Diamonds and Dogs
Ford (F) gets a new CEO. Ford motor is up 2% CEO Jim Hackett will stepdown and be succeeded by COO Jim Farley, who has been at Ford since 2007. The stock price is down 40% under the reign of now former CEO Jim Hackett. Ford is struggling to turn around business in the midst of a pandemic and the rise of electric vehicles. Tesla has a market value 10 times larger than Ford.
No sales not good for the stock price. Virgin Galactic (SPCE) is down 11% following a quarterly loss on zero sales. The company is also offering of 20,489,977 new shares of common stock to raise $460 million. Investors and management are hoping to generate sales in the first quarter of 2021 with flights to the edge of outer space. The company is also investing in hypersonic planes to cut down on air flight travel.
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