Alcoa Announced a Quarterly Dividend and Virgin Galactic Delays Commercial Flights
Alcoa is a mineral company that produces and sells aluminium products around the globe. They are in the City of Steel, Pittsburgh, and they have a market cap of $10.475 billion.
On Friday, Alcoa announced that they would reinstate their 10-cent dividend to shareholders after 5 years without one. This comes after a rapid increase in aluminium prices, reaching a 13 year high, and Alcoa has reaped the benefits of this. Their CEO said that it would be sustainable for their cash flow to reward investors, and they also laid out a plan for a $500 million buyback program. With all this news, Alcoa closed the day at $56.00, up 15.23%.
Virgin Galactic is an aerospace company founded by billionaire Richard Branson. They are one of the major space travel companies, competing with companies like Blue Origin and SpaceX, although SpaceX is a bit more involved with actual space travel with NASA. As their prospects are bright, they have a market cap of $5.148 billion.
Virgin Galactic sent Branson into space recently, but commercial travel might have to wait. It was announced on Friday that Virgin Galactic would push back the start of full commercial service to the fourth quarter of 2022 instead of the third quarter. The reasoning behind this is because they want to make sure everything is smooth and safe before they initiate actual space travel, which is a necessary precaution. Either way, investors didn’t like the move, and Virgin Galactic finished the day at $20.01, down 16.83%.
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.