Why Fuel Cell Stocks Plunged Early Tuesday Before Making a Comeback

By The Motley Fool6 days ago

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.

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