Virgin Orbit, Tesla, Nikola, Rumble, Generac and more stock market movers

Virgin Orbit Holdings (stock ticker: VORB) fell 42% in premarket trading to about 19 cents after the space startup said it would cut 85% of its workforce. According to a regulatory filing, the job cuts were made “in light of the company’s inability to secure meaningful funding.” Virgin Orbit has been trying to secure additional funding since mid-March and has halted some operations while trying to get additional funds.

Tesla (TSLA) is expected to release delivery numbers for the first quarter over the weekend. According to 10 estimates compiled by FactSet, Wall Street expects the electric car company to deliver 432,000 units in the first quarter, up from about 405,000 units in the fourth quarter of 2022. In the first quarter of 2022, Tesla delivered about 310,000 vehicles. Tesla stock rose 0.7% in premarket trading.

Nikola (NKLA) was falling in pre-market trading after announcing that it would sell $100 million of shares at $1.12 a share. In pre-market trading on Friday, the stock was down 9.3%, at $1.27.

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Rumble (RUM) stock rose 10.6% and the Digital World acquisition (DWAC) jumped 9.2% in premarket trading. Shares of right-wing social media platforms rose in the wake of the impeachment of former US President Donald Trump.

Generac Holdings (GNRC) fell 2.4% after the backup power provider received its downgrade to Underperform from Neutral from analysts at BofA.

BlackBerry (BB) fell 2.5% in premarket trading after fiscal fourth-quarter revenue fell lower than a year earlier and missed analyst expectations. Cybersecurity revenue in the quarter was $88 million. BlackBerry repeated that
The cybersecurity business has seen “the timing of a number of large government deals slip into later quarters” but said it was “confident” it would close during the current fiscal year.

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Netflix (NFLX) Shares of (NFLX) rose 1% after Moody’s Investors Service upgraded the company’s debt-flow rating from “.wasteTerritory. Plus, Netflix

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It said it is restructuring its film group amid reducing the number of films it releases, according to a report by Bloomberg.

US-listed shares fell 0.7% in pre-market trading. The Chinese e-commerce giant said it plans to spin off two of its units. The stock rose 7.8% on Thursday.

Write to Joe Woelfel at [email protected]

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