Investors recently have been shunning the alternative energy sector in favor of cyclicals and value stocks in an environment of rising commodity prices. Fuel cell names including Plug Power (NASDAQ: PLUG) and Bloom Energy (NYSE: BE) , along with fuel cell electric vehicle (FCEV) maker Nikola (NASDAQ: NKLA) , have been part of the sell-off. That trend continued today, with shares of those stocks moving as follows as of 11:15 a.m. EDT:
Nikola had been down more than 5% earlier in the session, and the recovery may be related to investors looking back on the company's first-quarter financial update from Friday. Bloom Energy also reported its first quarter last week and had some positive news . But what qualified as some positive developments for these growing companies wasn't enough for the stocks to buck current investor sentiment.
Nikola semi truck at hydrogen refueling station. Image source: Nikola.
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Why Plug Power, Nikola, and Bloom Energy Stocks Dropped Monday