Loading ...Plug Power
It looks like investors have pulled the plug on Plug Power stock.
This company gamed the state government (NY) to fund it’s grandiose plans for a hydrogen based economy. Now they are having major cash flow problems.
The chickens are coming home to roost.
Sir Homer,
I was about to post on this one.
Some analysts count the weak (as in plunging to new or near 52-week lows) stocks against the strong ones (close to or at new 52-week highs) as a measure of market strength.
It is because of the 1-3% distortion caused by by the magnificent 7 that we are seeing the “strength” in S&P 500 and the Nasdaq.
So many other names have fallen. TTD was yesterday’s OMG moment.
Let’s see how long they can hold this act together. IMHO retail investors/traders are going to be left holding a lot of bags when the rug is pulled. All those short covering rallies of late is what gave this “technical bounce at well known levels” for S&P etc, because if it/they fell right through those levels it would be game over. I think this is where ratio charts tell us a lot more.
IWM is a tell tale.
GL
Yes, IWM is one of the telltale signals. I-Want-More is not working anymore.
Also, the broader NYSE Composite Index ($NYA) has been significantly under-performing the S&P 500 since January 2023.
Who Pulled the Plug ?
The stock price has been in decline since peaking in early 2021. See link to chart above.
The big waterfall decline this week could be institutions and short sellers.
It looks like Vanguard Group and Blackrock Inc. hold the most shares by a very large margin.
This was a hot stock in some circles almost 20 years ago.
I assume this is sinking EV related.
Back to bicycles now? Or powered skateboards?
No tracking devices on those yet, correct?
Yes, it looks like the company went public in 1997. Before that, I think it was a private company under another name, but I could be mistaken.
They provide hydrogen based fuel cells for powering warehouse/factory forklift trucks. That was working well for them, other than the few that caught on fire.
Nothing wrong with bicycles or even walking on foot, providing the weather outdoors is hospitable.