Why Bloom Energy Corp. (BE) Went Up On Tuesday?

We recently published a list of 10 Firms Outperform Broader Market on Tuesday. In this article, we are going to take a look at where Bloom Energy Corp. (NYSE:BE) stands against other firms that outperform broader market on Tuesday.

The stock market finished mixed on Tuesday, with the Dow Jones the sole loser with a marginal 0.03-percent dip, as investors awaited clarity on President Donald Trump’s new tariff rollout.

The tech-heavy Nasdaq ended 0.87 percent higher, while the S&P 500 grew 0.38 percent.

Meanwhile, 10 individual stocks outperformed the bellwether indices, finishing the day in the green amid a flurry of fresh corporate developments that boosted investor appetite.

In this article, we named Tuesday’s top performers and detailed the reasons behind their gains.

To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5 million in trading volume.

Bloom Energy Corp. (NYSE:BE)

Bloom Energy rallied by 8.04 percent on Tuesday to finish at $21.24 apiece following news that it entered into a 15-year power purchase agreement with Conagra Brands Inc. (NYSE:CAG) for the deployment of BE’s fuel cell technology at CAG’s facilities in Ohio.

In a statement on Tuesday, CAG said that the PPA will see approximately 6 megawatts and provide combustion-free electricity generation, supplying approximately 70 percent to 75 percent of the electricity needs at the Troy and Archbold facilities, while also projecting a 19-percent decrease in their greenhouse gas emissions.

The initiative was in line with CAG’s 2030 science-based greenhouse gas reduction target.

“We are delighted to partner with Conagra Brands, a leading branded food company,” said BE C&I Sector Leader Adam Colling. ”Our collaboration underscores Bloom’s commitment to providing clean and reliable energy solutions and driving economic value in grid-constrained regions like Ohio and the greater Midwest.”

Overall, BE ranks 6th on our list of firms that outperform broader market on Tuesday. While we acknowledge the potential of BE as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as BE but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.