Virgin Orbit stock plummets after failure of its first UK rocket launch
Publishing timestamp: 2023-01-10 00:53:50
Summary
Virgin Orbit's stock fell after the company confirmed that its first launch out of the United Kingdom failed to reach orbit. The company uses a modified 747 jet to send satellites into space, and this was its sixth mission to date. Shares of Virgin Orbit dropped as much as 20% in early trading Tuesday, before regaining some of its losses to close down 14%. The company is reviewing launch data to identify the source of failure, and acknowledged that it deleted a tweet about reaching orbit. At the end of the third quarter, Virgin Orbit had $71.2 million in cash on hand.
Sentiment: NEGATIVE
Tickers: VORB,
Keywords: aerospace and defense industry, business, breaking news: technology, virgin orbit, richard branson, the edge, space industry, business news, markets, technology, transportation, breaking news: business,
Source: https://www.cnbc.com/2023/01/09/virgin-orbit-stock-plummets-after-uk-launch-failure.html