16 million that analysts were expecting. It’s also a 61% increase year-over-year.
PLUG stock is up 1.4% and FCEL stock is down 6.1% as of Thursday afternoon. PLUG is down 3.1% year-to-date and FCEL is down 35.2% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.