- SpaceX (SPCX) jumped for a third straight day on Tuesday, putting it on track to overtake Amazon.com in value and briefly making it the world’s fourth largest stock ahead of Microsoft. At least some of the price action since its debut has been driven by the relatively small number of SpaceX shares available to trade, with only about 4.2% accessible on day one. That can make trading more volatile, with the stock more prone to large swings that can quickly change its market value. The gains in SpaceX shares are a sign of consistent investor demand for the stock, calming fears that the record IPO would be too large for the market to digest.
- Netflix (NFLX) shares fell after a report from Semafor that the streaming giant lost out to Fox in a pursuit of Roku. Netflix is also reportedly one of a number of companies interested in buying Lionsgate. Yesterday, Fox agreed to acquire Roku in a deal with an enterprise value of about $22 billion, creating a new television juggernaut and marking a big push into ad-supported streaming.
- Moderna (MRNA) shares rise as much as 10%, most intraday since May 8, after the FDA released briefing documents on its influenza vaccine that analysts say may signal a favorable outcome.
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