Shares of fuel cell stocks had a rough start on Tuesday before recovering a big chunk of their losses for the day. Bloom Energy (NYSE: BE) dropped 13.5% early, only to close the day down 1.1%, while Ballard Power Systems (NASDAQ: BLDP) fell 15.7% before closing down 1.8%, and FuelCell Energy (NASDAQ: FCEL) lost 22.3% of its value before closing 3.9% lower. It was a wild day, but there wasn't a lot that really happened.
Image source: Getty Images.
The first impact on energy stocks this morning was a drop in oil prices. You can see in the chart below that oil prices dropped just before 10 a.m. EDT, and fuel cell stocks exaggerated that move by a wide margin. As oil recovered, so did the stocks.