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Why Short-Term Traders Should Keep Plug Power on Their Radar Screens


From the Buzz & Banter: The company's secondary share offering could lead to strong buying interest and a continuation of prior momentum.

This article was originally posted on the Buzz & Banter where subscribers can follow over 30 professional traders as they share their ideas in real time. Want access to the Buzz plus unlimited market commentary? Click here to learn more about MV PRO+.

Yesterday on the Buzz & Banter, we highlighted the white-hot action (subscription required) in fuel cell stocks Plug Power (NASDAQ:PLUG), Fuelcell Energy (NASDAQ:FCEL), and Ballard Power (NASDAQ:BLDP).

Plug Power is taking advantage of the movement, as it just announced a secondary offering of 3.9 million shares at $5.74, with net proceeds after expenses of about $21.5 million.

Plug is down 7.3% on the news to $6.26, but keep your eyes open.

When a company announces a secondary offering resulting in a stock drop, sometimes you'll see a very rapid snap back. That can be an indication of strong buying interest and a continuation of prior momentum.

We've seen this happen with momo names like Tesla Motors (NASDAQ:TSLA) and Pandora Media (NYSE:P), so short-term traders should keep Plug on their radar screens.

Twitter: @MichaelComeau

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No positions in stocks mentioned.
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