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Virgin Galactic stock gains, even as Virgin Orbit shares plunge after cutting most of its staff - Stock Market Latest

Investors in Virgin Galactic Holdings Inc.
SPCE,
+2.71%

could take a breath Friday, as shares in the aerospace and space travel company appeared unaffected by the troubles facing rocket-launcher builder Virgin Orbit Holdings Inc.
VORB,
-33.90%

Sir Richard Branson is the largest shareholder for both companies, according to FactSet data, and is also chairman of Virgin Atlantic Airways. Virgin Galactic’s stock gained 0.7% in morning trading, and has rallied 17.5% year to date. Meanwhile, Virgin Orbit shares plunged 38.7% toward a record-low close, and has plummeted 88.7% this year, after the company said it would lay off 675 employees, or about 85% of its workforce, given the company’s “inability to secure meaningful funding.” Meanwhile, the S&P 500
SPX,
+0.97%

gained 0.7% on Friday, and has tacked on 6.3% year to date.

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