SpaceX suffered its worst blow in a day last Thursday since the beginning of August, when the unlocking of its largest shares allowed up to 1.3 billion shares to be traded. About a week later, he’s back on the same floor, and the rest of the space business has left him behind.
Shares of SpaceX (SPCX) fell again Thursday in premarket trading, along with almost all space stocks.
Why $140 is the line
$140 has been SpaceX’s floor since the summer. It marked the top of the stock’s August trading range before a breakout, and sits roughly halfway between August’s low near $108 and the $172 high that capped the June and October rallies.
This represents support at $140, a price that buyers have stepped into several times. They’ve done it twice this month, and the title is back there.
Smaller space stocks have surpassed it recently
SpaceX fell about 9% on October 22 when these shares were released.
Since then, the little names have been racing. Rocket Lab (RKLB), Firefly Aerospace (FLY), Intuitive Machines (LUNR) and AST SpaceMobile (ASTS) gained about 8% to 14% between the Oct. 22 close and Tuesday, while SpaceX barely moved.
This rebound follows a much tougher month for the group: Over the past 30 days, these four groups are down around 20-35%, compared to a loss of around 3% for SpaceX.
The pullback comes as investors prepare for Anthropic’s IPO, the next mega-listing, with JPMorgan once again set to lead retail stock sales as it did for SpaceX. SpaceX is about a third below its June high, near $212.
An extended break below $140 would open the door for a deeper decline towards the August low near $108. To reverse the trend, bulls must first move back above the 50-day moving average near $150 before launching again to $172.
Microsoft (MSFT) and Alphabet (GOOGL) report after the bell. The additional amount they plan to spend on building AI data centers is the number most likely to move a stock that is now primarily an AI company.
In-house AI tools helped analyze interview transcripts, research, and write this article. Humans reviewed, edited and fact-checked the material before publication.
Jared Blikre is the global markets and data editor for Yahoo Finance. Follow him on @SPYJared or send him an email to jaredblikre@yahooinc.com.
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