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Dow 33,517.65 -112.96 -0.34%
S&P 500 3,892.09 -2.99 -0.08%
Nasdaq 10,635.65 66.36 0.63%
VIX 21.91 0.78 3.69%
Gold 1,875.30 5.60 0.30%
Oil 74.84 1.07 1.45%Virgin Orbit stock collapse continues after #StartMeUp #RocketLaunch Fails
Had carried satellites for seven customers, including a number for UK firms, a US-UK military mission, Oman’s first-ever orbiter.
$VORB $1.5000 -0.43 (-22.28%) Pre-Market
A rocket launched from a Boeing 747 jumbo that took off from southwest England suffered a malfunction deep into the mission, leading to the loss of its payload of nine satellites. The crew of the aircraft returned safely.
While failed space shots aren’t unusual, the unfortunate outcome of the UK endeavor carries additional weight after the patriotic fanfare that had been attached to putting Britain — a world-leading satellite producer but lacking launch capability — on the space map.
“At some point during the firing of the rocket’s second-stage engine and with the rocket traveling at a speed of more than 11,000 miles per hour, the system experienced an anomaly, ending the mission prematurely,” it said.
The failed mission, named Start Me Up after the Rolling Stones song, had carried satellites for seven customers, including a number for UK firms, a US-UK military mission, and Oman’s first-ever orbiter.
Deployment of small satellites as surged amid the drive to create new mega constellations for broadband communications. Global launches, many of them by privately held enterprises like Elon Musk’s Space Exploration Technologies Corp., have increased threefold to 1,700 satellites a year since 2012 and are expected to double again by 2030, according to the UK Space Agency.
Virgin Orbit had put plans for a pre-Christmas launch on hold amid last-minute snags, but managed to get the mission away in the first of multiple new windows it set out.
The modified 747 “Cosmic Girl” took off from Spaceport Cornwall at 10:02 p.m. local time, carrying the LauncherOne rocket beneath its wing. At an altitude of roughly 35,000 feet, LauncherOne successfully deployed and fired up, at which point the mission appeared headed for success.
Equity indices in the Asia-Pacific region ended Tuesday on a mixed note.
Japan’s Nikkei: +0.8%,
Hong Kong’s Hang Seng: -0.3%,
China’s Shanghai Composite: -0.2%,
India’s Sensex: -1.0%,
South Korea’s Kospi: +0.1%,
Australia’s ASX All Ordinaries: -0.3%.China’s December New Loans CNY1.40 trln (expected CNY1.10 trln; last CNY1.21 trln) and December Total Social Financing CNY1.31 trln (expected CNY1.60 trln; last CNY1.99 trln)
Japan’s November Household Spending -0.9% m/m (expected -0.5%; last 1.1%); -1.2% yr/yr (expected 0.5%; last 1.2%). December Tokyo Core CPI 4.0% yr/yr (last 3.7%) and Tokyo Core CPI 4.0% yr/yr (expected 3.8%; last 3.6%)
South Korea’s November Current Account deficit $620 mln (last deficit of $880 mln)
Tokyo’s yr/yr CPI rate accelerated to its fastest pace in 42 years in the December reading.
China Securities Daily noted that analysts forecast stable inflation around 2.0% in 2023, but also see a risk of a rise past 5.0%.
Chinese officials are expected to cut the value added tax for small businesses this year.
China will reportedly halt the issuance of visas to Koreans until South Korea reverses entry restrictions on Chinese citizens.
Taiwan Semiconductor Manufacturing Company reported that sales in 2022 hit a record of TWD2.26 trln, up 42.6% yr/yr.Major European indices trade in the red.
STOXX Europe 600: -0.7%,
Germany’s DAX: -0.4%,
U.K.’s FTSE 100: -0.2%,
France’s CAC 40: -0.7%,
Italy’s FTSE MIB: -0.1%,
Spain’s IBEX 35: UNCH.France’s November Industrial Production 2.0% m/m (expected 0.8%; last -2.5%)
Bank of England Chief Economist Pill said that inflation in the U.K. could remain at a high level even if energy prices recede.
The British government is preparing to reduce energy subsidies to businesses by about 85%.
EU Economic Commissioner Gentiloni said that EU inflation appears to have peaked and that a deep recession has likely been avoided. On a related note, Goldman Sachs no longer expects that a recession will take place in the eurozone.Coinbase Global (COIN 37.52, -0.75, -2.0%): discloses that FY22 Adjusted EBITDA is expected to be within the negative $500 mln loss guardrail that the company provided in the shareholder letter; also announces further restructuring plan; will eliminate 950 jobs; Oppenheimer maintains Outperform rating
Sotera Health (SHC 13.60, +4.96, +57.4%): Announces Settlement of Ethylene Oxide Litigation in Illinois; reaffirms FY22 guidance at J.P. Morgan Healthcare Conference
Oak Street Health (OSH 30.50, +7.93, +35.1%): CVS (CVS) mulling acquisition of Oak Street Health (OSH), according to Bloomberg; guides FY22 revs above consensus; FY23 revs in-line
Boeing (BA 202.37, -6.20, -3.0%): downgraded to Equal Weight from Overweight at Morgan Stanley
AT&T (T 19.21, +0.17, +0.9%): upgraded to Overweight from Equal Weight at Wells Fargo
Royal Caribbean (RCL 57.45, +0.16, +0.3%): upgraded to Equal Weight from Underweight at Morgan Stanley
Microsoft (MSFT 225.99, -1.13, -0.5%): in discussions to invest $10 bln in Open AI, according to BloombergTreasury yields are on the rise this morning. The 2-yr note yield is up five basis points to 4.25% and the 10-yr note yield id up five basis points to 3.57%. The U.S. Dollar Index is inching higher, up 0.4% to 103.42.
Energy complex futures trade in mixed fashion. WTI crude oil futures are up 0.5% to $74.98/bbl and natural gas futures are down 3.3% to $3.44/mmbtu.
The NFIB Small Business Optimism survey fell to 89.9 in December from 91.9 in November.
Market participants will receive November Wholesale Inventories (prior +0.5%) at 10:00 a.m. ET.Dow 33,704.10 186.45 0.56%
S&P 500 3,919.25 27.16 0.70%
Nasdaq 10,742.63 106.98 1.01%
VIX 20.70 -1.27 -5.78%
Gold 1,882.20 4.40 0.23%
Oil 75.04 0.41 0.55%Equity indices in the Asia-Pacific region ended Wednesday on a mostly lower note.
Japan’s Nikkei: +1.0%, Hong Kong’s Hang Seng: +0.5%,
China’s Shanghai Composite: -0.2%,
India’s Sensex: UNCH, South Korea’s Kospi: +0.4%,
Australia’s ASX All Ordinaries: +1.0%.Japan’s November Leading Index 97.6 (expected 97.5; last 98.6) and Coincident Indicator -0.5% m/m (last -1.2%)
South Korea’s December Unemployment Rate 3.3% (last 2.9%)
Australia’s November Retail Sales 1.4% m/m (expected 0.6%; last 0.4%) and Q4 CPI 7.3% yr/yr, as expected (last 6.9%)
The Bank of Japan conducted an unscheduled bond buying operation, offering to buy JGBs with maturities between one and five years. The central bank also conducted fixed amount operations for all other tenors.
Fast Retailing will raise wages by up to 40%.
Shanghai is reportedly targeting GDP growth of more than 5.5% for 2023.
Australia’s Q4 CPI was up 7.3% yr/yr, rising past the peak from Q3.Major European indices trade in the green.
STOXX Europe 600: +0.6%,
Germany’s DAX: +0.9%,
U.K.’s FTSE 100: +0.6%,
France’s CAC 40: +0.9%,
Italy’s FTSE MIB: +0.5%,
Spain’s IBEX 35: +0.1%.Italy’s November Retail Sales 0.8% m/m (last -0.3%); 4.4% yr/yr (last 1.2%)
Spain’s November Industrial Production -1.1% yr/yr (last 2.1%)
European Central Bank policymaker Villeroy de Galhau said that more rate hikes will be needed and that he does not expect the French economy to experience a hard landing.
Labor unions in France are planning strike action for the end of next week after yesterday’s announcement of labor reforms, including raising the retirement age to 64.
Germany’s Mechanical Engineering Industry Association reported a 14% yr/yr drop in November orders.Apple (AAPL 130.75, +0.02, flat): will make screens in house next year and move away from Samsung, according to Bloomberg
CarMax (KMX 65.50, -1.89, -2.8%): downgraded to Underweight from Neutral at JPMorgan
Coinbase (COIN 42.18, -1.05, -2.4%): downgraded to Underperform from Neutral at Bank of America
General Motors (GM 37.27, +0.16, +0.4%): named a top pick for 2023 by Goldman Sachs
Tesla (TSLA 121.23, +2.38, +2.0%): named a top pick for 2023 by Goldman Sachs; Tesla considering spending $775 mln to expand Austin, Texas factory, according to WSJ
Keysight (KEYS 175.78, -2.23, -1.3%): downgraded to Neutral from Buy at JPMorgan
World Wrestling (WWE 93.99, +3.75, +4.2%): Board of Directors unanimously elects Vince McMahon Executive Chairman; Co-CEO Stephanie McMahon to step down
Salesforce (CRM 143.13, -4.31, -2.9%): downgraded to Underperform from Market Perform at Bernstein
ICHOR Corporation (ICHR 25.09, -4.58, -15.4%): guides Q4 and 1Q23 revs below consensus due to weakness in wafer fab equipment demand
Warner Bros. Discovery (WBD 12.78, +0.22, +1.8%): upgraded to Buy from Neutral at Guggenheim
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