Momentous, positive catalysts can cause stocks to rocket a great deal higher in relatively short amounts of time. For example, Microsoft (NASDAQ:MSFT) stock was lifted by tremendous optimism about the revenue that it will generate from AI. Propelled even further by AI fever was Nvidia (NASDAQ:NVDA), which rose from $143 in January to $475 in July. And, American Superconductor (NASDAQ:AMSC), has gone on a tear recently. The stock jumped from $6.27 on Halloween to $10.92. AMSC is closing in on profitability as the sales of its tools for regulating electricity flows soar. Similarly, the following three companies are likely to benefit from powerful, positive catalysts within the next several months, making them important stocks to watch.
Plug Power (PLUG)
Plug Power (NASDAQ: PLUG) has said that its Georgia green hydrogen plant will begin producing liquid hydrogen by the end of 2023. Moreover, the company’s Tennessee hydrogen plant and a major facility one of PLUG’s major hydrogen suppliers operates has been closed for significant amounts of time. But, PLUG had expects both of those plants to come back online by the end of this month.
The company has stated that when these facilities are fully functional, its hydrogen procurement costs will drop a great deal, causing its gross margins to surge. PLUG is likely to provide detailed information about the status of these plants at the Goldman Sachs (NYSE:GS) Energy Conference on Jan. 4.
At the same conference, PLUG is likely to provide a positive update on the status of its potential $1.5 billion loan from the U.S. Department of Energy. The firm has said that it would like to be able to provide positive news about the loan by the end of the year.
If the market believes that the firm is about to receive the funds, PLUG stock will probably soar because the money would ease the company’s cash crunch which has pushed the shares down a great deal.
All of these factors make PLUG one of the top stocks to watch.
MGM (MGM)
MGM’s (NYSE:MGM) online betting joint venture, BetMGM, recently disclosed that it would generate positive EBITDA for the second half of this year. Further, BetMGM reported that it would not need any funding from MGM going forward.
Given these points, along with the continued growth of BetMGM as more states legalize online gambling, I believe that MGM’s bottom line will get a significant bump from BetMGM’s contributions both this quarter and in Q1 of 2024.
Also likely to boost MGM’s financial results are the Formula One Las Vegas Grand Prix and the Super Bowl. The grand prix is held each November in Las Vegas where MGM has many hotels and casinos. Additionally, the Super Bowl will take place in the city in February 2024. Keep MGM on your list of stocks to watch as the company reveals how much these events impacted its earnings.
Intel (INTC)
Nvidia recently indicated that it would be interested in using Intel (NASDAQ:INTC) to manufacture its semiconductors. Specifically, NVDA CFO Colette Kress said that the company would love a third chip supplier. In the past, Nvidia has expressed interest in utilizing Intel’s manufacturing capabilities. Politicians are currently helping to expand these capabilities. As a result, Kress’ comment was widely seen as affirmation that NVDA remains interested in adding Intel as a key supplier.
Moreover, investment bank Raymond James made some comments after attending a dinner hosted by Intel. The company expressed optimism about the outlook of the company’s AI chips. Also importantly, the bank believes that the rise AI-capable chips could provide Intel with opportunities going forward.
On the date of publication, Larry Ramer held long positions in PLUG, INTC, and MGM. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.