A worker unloads a 24-kilowatt Generac home generator off a truck at Captain Electric on February 18, 2021 in Orem, Utah.
Shares of backup power generation company Generac Holdings surged more than 7% on Monday as Hurricane Milton rapidly strengthened into a Category 4 storm.
Milton is forecast to move north of the Yucatan Peninsula Monday and Tuesday before crossing the Gulf of Mexico to approach Florida by Wednesday, according to the National Hurricane Center. Tampa Bay could face a storm surge of eight to 12 feet, according to forecasters.
Generac hit an intraday high of $174.08, up about 8.7% over Friday's close. The power generation company also hit a new 52-week high.
Milton comes on the heels of Hurricane Helene, which killed more than 220 people and wrought devastation across the Southeast, particularly in North Carolina.
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