A day after Plug Power Inc (NASDAQ:PLUG) revealed its joint venture with Hyundai HYSCO (KRX:010520), shares are declining as investors seem less than impressed with it. The joint venture is focused on manufacturing and selling hydrogen fuel cells in Asia.
Plug Power fizzles
Shares of Plug Power Inc (NASDAQ:PLUG) were up before the announcement on Monday, but now, the stock has fallen by more than 9% just this week. So far this month, the stock has declined by 6%, according to MarketWatch. Nonetheless, it remains one of the U.S. market’s biggest gainers over the last 12 months. Plug Power’s stock rocketed up by more than 4,200% and still remains up 330% so far this year. Plug Power expects to stem the losses and post a profit this year, for the first time in the company’s more than 10-year history.
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The fuel cell supplier recently signed deals to provide its systems to Wal-Mart Stores, Inc. (NYSE:WMT) and FedEx Corporation (NYSE:FDX), although those deals were fairly small. Plug Power Inc (NASDAQ:PLUG) shares have been bouncing around as Wall Street has knee-jerk reactions to