Wall Street Breakfast: Up, Up And Away

The next leap forward for the space tourism industry has arrived as Virgin Galactic (SPCE) announced the beginning of commercial operations as soon as June 27. The flight, called Galactic 01, will include three crew members from the Italian Air Force and the National Research Council of Italy, who will conduct microgravity research with scientific payloads. It'll also herald the start of monthly flights of private astronauts that should begin in early August. Market movement: Numerous delays, technical challenges and market froth have seen Virgin Galactic's stock dwindle in value since notching an all-time high of nearly $60 in 2021. The latest news saw shares rocket nearly 44% to $5.84 in AH trading on Thursday, erasing a 7% loss during the regular session. Of note, short interest on SPCE stands at 23.94% of the total float, while the 52-week trading range stands between $2.98 and $8.56. Seeking Alpha analyst Ivan Lee recently issued a cautious appraisal of Virgin Galactic after considering revenue projections and technology, adding that "the numbers don't seem to add up for at least the next 3 to 4 years." The developments come nearly two years after Virgin Galactic founder Richard Branson beat fellow billionaire Jeff Bezos in the suborbital space tourism race. Blue Origin's (BORGN) New Shepard vehicle hasn't launched since September 2022, when it suffered a booster-related issue during an uncrewed flight. Virgin Galactic is set to launch its flights out of Spaceport America in New Mexico, catering to the super-rich with deep pockets. Tickets are currently priced at $450K for a 90-minute flight that includes several minutes of weightlessness, though an initial batch of 800 tickets went for around $200K each. What is the Karman line and why is it important? Outlook: Congress has restricted the FAA from regulating the safety of commercial space flights since 2004 to help the sector develop without heavy compliance costs. Crews today fly under a regime known as "informed consent," meaning potential astronauts take on similar risks to skydivers and bungee jumpers. The policy has been extended several times over the years and the latest moratorium lasts until October 1. Is point-to-point space travel a reality in the near future? (4 comments)

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Top News Up, up and away Getty Images The next leap forward for the space tourism industry has arrived as Virgin Galactic (SPCE) announced the beginning of commercial operations as soon as June 27. The flight, called Galactic 01, will include three crew members from the Italian Air Force and the National Research Council of Italy, who will conduct microgravity research with scientific payloads. It'll also herald the start of monthly flights of private astronauts that should begin in early August. Market movement: Numerous delays, technical challenges and market froth have seen Virgin Galactic's stock dwindle in value since notching an all-time high of nearly $60 in 2021. The latest news saw shares rocket nearly 44% to $5.84 in AH trading on Thursday, erasing a 7% loss during the regular session. Of note, short interest on SPCE stands at 23.94% of the total float, while the 52-week trading range stands between $2.98 and $8.56. Seeking Alpha analyst Ivan Lee recently issued a cautious appraisal of Virgin Galactic after considering revenue projections and technology, adding that "the numbers don't seem to add up for at least the next 3 to 4 years." The developments come nearly two years after Virgin Galactic founder Richard Branson beat fellow billionaire Jeff Bezos in the suborbital space tourism race. Blue Origin's (BORGN) New Shepard vehicle hasn't launched since September 2022, when it suffered a booster-related issue during an uncrewed flight. Virgin Galactic is set to launch its flights out of Spaceport America in New Mexico, catering to the super-rich with deep pockets. Tickets are currently priced at $450K for a 90-minute flight that includes several minutes of weightlessness, though an initial batch of 800 tickets went for around $200K each. What is the Karman line and why is it important? Outlook: Congress has restricted the FAA from regulating the safety of commercial space flights since 2004 to help the sector develop without heavy compliance costs. Crews today fly under a regime known as "informed consent," meaning potential astronauts take on similar risks to skydivers and bungee jumpers. The policy has been extended several times over the years and the latest moratorium lasts until October 1. Is point-to-point space travel a reality in the near future? (4 comments)       Featured Here's how you can be a better investor with Premium Research shows that individual investors collectively underperform the stock market, because their decisions are often driven by emotions. We believe that as an investor you can do really well if you find opportunities based on 360-degree analysis - not hype. Seeking Alpha Premium's unparalleled stock coverage gives you the insights you need to stay ahead of the curve. With timely insights on stocks, ETFs, and more, you can track the investments that matter most to you. Plus, you can discover hidden gems and compelling new ideas with our exclusive stock ratings. Go Premium and experience its incredible value for yourself. Go Premium now IPOs Hungry for harissa Cava (CAVA) traded at more than double its IPO pricing level yesterday as investors gobbled up the first restaurant IPO since Sweetgreen (SG) in November 2021. The Mediterranean fast-casual restaurant currently has a market capitalization of $4.88B, giving it a higher valuation than big industry names including Wendy's (WEN) and Shake Shack (SHAK), among others. SA analyst Kingdom Capital said the IPO is expensive, but called Cava's restaurant-level metrics "intriguing". (22 comments)       Crypto Marking the spot BlackRock (BLK) has filed paperwork with the SEC to establish a spot bitcoin ETF to be known as the iShares Bitcoin Trust. Coinbase (COIN) has been named custodian for the fund's bitcoin (BTC-USD) holdings. If approved, the ETF would be the first on the market dedicated to bitcoin, though many others have tried over the years, including Grayscale and ARK Invest. The news comes after the top cryptocurrency slid below $25,000 for the second time in three months amid an uncertain regulatory environment. (79 comments)       Automotive ChatGPT auto In the first implementation of ChatGPT in vehicles, Microsoft (MSFT) is partnering with German automaker Mercedes-Benz (OTCPK:MBGAF) to test the AI software in its cars. The optional beta program for U.S. customers will start today for over 900K vehicles. Microsoft has been upgrading its products with AI, which has helped push its stock higher. Shares rose 3.2% to a record close on Thursday, in step with other tech stocks that have capitalized on the AI wave. (7 comments)       Today's Markets In Asia, Japan +0.7%. Hong Kong +1.1%. China +0.6%. India +0.7%. In Europe, at midday, London +0.4%. Paris +1%. Frankfurt +0.4%. Futures at 7:00, Dow -0.1%. S&P flat. Nasdaq +0.1%. Crude -0.5% to $70.49. Gold +0.3% to $1,977.40. Bitcoin +2.7% to $25,532. Ten-year Treasury Yield flat at 3.73%. Today's Economic Calendar 10:00 Consumer Sentiment 1:00 PM Baker Hughes Rig Count Companies reporting earnings today » What else is happening... Fed, SEC probe Goldman's (GS) role in SVB's (OTCPK:SIVBQ) last days. ECB hikes key rate by another quarter point as inflation remains too high. Atlanta Fed's Bostic discloses trading violations during blackout period. GameStop's (GME) Ryan Cohen blasts execs that only 'rest and vest'. Intel (INTC) nears deal for $10.8B in subsidies for German chip plant. Adobe (ADBE) rises as it boosts full-year outlook after strong Q2 results. Micron (MU) plans $604M investment in China facility despite crackdown. DOJ probing PGA Tour's merger with LIV Golf over antitrust concerns. Manchester United (MANU) gains as Qatari bidder negotiates exclusivity. U.S. crop futures surge across the board as drought conditions spread. Putting a number to Tesla's (TSLA) new Supercharger-for-all business. Seeking Alpha's Wall Street Breakfast Podcast Seeking Alpha's Wall Street Breakfast podcast brings you all the news you need to know for your market day. Released by 8:00 AM ET each morning, it is a quick listen that you can put on as you get ready to start your working day.
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