We recently published 10 Stocks Crash Harder than Wall Street. Intuitive Machines Inc. is one of the worst performers on Wednesday.
Intuitive Machines snapped a two-day winning streak on Wednesday, losing 7 percent to close at $12.88 apiece as investors resorted to profit-taking to take advantage of the previous days’ gains.
Earlier in the week, Intuitive Machines Inc. attracted investor sentiment after JPMorgan set its sights on the space industry in its $10 billion investment program to support economic resiliency and security.
“Stockpiles of vital munitions are inadequate, and the nature of modern warfare is evolving rapidly. There is a clear need for modern defense technologies across areas such as low-cost air, land, and sea drones, satellites, and electronic warfare,” JPMorgan said.
The plan forms part of the $1.5-trillion investment program announced on Monday. Of the total amount, JPMorgan said some $10 billion will be invested in companies across 27 sectors deemed critical to the United States’ economic security and resiliency, including spacecraft and space launches.
In other news, Intuitive Machines Inc. recently received a Capability Maturity Model Integration (CMMI) Maturity Level 3, which signifies that it meets the National Aeronautics and Space Administration’s (NASA) standards for Class A human spaceflight, together with well-defined and consistently applied engineering processes.
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This article is originally published at Insider Monkey.
