Rocket Lab (NASDAQ: RKLB) Falls 5% As Space Sector Retreats; AST SpaceMobile (NASDAQ: ASTS) Drops 6%, Planet Labs (NYSE: PL) Sinks 4%
Article excerpt
Rocket Lab (NASDAQ: RKLB) shares are sliding in Friday morning trading as the broader space sector gives back a stretch of recent gains across the board. Rocket Lab stock is down 5% to $64.38, and the move appears driven by sector rotation rather than any company-specific catalyst or news event. AST SpaceMobile (NASDAQ: ASTS) is actually leading the group lower, with its stock down 6% to $58.68 despite having no involvement in the pending Rocket Lab-Iridium merger. Planet Labs (NYSE: PL) is also under pressure, with shares declining 4% to $16.27 in a move that tracks the broader space-sector selloff. Iridium Communications (NASDAQ: IRDM) is drifting lower as well, with its stock down a more contained 2% to $46.66, consistent with a name locked into an all-stock acquisition deal. Fund-level data reinforces the sector-wide read, with the Procure Space ETF (NASDAQ: UFO) down 2% on the session while the SPDR S&P 500 ETF Trust (NYSEARCA: SPY) is off just 0.2%. The fact that AST SpaceMobile, which operates an entirely separate low Earth orbit constellation for direct-to-device cellular service, is leading the group lower argues strongly against any deal-specific explanation for the selloff. When names with unrelated fundamentals decline in unison at this scale, sector-level flow is typically doing the work rather than individual company news or earnings catalysts. Rocket Lab...
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Rocket Lab has agreed to acquire Iridium Communications, and while the Federal Communications Commission cleared a first regulatory hurdle on the transaction this week, the deal has not yet closed.
