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Virgin Orbit said it would cut 85% of its workforce.
Matthew Horwood/Getty Images
Stock futures traded slightly higher Friday as Wall Street turned its attention to the release of the Federal Reserve’s preferred inflation measure, the core personal consumption expenditures price index.
These stocks were poised to make moves Friday:
Virgin Orbit Holdings
(ticker: VORB) was falling 42.7% in premarket trading to about 19 cents after the space launch startup said it would cut 85% of its workforce. The job cuts were made “in light of the company’s inability to secure meaningful funding,” according to a regulatory filing. Virgin Orbit has been trying to secure additional funding since mid-March and has ceased some operations while trying to obtain additional cash.
Tesla
(TSLA) is expected to release deliveries numbers for the first quarter over the weekend. According to 10 estimates compiled by FactSet, Wall Street expects the electric-vehicle company to have delivered 432,000 units in the first quarter, up from about 405,000 in the fourth quarter of 2022. In the first quarter of 2022, Tesla delivered about 310,000 vehicles. Tesla stock was rising 0.4% in premarket trading.
Nikola (NKLA) was falling in premarket trading after announcing it would sell $100 million of stock at $1.12 a share. In premarket trading Friday, the stock was down 5% to $1.33.
Rumble
(RUM) was rising 15.4% and
Digital World Acquisition
(DWAC) jumped 10% in premarket trading. Shares of the right-wing…
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