Virgin Galactic Announces IPO

Virgin Galactic Announces IPO

Adviser Investments Senior Vice President Chris Keith has the market analysis for Tuesday, July 9. Major U.S. indexes closed with little change as investors await testimony from Federal Reserve Chair Jerome Powell: The Dow Jones Industrial Average slipped less than 0.1% while the S&P 500 and NASDAQ Composite were up 0.1% and 0.5%, respectively. In IPO news, Richard Branson announced plans to launch a public offering for Virgin Group’s space-tourism enterprise, Virgin Galactic. California-based Social Capital Hedosophia Holdings plans to invest around $800 million in exchange for a 49% stake in the company, which will compete with Amazon’s Blue Origin and Tesla’s SpaceX.

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