Virgin Orbit, Tesla, Nikola, Rumble, Generac and many other stock market movers

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

Tesla ( TSLA ) is expected to release delivery numbers for the first quarter later this week. 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, according to 10 estimates compiled by FactSet. Tesla shares rose 0.7% in premarket trading.

Nicola ( NKLA ) fell in premarket trading after announcing it would sell $100 million in shares at $1.12 a share. In premarket trading on Friday, the stock was down 9.3% to $1.27.

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Rumble ( RUM ) rose 10.6% and Digital World Acquisition ( DWAC ) rose 9.2% in premarket trade. Shares of right-wing social media sites rose following the impeachment of former US President Donald Trump.

Generac Holdings ( GNRC ) fell 2.4% after the back-up-power provider was downgraded from neutral to underperform by analysts at BofA.

BlackBerry ( BB ) fell 2.5% in premarket trading after its fiscal fourth-quarter revenue fell from a year ago and missed analysts’ expectations. Cybersecurity revenue for the quarter was $88 million. Blackberry reiterated that
The cybersecurity business said “the timing of several large government contracts slipped in later quarters” but was “confident” they would close in the current fiscal year.

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Netflix ( NFLX ) shares rose 1% after Moody’s Investors Service raised the streaming company’s credit rating from “”Trash” territory. Plus, Netflix

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According to a report by Bloomberg, it said it would reduce the number of films it releases and restructure its film group.

US-listed shares of JD.com ( JD ) fell 0.7% in premarket trading. The Chinese e-commerce giant said it plans to spin off two of its units. The stock gained 7.8% on Thursday.

Write to Joe Woelfel at [email protected]

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