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Virgin Orbit said it would cut 85% of its workforce.
Matthew Horwood/Getty Images
Stocks traded higher Friday after the Federal Reserve’s preferred inflation measure, the core personal consumption expenditures price index, rose less than expected.
These stocks were making moves Friday:
Virgin Orbit Holdings
(ticker: VORB) was falling 42.6% to about 20 cents after the space launch startup said it would cut 85% of its workforce. The job cuts were made “in light of 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 ceased some operations while trying to obtain additional cash.
Chip maker
Micron Technology
(MU) fell 3.8% after Chinese regulators said they were launching a review of Micron products sold in the country.
Tesla
(TSLA) is expected to release deliveries numbers for the first quarter over the weekend. According to 10 estimates compiled by FactSet, Wall Street expects the electric-vehicle company to have delivered 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 was rising 1.9%.
Nikola (NKLA) was falling after announcing it would sell $100 million of stock at $1.12 a share. The stock was down 15.7% to $1.18 on Friday.
Braze
(BRZE) shares soared 16% after the technology company said it sees an increase in fiscal 2024 revenue from a year ago.
BlackBerry
(BB) rose 13.5% even after fiscal fourth-quarter revenue fell from a year earlier and missed analysts’ expectations. The stock has been down sharply in premarket trading.
Pacific Biosciences of California
(PACB) jumped 10.1% after shares of the biotechnology company were upgraded to Outperform from Market Perform by analysts at TD Cowen.
Rumble
(RUM) was rising 9.1% and
Digital World Acquisition
(DWAC) jumped 8.4%. Shares of the right-wing social media platforms rose following the indictment of Donald Trump, former U.S. president.
Generac Holdings
(GNRC) fell 6.7% after the backup-power provider received a downgrade to Underperform from Neutral from analysts at BofA.
U.S.-listed shares of
JD.com
(JD) fell 1.3%. The Chinese e-commerce giant said it planned to spin off two of its units. The stock gained 7.8% on Thursday.
Netflix (NFLX) shares rose 0.8% after Moody’s Investors Service lifted the debt rating of the streaming company out of “junk” territory. In addition,
Netflix
said it was restructuring its film group amid cutting back on the number of movies it releases, according to a report from Bloomberg.
Write to Joe Woelfel at [email protected]
