NEW YORK (TheStreet) -- Shares of Plug Power Inc. (PLUG) were down 16.16% to $7.11 in early market trading Wednesday, following an interview by CEO Andy Marsh in which he clarified details of a "major deal" that was reported yesterday.
Plug shares were up as much as 49% on Tuesday after Marsh insinuated to Marketwatch that the fuel cell maker had signed another yet-to-be-announced deal with a major automaker. "We signed an additional order in North America with a global automaker," he said.
Marsh clarified his statements today, saying, "I didn't tell them anything new. This is the same order I referred to on March 13."
Plug instead intends to continue to focus on supplying fuel cells to forklifts for use in factories and has no plans in the immediate future to produce alternative power systems for automobiles, he said.
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TheStreet Ratings team rates PLUG POWER INC as a Sell with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate PLUG POWER INC (PLUG) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income and weak operating cash flow."