Virgin Galactic Set to Launch
Photo by Kurt Cotoaga / Unsplash

Virgin Galactic Set to Launch

Plus, Bitcoin gets a big boost.

Steven Lerner
Steven Lerner

Today is Friday, January 13, 2023.

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Virgin Galactic Set to Launch

Virgin Galactic Holdings (NYSE: SPCE) said that it is on track to begin commercial operations in the second quarter of 2023, sending shares up 19.70% in after-hours trading on Thursday.

Details: Planned upgrades of Virgin Galactic’s mothership are complete and it will enter ground tests next week before starting flight tests.

Also: Virgin Galactic also announced a leadership change. Swami Iyer, the president of aerospace systems, is leaving his role but will stay on as an advisor until March 3 in order to ensure a smooth transition.

Stock Price: Shares of Virgin Galactic are down 53% in the last 12 months, including a 1% decline in the last 30 days.

Final Thoughts: The announcement of commercial operations is a step in the right direction for Virgin Galactic. Although operations are advancing, the company is still not profitable at the moment.


Notable Earnings Today: Delta Air Lines (NYSE: DAL), JPMorgan Chase (NYSE: JPM), UnitedHealth Group (NYSE: UNH), Bank of America (NYSE: BAC), Citigroup (NYSE: C), Wells Fargo (NYSE: WFC), BlackRock (NYSE: BLK), BNY Mellon (NYSE: BK), First Republic Bank (NYSE: FRC).

Notable IPOs Today: MGO Global Inc. Common Stock (Nasdaq: MGOL), Skyward Specialty Insurance Group, Inc. (Nasdaq: SKWD).

Notable Equity Crowdfunding Campaigns Ending Today: Homeshake (Wefunder), Winchester Fresh Market & Event Venue (Mainvest), Rhode Island Pickleball (Mainvest).

Notable Economic Events Today: Import Price Index / Export Price Index (8:30 a.m. ET), Michigan Consumer Expectations / Sentiment (10:00 a.m. ET).

Bitcoin Soars Due To Positive Inflation Data

A bitcoin standing alone on the floor
Photo by Kanchanara / Unsplash

Bitcoin is up 11% since the start of the year, including a 3% jump on Thursday.

Catalyst: The Consumer Price Index, which was released on Thursday, showed a 0.1% decline in December. This shows that the market by getting back to normal, which explains why investors are going back into assets that are perceived as being risky (this includes Bitcoin).

Also: Samsung Asset Management announced Thursday that it was launching a Bitcoin ETF in Hong Kong.

Big Picture: Bitcoin wasn’t the only crypto to grow on Thursday. Aptos grew by 18%. In fact, Aptos has nearly doubled in the past week.

Final Thoughts: This upswing doesn’t necessarily mean that Bitcoin and other cryptos are back to normal, but this is still positive news.

Hanesbrands Jumps on Upbeat Financials

Shares of Hanesbrands (NYSE: HBI) jumped 8.68% in after-hours trading on Thursday after the apparel brands company gave a financial update.

Financials: Hanesbrands now expects to report net sales slightly above the top end of its outlook range and adjusted operating profit at the midpoint of the range.

Quote: “Our Full Potential plan is progressing, and we have a clear financial strategy that we will continue to execute, including plans to refinance upcoming maturities as well as increase cost savings.” - CEO Steve Bratspies.

Also: Hanesbrands also announced that CFO Michael Dastugue is leaving for family reasons.

Final Thoughts: The company reports earnings on February 2.

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Clash of the Financial Titans: The Markets Are Locked in a Game of Chicken With the Fed (The Wall Street Journal)

Gold Your Horses: Alibaba, Tencent Fall After Report Beijing Taking Golden Shares (Bloomberg)

Here’s 2023: Cryptocurrency is headed toward surviving its first age (Cointelegraph)

How A-Boat It: Disney CEO Bob Iger went sailing on his yacht while activist investor Nelson Peltz ramped up pressure on the media giant (Yahoo! Finance)

Betting on Bankruptcy: Bed Bath & Beyond may be heading for a ‘meme squeeze’ (MarketWatch)

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