Why Rocket Lab Stock Dropped on Thursday
Momentum investing is a double-edged sword.
Rocket maker Rocket Lab (NASDAQ: RKLB) had some good news to report last night, but investors don't seem interested in hearing it. Shares of the stock flamed out for a 4.6% loss through 9:45 a.m. ET Thursday morning, although losses may be moderating as the day progresses.
It's easier to explain why Rocket Lab's losses may be moderating today than why the stock fell in the first place. Last night, the company confirmed the successful launch of its 63rd Electron mission and the successful deployment of eight tiny Earth observation satellites for global wildfire detection company customer OroraTech.
Rocket Lab was especially proud of the fact it was able to launch the rocket, dubbed "Finding Hot Wildfires Near You," less than four months after OroraTech signed the launch contract. This was also the company's third launch in the last two weeks.
