Prepare for Take-off
By Wed, May 26, 2021
Hey Scoopers,
After disappointing economic data from the housing sector, the stock market erased earlier gains. — More on that in the “Overall Market” section.
Beyond the overall market, a biotech company succeeded at developing a COVDI-19 vaccine for teenagers, after several test rounds. Meanwhile, an electric truck start-up’s investors are losing confidence in the project. — More on that in the “What’s Up?” and “What’s Down?” sections.
By the way, are you ready to take off to space? — More on that in the “Water Cooler” section.
But, first, here is a recap of what happened in the market yesterday:
Market Recap
- U.S. markets: The stock market ended in the red zone on Tuesday. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: After dropping under $31K per coin on the weekend, Bitcoin‘s price stayed at $38K per coin.
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Back to Red
The stock market ended in the red zone on Tuesday.
After a volatile session, the markets closed below the flat line. Although investors were confident that stocks would keep returning gains on Tuesday, disappointing economic data changed the markets’ course. According to Standard & Poors, home price growth surged at the fastest pace in 15 years in March. The information helped to reinforce high inflation concerns, dragging down the markets’ performance.
Testing on Teenagers
So, what happened?
Shares of Moderna (Ticker: MRNA) were up by more than 3% on Tuesday. After the biotech company reported the results of its COVID-19 vaccine for teenagers, investors gained confidence for a future FDA approval. Moderna announced its vaccine reached a 100% effectiveness rate on 12 to 17 years old patients. The company plans to submit the study’s results to the FDA in June. Although COVID-19 cases plummeted, the company believes the vaccine could boost its revenue.
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Losing Confidence
So what happened?
Shares of Lordstown Motors (Ticker: RIDE) were down by more than 7% on Tuesday. After the electric truck start-up updated its production schedule, investors’ sentiment turned bearish. Despite business legitimacy concerns, the start-up confirmed that production would start in Q4 2021. However, it stated the production volume would now reach 50% of its previous estimates. Although Lordstown expects to raise more capital, investors are losing confidence in the project.
Prepare for Take-off
So what happened?
Virgin Galactic (Ticker: SPCE) completed its first human spaceflight.
After consecutively delaying test flights for more than two months, the company completed the first of four spaceflight tests on Saturday. Launching from New Mexico, Virgin’s VSS spaceship achieved a critical milestone for Virgin. As it plans to turn space tourism into an affordable travel option at a $250,000 price tag, Virgin’s test flight places the company back on track to take tourists to space in early 2022. Despite problems in its spaceflight systems earlier this year, Saturday’s test flight helped bring investors’ confidence back. The space travel pioneer remains a zero-revenue company. However, the successful test turned investors’ sentiment bullish toward Virgin earning substantial revenue soon.
It seems that the company is still willing to meet its intergalactic goals.
If you have any questions, or suggestions let us know by emailing us at members@tradestocks.com. We look forward to hearing from you.
About the Author
Felipe Nebesnyj is an Economics student who is passionate about the stock market and investing in the market. Originally from Brazil, he is working and studying in the U.S. and started learning about and researching the stock market at 16. Before joining Stock Card, Felipe worked on multiple stock market research projects that gave him the necessary knowledge and confidence to put into his stock market analyst career at Stock Card. Last but not least, he is an excellent violinist and enjoys video games.
