These 2 Stocks Helped Send the Market Toward New Record Highs Friday

Investors got a boost of confidence on Friday morning, as favorable employment data signaled that the U.S. economy is strengthening despite concerns about new COVID-19 variants and their potential effect on reopening efforts…

The Dow Jones Industrial Average (DJINDICES:^DJI) and S&P 500 (SNPINDEX:^GSPC) looked poised to reach new all-time highs based on their earlier advances, and only the Nasdaq Composite (NASDAQINDEX:^IXIC) lagged behind. As of 10:30 a.m. EDT today, the Dow was up 132 points to 35,196, the S&P was up 6 points to 4,436, and the Nasdaq had fallen 53 points to 14,842.

Plenty of stocks moved higher, but a couple of companies stood out in Friday morning’s market action. Virgin Galactic Holdings (NYSE:SPCE) moved higher on news about how it intends to market its space tourism business. Meanwhile, Magnite (NASDAQ:MGNI) reported earnings that demonstrated the broad appeal in the provider of a sell-side programmatic advertising platform, and what the company sees in its future.

Every voyage has its price

Shares of Virgin Galactic Holdings moved higher by 8% on Friday morning. The space tourism business is still a long way from making money, but it took a step in the right direction by setting a healthy price for those interested in joining Sir Richard Branson as one of the few to climb high above Earth’s surface.

As you’d expect from a company that hasn’t started commercial operations yet, Virgin Galactic reported losing a lot of money in its second-quarter financial release. Indeed, the company’s losses widened to $94 million for the quarter, taking some investors aback.

However, Virgin Galactic released details on broadening its waiting list of future customers. The company will offer single seats, multi-seat packages, and buyouts of entire flights of its spaceplanes. Prices will start at $450,000 per seat. Although those who signed up early will have priority over those getting in line now, the news was still a welcome reminder that Virgin Galactic fully intends to make money from its business in the long run.

Moreover, Virgin Galactic announced a late-September date for its next flight, which will generate some revenue from the Italian Air Force. With a lot of signs pointing upward, investors are getting more comfortable with Virgin Galactic’s long-term prospects.

A good marketing job

Meanwhile, shares of Magnite climbed more than 7% Friday morning. Favorable numbers from the programmatic advertising specialist helped the stock bounce back from recent downward pressure.

Magnite’s numbers looked good. Revenue jumped 170% year over year, and although acquisitions accounted for a large portion of that, pro forma revenue gains came in at…

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