Virgin Galactic stock gains, even as Virgin Orbit shares plunge after cutting most of its staff
Investors in Virgin Galactic Holdings Inc. (SPCE) could take a breath Friday, as shares in the aerospace and space travel company appeared unaffected by the troubles facing rocket-launcher builder Virgin Orbit Holdings Inc. (VORB) Sir Richard Branson is the largest shareholder for both companies, according to FactSet data, and is also chairman of Virgin Atlantic Airways. Virgin Galactic's stock gained 0.7% in morning trading, and has rallied 17.5% year to date. Meanwhile, Virgin Orbit shares plunged 38.7% toward a record-low close, and has plummeted 88.7% this year, after the company said it would lay off 675 employees, or about 85% of its workforce, given the company's "inability to secure meaningful funding." Meanwhile, the S&P 500 gained 0.7% on Friday, and has tacked on 6.3% year to date.
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
March 31, 2023 11:26 ET (15:26 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.