Virgin Orbit said it would cut 85% of its workforce.
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Stock futures traded slightly higher Friday as Wall Street turned its attention to the release of the Federal Reserve’s preferred inflation measure, the core personal consumption expenditures price index.
These stocks were poised to make moves Friday:
Virgin Orbit Holdings (VORB) was falling 49.3% in premarket trading to about 17 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.
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 0.3% in premarket trading.
Nikola (NKLA) was falling sharply in premarket trading after announcing it would sell $100 million of stock at $1.12 a share. In premarket trading Friday, the stock was down 3.6% to $1.35.
BlackBerry (BB) declined 4.8% in premarket trading after fiscal fourth-quarter revenue fell from a year earlier and missed analysts’ expectations. Cybersecurity revenue in the quarter was $88 million. BlackBerry reiterated that
the cybersecurity business saw the “timing of a number of large government deals slip into later quarters” but said it was “confident” they would close during the current fiscal year.
Rumble (RUM) was rising 14.5% and Digital World Acquisition (DWAC) jumped 10% in premarket trading. Shares of the right-wing social media platforms rose following the indictment of Donald Trump, former U.S. president.
U.S.-listed shares of JD.com (JD) fell 0.5% in premarket trading. The Chinese e-commerce giant said it planned to spin off two of its units. The stock gained 7.8% on Thursday.
Write to Joe Woelfel at [email protected]
