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We recently published a list of 10 Tech, Energy Stocks Are Wednesday’s Worst Performers. In this article, we are going to take a look at where Plug Power Inc. (NASDAQ:PLUG) stands against other tech, energy stocks are Wednesday's worst performers.
Ten technology and energy companies suffered a bloodbath on Wednesday, primarily due to profit-taking following the previous day’s gains and bearish comments surrounding the progress of quantum computing development.
In this article, we will look at the performance of some of the worst-performing companies and explore the factors behind their decline.
We considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume to come up with Wednesday’s top losers.
A generator being fueled and readied for use as part of an end-to-end green hydrogen ecosystem.
Plug Power Inc. (NASDAQ:PLUG)
Plug Power Inc. (NASDAQ:PLUG) dropped for a second day on Wednesday, losing 9.49 percent to close at $2.67 apiece as investor sentiment was dampened by reports that incoming president Donald Trump is set to be more aggressive in implementing tariffs on imports as soon as he enters office this month.
According to reports, Trump is considering declaring a national economic emergency in order to use import management powers granted to the president through the International Economic Emergency Powers Act.
Markets were already reeling from his promise to jack up tariffs as soon as he enters office in two weeks. Earlier, he signaled a 10-percent tax on global imports, 60 percent on Chinese goods, and a 25-percent surcharge on Canadian and Mexican products.
Plug Power (NASDAQ:PLUG), headquartered in the United States, mostly sources its components manufactured outside of the country, and any imposition of additional tariffs could put further pressure on its profitability and financial performance.
Overall, PLUG ranks 10th on our list of tech, energy stocks are Wednesday's worst performers. While we acknowledge the potential of PLUG as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than PLUG but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.