Plug Power Shares Tank Most in a Decade on Hydrogen Crunch

Hydrogen producer Plug Power Inc.’s shares fell as much as 45% Friday, the biggest intraday decline since 2013, after the company reported worse-than-expected third quarter earnings and issued a going-concern warning.

At least five analysts have cut ratings on the stock, with Oppenheimer & Co analysts writing in a note that hydrogen shortages and a delay in receiving expected Department of Energy-supported financing is reflected in their downgrade to market perform from outperform. Plug was among companies involved in projects selected to receive funding as part of the DOE’s $7 billion investment into making the US a leader in ...