Keep an eye on Generac Holdings (GNRC).
With a new hurricane nearing the U.S., generator stocks like GNRC will typically run higher. In fact, that’s starting to happen now, with GNRC bouncing from support at $140. Last trading at $150.84, we’d like to see the stock retest $157.50 as the storm nears landfall.
According to Generator Source, “Power outages are all too common once a hurricane has stricken, and they are to be expected. The high winds can take down power poles and cause damage to power plants. It can take weeks and, in many cases, months before power company personnel are able to fully restore power. This is why the demand for backup power generators has become so high.”
Expected to hit land as a major hurricane, mandatory evacuation orders are already in effect for parts of Florida’s Gulf Coast.
“Helene is expected to rapidly intensify as it moves over the eastern Gulf of Mexico and become a major hurricane, defined as winds of at least 115 mph, as it approaches the northeastern Gulf Coast on Thursday. The current 115 mph peak intensity forecast would rate the storm a Category 3 hurricane on the Saffir-Simpson Scale,” as noted by Fox Weather.