Virgin Orbit Holdings (Ticker: VORB) fell 42.6% to about 20 cents after the startup startup announced it would cut 85% of its workforce. The job cuts came “given the company’s inability to secure meaningful funding,” according to a regulatory filing. Virgin Orbit has been trying to secure additional funding since mid-March and has halted some operations while trying to raise additional money.
Chipmaker Micron Technology (MU) fell 3.8% after Chinese regulators said they would launch an audit of Micron products sold in the country.
Tesla (TSLA) is expected to release first-quarter delivery numbers over the weekend. According to 10 estimates compiled by FactSet, Wall Street expects the electric vehicle company to ship 432,000 units in the first quarter, up from about 405,000 in the fourth quarter of 2022. In the first quarter of 2022, Tesla delivered about 310,000 vehicles. Tesla stock rose 1.9%.
Advertisement – Scroll to Continue.
Nikola (NKLA) fell after it announced it would sell $100 million worth of shares at $1.12 per share. The stock fell 15.7% on Friday to $1.18.
Braze (BRZE) shares rose 16% after the tech company said it sees fiscal 2024 revenue up year over year.
BlackBerry (BB) rose 13.5% even after revenue fell year over year in the fiscal fourth quarter and missed analysts’ expectations. The stock fell sharply in premarket trading.
Pacific Life Sciences of California
Advertisement – Scroll to Continue.
(PACB) rose 10.1% after shares of the biotechnology company were upgraded to Outperform by analysts at TD Cowen from Market Perform.
Rumble (RUM) was up 9.1% and Digital World Acquisition (DWAC) was up 8.4%. Shares of the right-wing social media platforms rose after the indictment of former US President Donald Trump.
Generac Holdings (GNRC) fell 6.7% after the backup power provider was downgraded to underperform from neutral by analysts at BofA.
US-listed JD.com (JD) shares fell 1.3%. The Chinese e-commerce giant said it plans to spin off two of its entities. The stock gained 7.8% on Thursday.
Netflix (NFLX) shares rose 0.8% after Moody’s Investors Service lifted the streaming company’s debt rating out of “junk” territory. Additionally,
Advertisement – Scroll to Continue.
According to a report by Bloomberg, Netflix announced that it is restructuring its film group while reducing the number of films released.
Write to Joe Woelfel at [email protected]