Plug Power gets a jump from extensions included in Senate’s latest draft of tax bill

Provisions to the Senate’s tax bill added late Friday came with welcome news for beaten-down hydrogen fuel cell company Plug Power. The stock climbed 10% in early trading Monday.

In the Senate’s previous draft, the green hydrogen production credit would have ended at the end of this year. Friday’s version has it ending two years later, on January 1, 2028.

The tax credits were established under the Biden administration’s Inflation Reduction Act and provide up to $3 per kilogram of clean hydrogen produced. According to Plug, the credit allows hydrogen power to be cost competitive with fossil fuel tech.

Prior to Monday’s movement, Plug shares were down more than 50% since President Trump’s November election.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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