Another “Space Race” Failure

Space companies are a big craze among investors. After all, the vast depths of space present vast opportunities for profit…right? Unfortunately for investors, the equation hasn’t been that simple. 😒

First, let’s start with Astra Space, which came public via a special purpose acquisition company (SPAC) in early 2021. At the time, the company raised $500 million in cash at a $4.1 billion valuation, hoping to achieve its goal of cheaply and rapidly producing small rockets. πŸš€

The company had reached orbit twice successfully but failed three times after going public. That, combined with other operational issues and a floundering stock market, sent its shares on a clear downward trajectory. In the context of that massive decline, the stock was back in the news today on news that it will be taken private by its founders at a roughly $30 million valuation.Β 

Speaking of lackluster space stocks, Virgin Galactic was back on traders’ radars. The company enjoyed a 20% pop today after announcing plans for cost savings. It will pause spaceflight operations next year to focus resources on developing its next-generation Delta-class spacecraft, also cutting 18% of its workforce as part of the strategic reorganization of resources. ⏸️

Epic Wins A “Victory Royale” Against Google

It’s been three years since Fornite-maker Epic Games sued Apple and Google for allegedly running illegal app store monopolies. And despite losing a similar battle against Apple, the game-maker has secured a win against Google. πŸ†

The jury in Epic v. Google delivered its unanimous decision after just a few hours of deliberation. They found a few key things:

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FanDuel Parent Lists On NYSE

The U.S. “degenerate economy” is getting its latest entrant, with FanDuel parent company Flutter Entertainment making its debut on the New York Stock Exchange (NYSE) today. 🀩

With that said, the company did not receive the traditional fanfare it would in a standard initial public offering (IPO). That’s because it was listed on the London Stock Exchange (LSE) in May 2019, and its American depository receipts (ADR) have traded over the counter under the ticker $PDYPY for years.

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Pfizer’s Flop Continues

It’s been a rough ride for pharmaceutical giant Pfizer since the end of the pandemic, and that rollercoaster ride continues today. 🎒

The company last announced earnings in October but needed to update Wall Street on its 2024 forecast. It cited weak demand for its Covid products as the reason for a weaker-than-anticipated revenue and earnings forecast.

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Japan’s Nippon Takes Over U.S. Steel

After months of bidding, U.S. Steel finally has a buyer. However, the auction’s winner has some parties concerned. πŸ€”

Japan’s Nippon Steel emerged as the top bidder for the 122-year-old steelmaker, beating out offers from Cleveland-Cliffs, ArcelorMittal, and Nucor. Its $55 per share price represents a 142% premium to where $X shares were trading before Cleveland-Cliffs’ $35-per-share offer kicked off the bidding war.

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