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Company profile

3M Co is a technology company. The Company operates through four segments: Safety and Industrial, Transportation and Electronics, Health Care and Consumer. Safety and Industrial segment consist of personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules. Transportation and Electronics segment consists of electronics, including display materials and systems, electronic materials solutions, automotive and aerospace, commercial solutions, advanced materials, and transportation safety. Health Care segment’s products and services include medical and surgical supplies, skin health and infection prevention products, oral care solutions, separation and purification sciences, health information systems and food safety products. Consumer segment serves consumers and consists of home improvement, stationery and office supplies, home care and consumer health care.

Closing Price
Day's Change
-3.70 (-2.07%)
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(Heavy Day)

10-day average volume:

Plug Power stock tumbles after upsized public offering prices at 11% discount

9:01 am ET January 27, 2021 (MarketWatch)

Tomi Kilgore

Stock offering boosted to more than $1.8 billion, hours after announcing plans to sell $1.5 billion worth of shares

Shares of Plug Power Inc. tumbled Wednesday, to pull back from a more than 15-year high, after the hydrogen-fuel company announced the sale of $1.8 billion worth of common stock to the public.

The company said late Tuesday that its upsized 28 million share offering priced at $65 a share, as the company raised $1.82 billion. That price was 11.2% below Tuesday's closing price of $73.18. Plug Power also granted the underwriters options to buy an additional 4.2 million shares to cover overallotments.

The stock (PLUG) sank 12.5% in premarket trading.

The pricing announcement came just several hours after it said it commenced a public offering of $1.5 billion worth of stock (https://www.marketwatch.com/story/plug-power-stock-rallies-after-raised-billings-outlook-for-2021-11611679262). The company said it plans to use the proceeds for working capital, and for general corporate purposes, which could include acquisitions.

Plug Power's move to sell shares came as they soared 11.4% on Tuesday, to close at the highest price since August 2005, after the company raised its gross billings estimates for the year. Read more about the billings outlook (https://www.marketwatch.com/story/plug-power-stock-rallies-after-raised-billings-outlook-for-2021-11611679262).

J.P. Morgan analyst Paul Coster raised on Wednesday his stock price target to $70 from $60, citing Plug Power's upbeat business update.

"A good story keeps getting better, with Plug capitalizing on its leadership position in hydrogen energy and mobility solutions by nailing down customers and partners that expand the [total addressable market], improve visibility and de-risk execution," Coster wrote in a note to clients.

He reiterated his neutral rating, which he initiated Plug with on Jan. 14 (https://www.marketwatch.com/story/plug-power-stock-set-to-snap-long-win-streak-after-jp-morgan-says-it-is-fully-valued-2021-01-14).

Plug's stock has rocketed 395.0% over the past three months through Tuesday, and has blasted 1,820.7% higher over the past 12 months. The S&P 500 index has gained 13.5% over the past three months and rallied 18.7% the past year.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com


(END) Dow Jones Newswires

January 27, 2021 09:01 ET (14:01 GMT)

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