And Biden's electric vehicle announcement.
Today is Friday, August 6, 2021.
Virgin Galactic Ascends As Sales Reopen
Virgin Galactic (NYSE: SPCE) soared 5% in after-hours trading as the company announced plans to reopen sales to coincide with Thursday's earnings release.
Tickets: Virgin Galactic plans to offer three flight packages for consumers with prices starting at $450,000 per seat, about double the previous ticket prices.
Earnings: The company missed its earnings estimate by about $0.05 per share, but matched the expected revenue target of $600,000. Despite the subpar earnings, investors loved the announcement about sales.
Flight: The next flight from Virgin Galactic will be in late September and the company said that it will be a revenue-generating flight.
Final Thoughts: Virgin Galactic has been a volatile stock to say the least this year. Its stock prices have ranged from $14 to $62 per share. It currently sits around $31 per share. When the company focuses more on quicker trips to places around the globe, then it will be more attractive to investors.
Notable Earnings Today: DraftKings (Nasdaq: DKNG), Norwegian Cruise Line Holdings (NYSE: NCLH)
Notable IPOs Today: Eliem Therapeutics (Nasdaq: ELYM), Healthcare Royalty (Nasdaq: HCRX)
Notable Equity Crowdfunding Campaigns Ending Today: Bizfluence (Wefunder), Mountain Lodge (Wefunder)
Electric Vehicle Stocks Rise After Biden Goal
President Joe Biden set a goal through an executive order on Thursday for half of all vehicles sold in 2030 to be electric.
The Good: The news boosted the stock prices for U.S. companies in the electric vehicle market. Tesla (NYSE: TSLA) was up 0.5%, Blink Charging (Nasdaq: BLINK) was up 3% and Fisker (NYSE: FSR) was up 5%.
The Good, Part II: Even traditional U.S. automakers who are making electric vehicles, such as Ford (NYSE: F) and General Motors (NYSE: GM), had strong gains.
The Bad: Some foreign electrical vehicle companies were down Thursday, including Xpeng (NYSE: XPEV) and Li Auto (Nasdaq: LI).
Final Thoughts: Experts say that President Biden’s electrical vehicle goal is good, but it’s not likely to be achieved by 2030 at the current rate.
Metaverse’s Potential Depends on the Government
As the metaverse (a term referring to the sum of experiences in the virtual world) becomes a popular investing trend in 2021, the success of the metaverse depends largely on the actions - or inactions - of government.
Alliance: South Korea took a proactive approach to the metaverse by launching an alliance of companies and researchers aimed at creating a national platform to support augmented reality.
Laws: Let’s face it, the laws of our world are not likely to keep up with the metaverse, so governments around the world might attempt to create new laws to match it. This might impact the innovations we have seen in both the public and private markets regarding virtual reality.
The Alternative: If the government doesn’t nurture or regulate the metaverse, then large companies that invested in the metaverse, such as Facebook (Nasdaq: FB), will control it. Do you really want Facebook to control this new world?
Final Thoughts: Will governments support the metaverse, such as what South Korea did, or not?
Trends To Watch
Back Down to Earth: Robinhood tanks 27% after shareholders file to sell (Yahoo! Finance)
New Partnership: OurCrowd Partners with Azerbaijan Investment Company (Crowdfund Insider)
That’s Halfway to 100%: Nautilus Biotechnology shares surge 50% on news of Amazon investment (GeekWire)
Another Win for Bitcoin: JPMorgan Launches In-House Bitcoin Fund for Private Bank Clients (CoinDesk)
Great First Day: Shares of South Korea’s Kakao Bank surge more than 70% on first day of trading (CNBC)
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