Stock Market Today, May 29: AST SpaceMobile Falls After Blue Origin Rocket Test Failure Raises Launch Delay Fears

AST SpaceMobile (NASDAQ:ASTS) is working to build a space-based cellular broadband network accessible directly by standard smartphones. The stock closed Friday at $113.41, down 14.79%. The drop came after reports of a Blue Origin New Glenn test rocket explosion and a Deutsche Bank (NYSE:DB) downgrade. Investors are watching for potential launch delays and execution risk around its BlueBird constellation rollout.Trading volume reached 47.8 million shares, coming in about 159% above its three-month average of 18.4 million shares. AST SpaceMobile IPO'd in 2019 and has grown 1,061% since going public.The S&P 500 (SNPINDEX:^GSPC) added 0.23% to finish Friday at 7,581, while the Nasdaq Composite (NASDAQINDEX:^IXIC) rose 0.20% to close at 26,973. Within communication equipment names, industry peers Iridium Communications (NASDAQ:IRDM) closed at $51.78 (up 1.01%) and Gilat Satellite Networks (NASDAQ:GILT) ended at $17.17 (down 3.70%) as investors reassessed satellite-connectivity risk.The Blue Origin New Glenn explosion could impact AST SpaceMobile’s near-term plans. The company has utilized several commercial launch providers for its BlueBird constellation launches, including Blue Origin and SpaceX. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool