Virgin Galactic’s Reaction to the Flight and Will Apple’s Stock Pullback?
Virgin Galactic is a British-American spaceflight company that operates in the United States. It was founded by Richard Branson and his Virgin Group retains a 24% stake. It is developing commercial spacecraft and aims to provide suborbital spaceflights to space tourists.
Yesterday the company achieved a major feat in commercial space flight as its WhiteKnightTwo vehicle flew to an altitude of 50,000 feet with 6 passengers, including CEO Richard Branson himself. Despite this success, however, the stock fell yesterday after Virgin Galactic failed to sell up to $500 million in common stock. Before this Virgin Galactic had 240 million shares outstanding but the Virgin’s $500 million offerings would equate to nearly 10.2 million new shares. Despite this, the good news is that the company is making progress towards commercial spaceflight, and they have even created sweepstakes to offer a chance to win two seats on “one of the first commercial Virgin Galactic spaceflights” early next year.
Apple Inc. is an American multinational technology company that specializes in consumer electronics, computer software, and online services. Apple is the world’s largest technology company by revenue and, since January 2021, the world’s most valuable company
Apple became the first publicly traded US company to hit a market cap of $2 trillion last summer, showing that it was truly a giant among giants. Since then, the company has only grown in all aspects, from product line to share price and more. Recently, however, the stock has been on a tear that seems to be never-ending. However, many veteran investors see this as a sign of a pullback coming soon. This becomes clear as Apple’s relative strength index (RSI) – a stock price momentum indicator has reached record highs indicating that the stock is likely overbought.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.