Virgin Galactic says it’s ready to start commercial space tourism flights and consumer sentiment is expected to tick higher. Here’s what investors need to know today.
1. Virgin Galactic Announces First Space Tourism Flights in June
After announcing it would begin to offer commercial space tourism services in late June, shares of Virgin Galactic (SPCE) were up more than 40% in pre-market trading. The space tourism company founded by Richard Branson said it would begin monthly commercial flights to the edge of space in August.
2. Consumer Sentiment Expected to Tick Upward
The University of Michigan Consumer Sentiment Index (MCSI) is expected to increase to a reading of 60.8, up from 59.2, when the preliminary results from the latest monthly survey are released at 10 a.m. ET. Also today, Fed Governor Christopher Waller is scheduled to speak at 7:45 a.m. ET and Richmond Federal Reserve President Tom Barkin will talk at 2:30 p.m. ET.
3. Intel Plans to Add Poland Fabrication Plant to Meet Growing European Demand
Intel (INTC) will build a $4.6 billion semiconductor assembly and testing plant in Poland, becoming operational in 2027 as part of a plan to meet increasing European demand. The chipmaker has a wafer fabrication plan in Ireland and announced plans for a facility in Germany last year. Intel shares were up 0.9% in pre-market trading.
4. Tesla Offering 3 Months of Charging to Help Clear Model 3 Inventory
Tesla (TSLA) is offering three months of free charging at its Supercharger Network for customers who purchase a Model 3 sedan by June 30 in the U.S. or Canada. The deal is part of an effort by the electric vehicle maker to move inventory ahead of the end of the fiscal quarter and comes as Tesla has lowered and raised prices on its models over the past few months. Tesla shares were down 0.35% in pre-market trading.
5. Rivian Ramping Up Production of Electric SUV
A company official at electric vehicle maker Rivian (RIVN) Automotive said that it was rapidly ramping up production of its SUV EV, overtaking production of the company’s plug-in pickup truck for the quarter. The California-based EV maker is expected to build 50,000 vehicles this year, double its production from 2022. Shares of Rivian were up 0.6% in pre-market trading.