text size
Virgin Orbit said it will cut 85% of its workforce.
Matthew Horwood/Getty Images
Stock futures traded slightly higher on Friday as Wall Street turned its attention to the release of the Federal Reserve’s preferred measure of inflation, the core personal spending index.
These stocks were poised to make moves on Friday:
Virgin Orbit Holdings
(Ticker: VORB) fell 42.7% to about 19 cents in premarket trading after the space startup startup announced it would be shedding 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.
Tesla
(TSLA) is expected to release first quarter shipment figures over the weekend. According to 10 estimates compiled by FactSet, Wall Street expects the electric vehicle company to have shipped 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 shares are up 0.4% in premarket trading.
Nicola (NKLA) fell in premarket trading after announcing it would sell $100 million of shares at $1.12 per share. In premarket trading on Friday, the stock fell 5% to $1.33.
Rumble
(RUM) up 15.4% and
Capturing the digital world
(DWAC) rose 10% in premarket trading. Shares of the right-wing social media platforms rose after the indictment of former US President Donald Trump.
Generac Holdings
(GNRC) fell 3.4% after the backup power provider was downgraded to underperform from neutral by analysts at BofA.
blackberry
(BB) is down 2.8% in premarket trading after earnings fell in the fiscal fourth quarter from a year earlier and missed analysts’ expectations. Cybersecurity revenue was $88 million for the quarter. BlackBerry repeated this
The cybersecurity business saw “the timing of a number of large government deals slipped into later quarters,” but said it was “confident” they would close in the current fiscal year.
Netflix (NFLX) shares rose 0.9% after Moody’s Investors Service downgraded the streaming company’s debt rating from “Garbage“Area. Additionally, according to a report by Bloomberg, Netflix said it is restructuring its film group while reducing the number of films it releases.
Shares listed in the US
JD.com
(JD) fell 0.3% in premarket trading. The Chinese e-commerce giant said it plans to spin off two of its entities. The stock gained 7.8% on Thursday.
Write to Joe Woelfel at joseph.woelfel@barrons.com
Source : www.barrons.com