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Boeing's Starliner Spaceship Delays, Explained

  • Boeing's Starliner Spaceship Delays, Explained Boeing's Starliner Spaceship Delays, Explained 5:50
    Watch: SpaceX Capsule With 4 Civilians Splashes Down to Earth Watch: SpaceX Capsule With 4 Civilians Splashes Down to Earth 1:45
    From Bookseller to Blue Origin: A Look Back at the Career of Jeff Bezos From Bookseller to Blue Origin: A Look Back at the Career of Jeff Bezos 4:54
    Oliver Daemen, 18, Releases Video Ahead of Blue Origin Flight With Bezos Oliver Daemen, 18, Releases Video Ahead of Blue Origin Flight With Bezos 0:27
3:36 a.m. Oct. 19, 2021 - By Tonya Garcia
Toymaker Spin Master creates venture armSpin Master Corp. announced the creation of a venture arm, Spin Master Ventures, that will make minority investments in the company's three core areas: toys, entertainment and digital games. The company will start by allocating $100 million to the venture group and focus on North America and Europe initially. The company has already made an investment in Nørdlight, a Stockholm-based mobile games company with more than 50 years of experience, and Hoot Reading, and online live tutoring service. "Spin Master Ventures will establish us as the partner of choice for entrepreneurs looking for capital to start and grow a business in the kids' space and will complement our acquisition strategy as well as bolster our product development pipeline," said Ronnen Harary, Spin Master co-founder and board chair, in a statement. Spin Master stock has gained 45.3% for the year to date while the S&P 500 index is up 19.5% for the period.
4:25 a.m. Oct. 15, 2021 - By Tomi Kilgore
Prologis stock jumps after earnings beat expectations, amid record increases in market rentsShares of Prologis Inc. rallied 1.7% toward a fifth straight gain Friday, after the real estate investment trust focused leasing logistics facilities reported third-quarter earnings that rose above expectations, and boosted its full-year outlook, amid record increases in market rents and valuations. Net income more than doubled to $722.0 million, or 97 cents a share, from $298.7 million, or 40 cents a share, in the year-ago period. Core funds from operations per share increased to $1.04 from 90 cents, beating the FactSet consensus of $1.03. Total revenue rose 9.3% to $1.18 billion, above the FactSet consensus of $1.04 billion. Average occupancy was 96.6%, up from 96.0% in the second quarter, and with 98.0% of property leased as of Sept. 30. Cash rent change was up 12.9%, with cash same-store net operating income grew 6.7%. For 2021, the company raised its core FFO guidance range to $4.11 to $4.13 from $4.04 to $4.08, compared with the FactSet consensus of $4.07. "Our third quarter results were underpinned by record increases in market rents and valuations," said Chief Executive Hamid Moghadam. "With vacancies at unprecedented lows, space in our markets is effectively sold out." The stock has rallied 36.2% year to date through Thursday, while the SPDR Real Estate Select Sector ETF has advanced 26.3% and the S&P 500 has gained 16.8%.
6:52 a.m. Sept. 30, 2021 - By Claudia Assis
Virgin Galactic 'back on track' after FAA clearance, Jefferies saysVirgin Galactic Holdings Inc. is "back on track" after receiving Federal Aviation Administration clearance late Wednesday to restart its spaceflights, analysts at Jefferies said in a note Thursday. That "lifts an overhang for (Virgin Galactic), with focus shifting to Unity 23," the company's next flight, which has been postponed. "We continue to believe that commercial space tourism will be a flourishing industry, unlocking profitability and cash flow for Virgin Galactic," the analysts said. "Near-term challenges have been timing-related, rather than changing the trajectory of the revenue profile." Jefferies has a buy rating on the stock with a price target of $33, representing an upside of about 27% over Thursday prices. Virgin Galactic shares have gained nearly 9% so far this year, compared with gains of around 16% for the S&P 500 index.
5:00 a.m. Sept. 30, 2021 - By Steve Gelsi
Built Technologies valued at $1.5 billion in venture roundBuilt Technologies said Thursday it secured $125 million in Series D financing in a deal that values the Nashville-based construction finance technology company at $1.5 billion. TCV led the round, along with Brookfield Technology Partners, 9Yards Capital, XYZ Venture Capital and HighSage Ventures. Built Technologies CEO Chase Gilbert said the company drew strong interest from investors. Woody Marshall, lead investor at TCV and a new board member at Built Technologies, said the company "has achieved broad market penetration in the notoriously tough construction finance space." At last check, the company has financed more than $135 billion in construction value since it launched in 2015. Existing investors Addition, Index Ventures, Canapi Ventures, GreenPoint Partners, Nine Four Ventures, Fifth Wall, Goldman Sachs and Nyca Partners also took part in the latest investment round.
3:44 a.m. Sept. 14, 2021 - By Ciara Linnane
Boeing says aerospace market is recovering as it expected in 2020, sees strong demand for freighters Boeing Co. said Tuesday the commercial airplanes and services businesses are showing expected signs of recovery from the depths of the pandemic slowdown in 2020, while the global defense, space and government services markets have remained stable. The aerospace giant published its annual Boeing Market Outlook for 2021 and said it expects a $9 trillion market in the next decade for aerospace products and services, up from $8.5 trillion a year ago and from $8.7 trillion in 2019, before the outbreak of COVID-19. "We are encouraged by the fact that scientists have delivered vaccines more rapidly than imaginable and that passengers are demonstrating strong confidence in airplane travel," Boeing Chief Strategy Officer Marc Allen said in a statement. The commercial market is recovering as Boeing had predicted it would in 2020, with demand for domestic air travel leading the way. The company is expecting intra-regional markets to follow once health and travel restrictions are lifted, followed by long-haul flights, which are expected to return to pre-pandemic levels by 2023 to 2024. Boeing is expecting increased demand for freighters, given the growth in e-commerce and air freight's speed and reliability and expects the global freighter fleet to be 70% larger in 2040 than it is now. Vaccine supply and uptake will be key in the near-term recovery of passenger air travel and traffic is expected to increase by an average of 4% a year, unchanged from last year's forecast. Boeing shares were down 0.6% premarket, and have gained 0.2% in the year through Monday, while the Dow Jones Industrial Average has gained 14% and the S&P 500 has gained 19%.
6:38 a.m. Aug. 25, 2021 - By Tomi Kilgore
Rocket Labs stock tumbles on first day under new name, tickerThe company now named Rocket Lab USA Inc. didn't get a warm reception on Nasdaq, even after Chief Executive Peter Beck rang the Nasdaq's Opening Bell, as the between special purpose acquisition company (SPAC) Vector Acquisition Corp., with a previous ticker of "VACQ," and Rocket Lab was completed. Shares of the spacecraft and rockets builder, under the new ticker symbol "RKLB," tumbled 11.7% in morning trading, after they soared 15.6% over the past three days to close Tuesday at the highest price since March 31. Rocket Lab said Wednesday that it will receive $777 million in proceeds as the merger is completed, which it plans to use to accelerate growth in its space systems business. Meanwhile, shares of space travel company Virgin Galactic Holdings Inc. slipped 0.6% in morning trading, while the Nasdaq Composite gained 0.1% toward a record and the S&P 500 tacked on 0.1%.
3:30 a.m. Aug. 23, 2021 - By Tomi Kilgore
Virgin Orbit to go public valued at $3.2 billion through merger with SPAC NextGen Acquisition Corp. IIVirgin Orbit is set to go public, as the launch and space solutions company announced Monday a merger agreement with special purpose acquisition company (SPAC) NextGen Acquisition Corp. II in a deal that values Virgin Orbit at about $3.2 billion. The deal is expected to provide the combined company with proceeds of $483 million in cash. Once the deal closes, which is expected to occur around the end of the year, the company will be named Virgin Orbit and the stock is expected to list on the Nasdaq exchange under the ticker symbol "VORB." NextGen's stock, which started trading in May, rallied 3.9% in premarket trading Monday. Virgin Orbit's current shareholders consist of Richard Branson's Virgin Group, which is also involved in Virgin Galactic Holdings Inc. , and Mubadala Investment Co., as well as management and employees. Boeing Co. has committed to invest in Virgin Orbit, according to . NextGen's stock has edged up 0.1% over the past three months while the S&P 500 has gained 6.9%.
4:50 a.m. Aug. 13, 2021 - By Tomi Kilgore
WeWork's Q2 net loss widens from a year ago but is less than half that of Q1 as recovery acceleratesWeWork reported Friday a second-quarter net loss that widened slightly from a year ago, but was less than half that of the first-quarter, as the flexible-office-space company said recovery trends that started earlier this year accelerated. by way of a merger with special purpose acquisition company (SPAC) BowX Acquisition Corp. WeWork reported a net loss of $888.85 million for the quarter ended June 30, compared with a loss of $863.83 million in the year-ago period but down from . Revenue fell 32.7% from a year ago to $593.48 million, and was down slightly from $598 million in the first quarter, but the company said revenue increased sequentially each month in the second quarter. The company expects third-quarter revenue to improve to $650 million to $700 million. "Regardless of how companies are thinking about the future of work, access to a space to collaborate, innovate, mentor and build culture remains critical," said Chief Executive Sandeep Mathrani. "The demand from businesses of all sizes accelerated through the quarter and steadily continued into July, delivering strong sales momentum that will drive occupancy and revenue growth." BowX Acquisition's stock edged up 0.1% in premarket trading.
4:15 a.m. Aug. 12, 2021 - By Tomi Kilgore
Workhorse stock rises after pilot program to use drones to support NRCS supervisory effortsShares of Workhorse Group Inc. rose 2.5% in premarket trading Thursday, after the provider of "drone-integrated electric vehicles" announced a pilot program with the U.S. Department of Agriculture's Natural Resources Conservation Service (NRCS). Workhorse said the pilot program is to demonstrate its ability to provide small Unmanned Aerial Systems (sUAS) as a service to support NRCS's supervisory efforts in Mississippi. "Engaging in this pilot agreement with the NRCS is the first step in expanding our footprint beyond package delivery and the last mile delivery space," said John Graber, Workhorse president of aerospace. "Our sUAS technology presents opportunities to diversify our product offerings as well as our potential customer base." The stock has rallied 27.4% over the past three months through Wednesday but has tumbled 50.5% year to date, while the S&P 500 has gained 9.5% the past three months and rallied 18.4% this year.
3:20 a.m. July 29, 2021 - By Ciara Linnane
Northrop Grumman blows past estimates for second quarter, raises guidanceDefense contractor Northrop Grumman Corp. blew past earnings estimates for the second quarter on Thursday, and raised its full-year guidance. The Falls Church, Va.-based company posted net income of $1.04 billion, or $6.42 a share, for the second quarter, up from $1.01 billion, or $6.01 a share, in the year-earlier period. Sales rose 3% to $9.2 billion from $8.9 billion. The FactSet consensus was for EPS of $5.84 and sales of $8.8 billion. "Based on the strength of our growth and performance year-to-date and our enhanced outlook for the year, we have increased our 2021 sales and EPS guidance," Chief Executive Kathy Warden said in a statement. Aeronautics systems sales edged down to $2.913 billion from $2.925 billion, while defense systems sales fell to $1.427 billion from $1.886 billion. Mission systems sales rose 6% to $2.588 billion from $2.446 billion and space systems sales rose 34% to $2.748 billion. The company is now expecting full-year transaction adjusted EPS of $24.40 to $24.80, up from prior guidance of $24.00 to $24.50. The transaction referred to is the sale of the company's IT services business in the first half. It expects sales to range from $35.8 billion to $36.2 billion, up from prior guidance of $35.3 billion to $35.7 billion. Shares were slightly lower premarket, but have gained 18% in the year to date, while the S&P 500 has gained 17%.
3:49 a.m. July 28, 2021 - By Tomi Kilgore
Boeing stock jumps after swinging to surprise profit, as commercial airplanes revenue more than triplesShares of Boeing Co. powered up 3.6% in premarket trading Wednesday, after the aerospace and defense giant swung to a surprise profit, amid higher commercial volume and lower period costs. Net income for the quarter to June 30 was $587 million, or $1.00 a share, after a loss of $2.38 billion, or $4.20 a share, in the year-ago period. Excluding nonrecurring items, Boeing swung to core earnings per share of 40 cents from a per-share loss of $4.79, beating the FactSet consensus for a per-share loss of 83 cents. Revenue rose 44.0% to $17.00 billion to beat the FactSet consensus of $16.60 billion. Among Boeing's business segments, Commercial Airplanes revenue rose 268% to $6.02 billion, to top the FactSet consensus of $6.00 billion, as deliveries increased to 79 from 20; Defense, Space & Security revenue grew 4% to $6.88 billion, above expectations of $6.78 billion; and Global Services revenue increased 17% to $4.07 billion, topping expectations of $3.69 billion. The company said the 737 MAX program is producing at a rate of 16 planes per month, with the rate expected to gradually increase to 31 per month in 2022. "While our commercial market environment is improving, we're closely monitoring COVID-19 case rates, vaccine distribution and global trade as key indicators for our industry's stability," said Chief Executive David Calhoun. The stock has edged up 3.8% year to date through Tuesday, while the Dow Jones Industrial Average has gained 14.6%.
3:13 a.m. July 27, 2021 - By Tomi Kilgore
Raytheon stock rallies after profit, revenue and FCF beats and raised outlookShares of Raytheon Technologies Corp. rallied 1.4% in premarket trading Tuesday, after the aerospace and defense company reported second-quarter profit, revenue and free cash flow that were above expectations and raised the full-year outlook, as commercial aerospace continued to recover and amid strength in its defense businesses. The company swung to net income of $1.03 billion, or 68 cents a share, from a loss of $3.84 billion, or $2.55 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $1.03, above the FactSet consensus of 93 cents. Revenue rose 13% to $15.88 billion to top the FactSet consensus of $15.83, as revenue beats by the Pratt & Whitney, intelligence and space and missiles and defense businesses helped offset a Collins aerospace miss. Free cash flow was $966 million, well above the FactSet consensus of $775.8 million. The company raised its 2021 outlook for EPS to $3.85 to $4.00 from $3.50 to $3.70 and for revenue to $64.4 billion to $65.4 billion from $63.9 billion to $65.4 billion. The stock has advanced 20.2% year to date through Monday, while the S&P 500 has gained 17.7%.
3:47 a.m. July 26, 2021 - By Tomi Kilgore
Lockheed Martin stock slips after profit came up shy of forecasts, but full-year outlook raisedShares of Lockheed Martin Corp. fell 0.6% in premarket trading Monday, after the aerospace and defense contractor reported a second-quarter profit that came up shy of expectations, amid performance issues in aeronautics, but revenue that rose above forecasts. Net income rose to $1.82 billion, or $6.52 a share, from $1.63 billion, or $5.79 a share, in the year ago period. The FactSet consensus for net earnings per share was $6.56. The company said results included a per-share loss of 61 cents recorded at Aeronautics related to performance issues on a classified program. The FactSet consensus for adjusted EPS was $6.52. Sales 5.0% to $17.03 billion, above the FactSet consensus of $16.94 billion. Among business segments, missiles and fire control, rotary and mission systems and space sales beat expectations while aeronautics came up short. For 2021, the company raised its EPS guidance range to $26.70 to $27.00 from $26.40 to $26.70 while affirming its sales outlook of $67.3 billion to $68.7 billion. The stock has gained 7.3% year to date through Friday, while the S&P 500 has advanced 17.5%.
1:37 p.m. July 23, 2021 - By Claudia Assis
SpaceX wins NASA contract to be part of Jupiter's moon programSpace Exploration Technologies Corp., or SpaceX, won a $178 million NASA contract to provide launch services for the first mission to Jupiter's moon Europa. The mission, called Europa Clipper, will launch in October 2024 on a Falcon Heavy rocket from the NASA's Kennedy Space Center in Florida, NASA said. The goal is to "conduct a detailed survey of Europa and use a sophisticated suite of science instruments to investigate whether the icy moon has conditions suitable for life." Privately held Space X is led by Tesla Inc. Chief Executive Elon Musk.
3:52 a.m. July 12, 2021 - By Tomi Kilgore
Virgin Galactic stock shoots higher after successful flight to suborbital spaceShares of Virgin Galactic Holdings Inc. shot up 6.0% in premarket trading Monday, a day after Founder Richard Branson and five crewmates successfully flew rocket-powered spaceplane. In a live-streamed flight on Sunday, the Unity crew before returning to earth. "Space is for all humanity, which is why we're giving YOU the chance to win 2 seats on one of the first @virgingalactic flights to space now!", . Truist analyst Michael Ciarmoli reiterated his buy rating and $50 stock price target, saying the successful completion of the Unity flight was a "significant milestone" for the company. "Near-term, we expect that publicity around the commencement of SPCE's commercial space tourism operations could also benefit from sweepstakes announced on Sunday, offering a chance to win two tickets on one of the company's earliest flights open to customers," Ciarmoli wrote in a note to clients. Virgin Galactic's stock has soared 107.3% year to date through Friday, while the S&P 500 has gained 16.3%.
4:20 a.m. June 29, 2021 - By Barbara Kollmeyer
Tesla price target cut 10% at UBS, which cites slowing China demand momentumUBS on Tuesday cut its share price on Tesla to $660 from $730, citing "several negative" factors. Analyst Patrick Hummel said while their latest consumer survey of electric vehicles (EV) was "solid across the board for Tesla, momentum in the quarters ahead is more likely in favor of competitors with a busier launch pipeline." China stood out as a worry for Hummel, who rates Tesla at neutral. "Our key concern shorter-term is that Tesla's demand momentum in China is slowing, and our checks on the ground suggest that BEVs (battery electric vehicles) from domestic brands are gaining further ground vs. Tesla, which may trigger additional pricing action by Tesla and consequently lower gross margins," he told clients in a note. The analyst said delays to the Model Y launch in Europe, Full Self-Driving (FSD) rollout and the next-generation 4680 battery in Fremont will also weigh on sentiment. To get to a better share performance, Tesla needs "new hard evidence" about its lead on the side of software/FSD. Shares of Tesla slipped 0.5% in premarket trading and are down 2.4% year to date. Also in the EV space, UBS lifted its price target on Ford to $16 from $13, and GM to $79 from $75. Those companies are rated neutral and buy, respectively.
3:51 a.m. June 21, 2021 - By Ciara Linnane
WeWork offers business update showing occupancy improved in MayOffice-sharing company WeWork, which had a spectacular failed IPO attempt in 2019 and is now planning to hit public markets via a merger with a special purpose acquisition corporation (SPAC), offered a business update on Monday and said total occupancy stood at 53% as of May, up three percentage points from March. "As vaccine distribution expands, global restrictions ease, and companies begin to action their hybrid return-to-work strategies, WeWork continues to see an improvement in leading indicators such as desk sales, churn rates and occupancy across its portfolio," the company said in a statement. WeWork was hit especially hard by the coronavirus pandemic as most workers started working from home and demand for its service evaporated. The company's real estate portfolio now comprises 767 locations across 38 countries, supporting 947,000 work stations and 505,000 total memberships. Gross desk sales came to about 39,000 in May, up from 33,000 in April. That is equal to about 4.3 million square feet of signed space in the quarter to date, marking the best two-month performance since September of 2019. The company continued to work to optimize its real estate portfolio and cost structure through lease amendments and building exits. Its IPO documents in 2019 showed it had about $50 billion in long-term leases, most without early termination provisions. "Since March, the company has completed an additional 17 exits and 51 amendments and expects to be substantially complete with its optimization efforts by the end of June," said the statement.
5:51 p.m. May 25, 2021 - By Quentin Fottrell
Why are ‘Karens’ so angry? Such incidents have not gone away. Instead, they’ve become another depressingly ubiquitous feature of modern lifeSuch incidents have not gone away. Instead, they’ve become another depressingly ubiquitous feature of modern life.
3:27 a.m. May 20, 2021 - By Tomi Kilgore
Virgin Galactic stock soars after confirming SpaceShipTwo Unity test flight this weekShares of Virgin Galactic Holdings Inc. soared 14.9% in premarket trading Thursday, putting them on track for a fifth straight gain, after the aerospace and space travel company confirmed that the next test flight of SpaceShipTwo Unity will be conducted on May 22. The test flight will be subject to weather and technical checks. The confirmed test comes after the completion of a maintenance review of VMS Eve, which is the "mothership" jet aircraft that will carry SpaceShipTwo to an altitude of 50,000 feet. The stock has jumped 11.4% amid a four-day win streak through Wednesday, after closing at an 11-month low of $15.50 on May 13. It has tumbled 66.3% over the past three months through Wednesday, while the S&P 500 has gained 5.4%.
3:44 a.m. April 28, 2021 - By Tomi Kilgore
Boeing stock drops after losses narrowed but were wider than expected, while FCF beat forecastsShares of Boeing Co. dropped 1.2% in premarket trading Wednesday, after the aerospace and defense giant reported a wider-than-expected first-quarter loss and revenue that was roughly in line, as a miss in the commercial airplanes business was mostly offset by a beat in defense, space and security. Net losses narrowed to $561 million, or 92 cents a share, from $641 million, or $1.11 a share, in the year-ago period. Excluding nonrecurring items, the core per-share loss of $1.53 was wider than the FactSet loss consensus of 97 cents. Revenue fell 10.0% to $15.22 billion, compared with the FactSet consensus of $15.24 billion. Among Boeing's business segments, commercial airplanes revenue dropped 31% to $4.27 billion, below the FactSet consensus of $5.09 billion, even as deliveries increased to 77 from 50. Defense, space and security revenue rose 19% to $7.19 billion, beating expectations of $6.35 billion, while global services revenue declined 19% to $3.75 billion to fall shy of expectations of $3.87 billion. Free cash flow was negative $3.68 billion, beating expectations of negative $3.94 billion. "While the global pandemic continues to challenge the overall market environment, we view 2021 as a key inflection point for our industry as vaccine distribution accelerates and we work together across government and industry to help enable a robust recovery," said Chief Executive Dave Calhoun. The stock has rallied 13.3% year to date through Tuesday, while the Dow Jones Industrial Average has advanced 11.0%.
3:08 a.m. April 27, 2021 - By Tomi Kilgore
Raytheon's stock gains after profit beat and upbeat outlook, but revenue came up a little shortShares of Raytheon Technologies Corp. edged up 0.6% in premarket trading Tuesday, after the aerospace and defense contractor reported a first-quarter profit that beat expectations, and provided an upbeat outlook, while revenue came up a little short. The company swung to net income of $753 million, or 50 cents a share, from a net loss of $83 million, or 10 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to 90 cents, above the FactSet consensus of 82 cents. Sales jumped 34.3% to $15.25 billion, just below the FactSet consensus of $15.36 billion, as Collins Aerospace and Raytheon Missiles & Defense sales were just shy of expectations wile Pratt & Whitney and Raytheon Intelligence & Space sales topped forecasts. The company expects second-quarter adjusted EPS of 90 cents to 95 cents, above the FactSet consensus of 84 cents, while revenue guidance of $15.5 billion to $16.0 billion surrounds expectations of $15.7 billion. "We are confident in our outlook for the remainder of 2021," said Chief Executive Greg Hayes. "With our strong defense backlog and continued recovery in commercial air travel, we are well positioned to deliver profitable growth and return cash to drive significant value for shareowners." The stock has run up 23.7% over the past three months, while the Dow Jones Industrial Average has gained 12.1%.
12:30 p.m. April 16, 2021 - By Claudia Assis
Elon Musk's SpaceX wins $2.9 billion NASA moon landing contract Privately held Space Exploration Technologies Corp., or SpaceX, was selected by NASA on Friday to move forward in developing a human landing system to carry the next two U.S. astronauts to the moon "and pave the way for sustainable lunar exploration." That's under NASA's Artemis program, which aims to return humans on the moon, collaborating with commercial and international partners, and eventually send astronauts to Mars. Elon Musk is chief executive on SpaceX as well as Silicon Valley electric-car maker Tesla Inc. SpaceX in February announced plans to send later this year on a mission to raise awareness for a children's hospital. Last month, the company's prototype Mars rocket Starship
4:26 a.m. April 10, 2021 - By Quentin Fottrell
‘What the hell!’ I’m 28, have no debt, a 401(k), Roth IRA and $45K in cash. Should I save for a house or buy a Tesla Model 3? ‘I believe I can buy the car and strap down, and save more aggressively to replenish the funds’‘I believe I can buy the car and strap down, and save more aggressively to replenish the funds.’
3:44 a.m. March 30, 2021 - By Ciara Linnane
Virgin Galactic unveils VSS Imagine with design that allows it to mirror its surroundings as it travels to space from earthVirgin Galactic Holdings Inc. unveiled the first SpaceShip III in its fleet called VSS Imagine, which it said has a "breakthrough" livery design that allows it to mirror its surrounding environment as it moves so space from earth. The new ship will start ground testing and glide flights this summer from Spaceport America in New Mexico. At the same time, the company will start work on VSS Inspire, the second SpaceShip III vehicles. Virgin Galactic is aiming to fly 400 flights a year. Shares were down 0.9% premarket, but have gained 23% in the year to date, while the S&P 500 has gained 6%.
2:23 a.m. March 26, 2021 - By Tomi Kilgore
WeWork to go public through merger with BowX Acquisition: WSJWeWork will be going public after the flexible office space company has agreed to merge with special purpose acquisition company BowX Acquisition Corp. in a deal valuing WeWork at $9 billion, including debt, according to . BowX shares rallied 4.8% in premarket trading. WeWork would raise $1.3 billion in the deal, including $800 million in private investment in public equity (PIPE) from Insight Partners, funds managed by Starwood Capital Group, Fidelity Management and others, the WSJ report said. In 2019, an investment from Japan-based technology investor Softbank Group Corp. had valued WeWork at $47 billion, the report said. An through a more traditional public offering had failed, as Adam Neueman resigned as chairman and chief executive and as WeWork closed locations and slashed its workforce as the COVID-19 pandemic sapped demand for office space. The WSJ had that WeWork was in talks with a SPAC associated with Bow Capital. BowX's stock, which went public in October 2020, has lost 5.1% year to date through Thursday, while the Renaissance IPO ETF has shed 6.4% and the S&P 500 has gained 4.1%.
7:01 a.m. March 22, 2021 - By Riley Adams
Investing in real estate during COVID-19 Investment opportunities will come after the pandemic passesInvestment opportunities will come after the pandemic passes
11:48 a.m. March 17, 2021 - By Quentin Fottrell
My father’s divorce decree says his kids will inherit his house — but he later put it in a trust for his third wife. Which one wins out? ‘My father says he feels very guilty about the entire situation.’‘My father says he feels very guilty about the entire situation.’
1:26 p.m. March 13, 2021 - By Alison Fottrell
‘We are weary’: Life in Italy, one year after national lockdown to stop the spread of COVID-19 ‘The presence of increased police patrols in a crowded square in Como on a recent Saturday evening is further evidence of a developing social malaise that needs to be kept in check’‘The presence of increased police patrols in a crowded square in Como on a recent Saturday evening is further evidence of a developing social malaise that needs to be kept in check.’
10:22 a.m. March 7, 2021 - By Quentin Fottrell
My husband and his brother inherited a property. Our son moved in. We paid $60K in taxes and repairs. Do we split it 50/50? ‘The house is probably 90 years old, and needed quite a lot of work before they could move in’‘The house is probably 90 years old, and needed quite a lot of work before they could move in.’
2:58 a.m. March 1, 2021 - By Tomi Kilgore
Space data collection company Spire Global to go public through merger with SPAC NavSight HoldingsShares of NavSight Holdings Inc. rallied 6.4% in premarket trading Monday, after the special purpose acquisition company (SPAC) announced a merger that will take space-based data and analytics company Spire Global Inc. public. The deal, which is expected to close in summer 2021, values the combined company at $1.6 billion, and is expected to provide about $475 million in proceeds. Spire uses a constellation of nanosatellites called LEMUR (low earth multi-use receiver) to collect space-based data. The company uses "space-as-a-service" business model. Once the deal closes, the stock will list on the NYSE under the ticker symbol "SPIR." "[O]ur proprietary data and solutions help customers solve some of earth's greatest challenges, including Net Zero and Climate Change adaptation," said Spire Chief Executive Peter Platzer. NavSight's stock, which went public in November, has gained 6.4% over the past three months through Friday, while the Renaissance IPO ETF has advanced 7.1% and the S&P 500 has tacked on 4.1%.
2:44 a.m. March 1, 2021 - By Tomi Kilgore
Rocket Lab to go public in merger with SPAC Vector Acquisition, valuing company at $4.1 billionRocket Lab USA Inc. announced Monday it will be going public through an acquisition by special purpose acquisition company (SPAC) Vector Acquisition Corp. , in a deal that values the launch and space systems company at $4.1 billion. Vector Acquisition's stock soared 20.5% in premarket trading. After the merger closes, which is expected to occur in the second quarter of 2021, the company will be named Rocket Lab USA Inc. and the stock will trade on the Nasdaq under the ticker symbol "RKLB." The companies expect to have a cash balance of $750 million after the deal closes. Separately, Rocket Lab unveiled its medium-lift Neutron rocket, a reusable launch vehicle with an 8-ton payload lift capacity, to be used for mega constellations, deep space missions and human spaceflight. "Not only are we the leader in small launch, we are the second most frequently launched rocket in the U.S. annually and the fourth most frequent launcher globally," said Chief Executive Peter Beck. Vector Acquisition's stock, which went public in November, has gained 2.8% over the past three months, while shares of spaceflight services company Virgin Galactic Holdings Inc. have run up 31.3% and the S&P 500 has gained 4.1%.
10:05 a.m. Feb. 26, 2021 - By Riley Adams
How to invest in real estate during COVID Prepare for the investment opportunities to come after the pandemic passesPrepare for the investment opportunities to come after the pandemic passes
2:52 a.m. Feb. 25, 2021 - By Ciara Linnane
Virgin Galactic names Doug Ahrens CFO, replacing Jon Campagna who is stepping down after IPOVirgin Galactic Holdings Inc. said Thursday it has named Doug Ahrens chief financial officer, replacing Jon Campagna, who is stepping down after the company's move from the private market to the public one. Ahrens was most recently CEO of Mellanox, a semiconductor company, and has done stints at GlobalLogic, Maxim Integrated Products, Intel Corp. and Chevron Corp. Shares of the space travel company were down 1.8% premarket, but have gained 35% in the last 12 months, while the S&P 500 has gained 22%.
10:58 a.m. Feb. 5, 2021 - By Tomi Kilgore
Hexcel stock falls after credit rating cut to 'junk' status at S&P Global RatingsShares of Hexcel Corp. fell 0.8% in afternoon trading Friday, after the credit of the maker of materials used for commercial aerospace and space and defense industries was downgraded into "junk" territory, with potential for further downgrades. S&P Global Ratings , the credit rating agency's highest speculative-grade rating, from BBB-, while the outlook remained negative. S&P said Hexcel's credit metrics are likely to remain weak through 2021 because of the COVID-19 pandemic, as demand for Hexcel's products has been significantly affected by the reduced rebuild rates across all platforms at original equipment manufacturers Boeing Co. and Airbus S.E. . "[D]ue to its position early on in the supply chain, Hexcel has seen a faster and more pronounced drop in its demand because its customers are choosing to use their existing inventory to preserve cash," S&P said. "We expect this destocking to continue into the second quarter of 2021." Boeing credit is rated BBB-, which is S&P's lowest investment grade rating, and Airbus credit is rated A. Meanwhile, S&P rival Moody's Investors Service rates Hexcel credit at Baa3, which is Moody's lowest investment grade rating. Hexcel's stock has tumbled 36.6% over the past 12 months, while the S&P 500 has gained 16.5%.
10:02 a.m. Jan. 31, 2021 - By Quentin Fottrell
My sister is a single mother and thinks ‘squatter rights’ is the way to secure housing in the pandemic. What can I do? ‘She has been better with her money the last three months, but she has been very irresponsible in her spending the last few years — paying for breast implants, for example’‘She has been better with her money the last three months, but she has been very irresponsible in her spending the last few years — paying for breast implants, for example.’
5:04 a.m. Jan. 29, 2021 - By Tomi Kilgore
Tesla stock gets second $1,000+ price target, from Argus ResearchThere are now two Wall Street analysts that have targets for Tesla Inc.'s stock of more than $1,000, after Argus Research's Bill Selesky boosted his target by 30% in the wake of the electric vehicle (EV) market leader's . The stock fell 0.6% in premarket trading Friday, after losing 5.4% over the past two days. Selesky reiterated his buy rating and raised his price target to $1,010 from $777. That would make him the second-most bullish on Tesla, of the 37 analysts surveyed by FactSet, behind only Oppenheimer's Colin Rusch, . Selesky said he expects EVs to account for an increasingly larger portion of auto sales, as lower costs for battery packs makes them more affordable to the average car buyer, and Tesla is the "undisputed leader" in the EV space. "We also believe that Tesla is well positioned to expand in the Chinese market and further believe that the incoming Biden Administration will offer rebates and new tax incentives to encourage consumers to buy EVs, which we think favors Tesla versus all the rest," Selesky wrote in a note to clients. The stock has soared 103.4% over the past 30 days through Thursday, while the S&P 500 has gained 14.4%.
7:55 a.m. Jan. 28, 2021 - By Riley Adams
How to find the right kind of real-estate investment 5 strategies to determine what’s right for you5 strategies to determine what’s right for you
2:45 a.m. Jan. 28, 2021 - By Tomi Kilgore
Northrop Grumman reports big profit, sales beats but provides downbeat outlookShares of Northrop Grumman Corp. were indicated down nearly 1% in premarket trading Thursday, after the aeronautics and defense company reported big fourth-quarter profit and sales beats but provided a downbeat outlook for 2021. The company swung to net income of $330 million, or $1.97 a share, from a loss of $409 million, or $2.43 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $6.59 from $5.61, above the FactSet consensus of $5.76. Sales rose 17% to $10.21 billion, beating the FactSet consensus of $9.27 billion, as sales from its aeronautics, defense, mission systems and space business segments all rose above forecasts. Based on what the company currently expects from the impact of the COVID-19 pandemic, 2021 adjusted EPS is expected to be $23.15 to $23.65, below the current FactSet consensus of $24.17, and sales are expected to be $35.10 billion to $35.50 billion, compared with forecasts of $37.44 billion. Earlier this week, the company said it increased its stock repurchase program by $3 billion. The stock has slipped 0.5% over the past three months through Wednesday, while the S&P 500 has gained 14.7%.
3:47 a.m. Jan. 27, 2021 - By Tomi Kilgore
Boeing stock drops after loss widens to more than $8 billion, misses expectations by wide marginShares of Boeing Co. sank 1.7% in premarket trading Wednesday, after the aerospace and defense giant reported a fourth-quarter loss of that widened to more than $8 billion, to miss expectations by a wide margin, while revenue fell a little less than forecast, amid strength in its defense, space and security business. The net loss was $8.44 billion, or $14.65 a share, after a loss of $1.01 billion, or $1.79 a share, in the year-ago period. Excluding non-recurring items, the core per-share loss was $15.25, compared with the FactSet loss consensus of $1.64. The results reflected a $6.5 billion charge on the 777X program and a tax valuation allowance, which was partially offset by a lower 737 MAX customer considerations charge. Revenue dropped 15% to $15.30 billion, above the FactSet consensus of $15.06 billion. Commercial airplanes revenue fell 37% to $4.73 billion, missing expectations of $4.87 billion; defense, space and security revenue increased 14% to $6.78 billion, exceeding forecasts of $6.39 billion; and global services revenue dropped 20% to $3.73 billion, topping expectations of $3.72 billion. The stock has rallied 30.2% over the past three months through Tuesday, while the Dow Jones Industrial Average has gained 12.7%.
3:48 a.m. Jan. 26, 2021 - By Tomi Kilgore
Lockheed Martin misses profit views but beats on sales, stock fallsShares of Lockheed Martin Corp. slipped 1.1% in premarket trading Tuesday, after the aerospace and defense company reported fourth-quarter profit that rose less than expected while sales topped forecasts, and provided an in-line full-year outlook. Net income rose to $1.79 billion, or $6.38 a share, from $1.50 billion, or $5.29 a share. The FactSet consensus for net earnings per share was $6.40. Sales grew 7.3% to $17.03 billion, above the FactSet consensus of $16.95 billion, as aeronautics, rotary and mission systems and space sales topped forecasts while missiles and fire control sales came up shy. The company said favorable contract award timing, strong operational performance and lower travel and overhead costs as a result of COVID-19 restrictions partially offset the impacts of COVID-19 on financial results. For 2021, the company expects EPS of $26.00 to $26.30 and sales of $67.10 billion to $68.50 billion, surrounding the FactSet consensus for EPS of $26.18 and sales of $67.97 billion. The stock has lost 6.8% over the past three months through Monday, while the S&P 500 has gained 13.4%.
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