Virgin Orbit Falls 42% After Announcing 85% Job Cut

Virgin Orbit Holdings, Inc. (VORB) shares are falling on reports that the California-based aerospace and defense company is planning to cut 675 jobs or 85 percent of its workforce by April 3, 2023.

Richard Branson’s satellite launch company failed to find funding for its mission.

The company estimates to incur aggregate charges of approximately $15 million, consisting primarily of $8.8 million in severance payments and employee benefits costs, and $ 6.5 million in other costs.

These charges will be recognized in the first quarter of 2023.

Currently, shares are at $0.19, down 42.07 percent from the previous close of $0.34 on a volume of 27,235,548.

Pharming Stock Reaps Significant Gains After Landmark FDA Approval

Pharming Group N.V. (PHAR) touched a new 52-week high of $17.81 during intraday trading Friday, thanks to FDA approval of its immune disorder drug Leniolisib.

Leniolisib has been approved for the treatment of activated phosphoinositide 3-kinase delta syndrome in adults and adolescents 12 years of age and older.

Activated phosphoinositide 3-kinase delta syndrome (APDS) is a rare primary immunodeficiency that affects roughly 1 to 2 people per million. It is caused due to mutations in either PIK3CD or PIK3R1 genes, that regulate maturation of white blood cells. APDS impairs the immune system and the function of the white blood cells that recognize and attack viruses and bacteria to prevent infection.

Currently, the available treatments for APDS are limited to supportive therapies like antibiotics and immunoglobulin replacement therapy.

Leniolisib, which becomes the first approved treatment for APDS, will be marketed under brand name Joenja, and is expected to be launched in the US in early April.

Pharming secured the rights to Leniolisib from Novartis (NVS) back in August 2019.

The drug is under review in Europe. The European Medicines Agency’s Committee for Human Medicinal Products is expected to issue its opinion on Leniolisib in the second half of this year.

PHAR has traded in a range of $6.10 to $17.81 in the last 1 year. The stock closed Friday’s trading at $14.96, up 32.68%.

Blowing dust forces closure of U.S. 287 on Colorado’s southeastern plains

Blowing dust and high winds forced the closure of U.S. 287 in southeastern Colorado from Lamar south to Springfield on Friday morning.

The Colorado State Patrol announced the closure in a Twitter posting “due to visibility issues” caused by the high winds. The CSP directed drivers to alternative routes.

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125 fire: Elbert County wildfire 96% contained

The wind-driven 125 fire that forced the evacuation of the town of Simla southeast of metro Denver on Thursday afternoon has been mostly contained, authorities announced Friday morning.

Breaking out in grass Thursday afternoon, this fire burned across about 1,000 acres — until Elbert County crews used road graders to clear vegetation. Simla, with a population of about 600, sits 48 miles northeast of Colorado Springs.

The Elizabeth Fire Department in a Twitter posting declared the fire 96% contained.

Oil Futures End Session On Firm Note, But Post Losses For Month, Quarter

Crude oil prices climbed higher on Friday on falling supplies in certain parts of the world, and optimism about the outlook for energy demand.

The outlook for oil demand improved after data showed an expansion in manufacturing activity in China in March.

Chinese services activity expanded at the fastest pace in nearly 12 years, and construction activity remained strong, boosting the outlook for growth this year.

West Texas Intermediate Crude oil futures for May ended higher by $1.30 or about 1.8% at $75.67 a barrel.

WTI crude futures gained about 9.2% in the week, but dropped 1.8% in May, and lost about 6% in the January-March quarter.

Brent crude futures settled at $79.77 a barrel today, gaining $0.50 or about 0.6%.

Oil prices were also supported by data showing a drop in U.S. consumer prices in February that raised hopes the Federal Reserve will be less aggressive with interest rate hikes.

Data from the Commerce Department showed the U.S. Personal Consumption Expenditure index, the Federal Reserve’s preferred inflation gauge, rose 0.3% in February on a monthly basis, compared with a 0.6% rise in January.

The Organization of the Petroleum Exporting Countries and allies, collectively known as OPEC+ is likely to stick to their output deal at the meeting scheduled to take place on Monday (April 3).

Gochujang Is So Much More Than a Condiment

In Korean cooking, it’s a foundational ingredient, and just the beginning of an endless assortment of delicious meals.

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By Eric Kim