Plug Power gap-opened the day at $11.50 (from $10.31), traded as high as $11.72 and closed at $6.03.
From MarketWatch:
Plug Power plunges as short seller ridicules stock
Fuel cell sector’s rapid ascent prompts some analysts to cry ‘bubble’
Fuel-cell supplier Plug Power Inc. reversed earlier gains to plunge 42% Tuesday after a famed short seller labeled the stock a “casino” stock and described it as the “lowest form of moonshot.”
Here's the Citron report (9 page PDF)Andrew Left of Citron Research issued a nine-page report that predicted that once the hype dies down, the stock will trade at 50 cents again .“Who is behind PLUG, and what do they do? This is simple: Plug Power sells fuel cell-powered forklifts...with fuel cells they acquire from Ballard Power. Nothing fancy here, folks,” Left said.Plug Power had risen steeply since announcing last week that it won a contract to work with six distribution centers for Wal-Mart Stores Inc. Ballard Power Systems Inc., which jumped more than 17%, is now down 26%. FuelCell Energy Inc., a designer and operator of fuel-cell plants, slumped 17%.The climb in fuel-cell stocks had prompted a number of market experts to declare that the sector is approaching bubble territory ....
