Stocks of Virgin Orbit (NASDAQ:VORB) conspicuously fell in the premarket yesterday, by 24%, over the news of the company filing for Chapter 11 bankruptcy in the U.S. state of Delaware. This demise comes from Richard Branson’s cash-strapped space-launch firm and will likely cause implications in the space industry. Similarly, AMC Entertainment (NYSE:AMC) and Ncino (NASDAQ:NCNO) stock also tumbled in the premarket.
Contrastingly, Etsy (NASDAQ:ETSY) experienced a considerable bump as Piper Sandler upgraded its stance on the online marketplace to ‘overweight’ from ‘neutral’, citing a “compelling” valuation. Additionally, Tesla (NASDAQ:TSLA) stock rose 0.8% after the auto giant sold 88,869 units of China-made electric vehicles in March for both domestic sales and exports, representing a 35.0% increase from the same time last year. Walt Disney (NYSE:DIS) saw an improvement of 0.4% as CEO Robert Iger spoke out against Florida Governor Ron DeSantis, calling his actions to crack down on Disney’s privileged status in the state as “anti-business” and “anti-Florida”.
Virgin Orbit, founded by British billionaire Richard Branson, is a satellite-launch firm which made the announcement of its bankruptcy earlier this week. Branson has invested his own money into the venture, however lately Virgin Group has not been able to keep up with the financing for the funding needs which has led to the company filing for Chapter 11.
Robert Iger is the current CEO of The Walt Disney Company, who has been a key figure in the company since 2005. Iger, recently called out Florida Governor Ron DeSantis on his policies which he believes is “anti-business” in regards to Disney’s presence in the state. His criticisms were based on DeSantis limiting the number of visitors and enforcing new safety restrictions in theme parks, while allowing other entertainment companies not facing the same standardized safety procedures.