Why Intuitive Machines (LUNR) Shares Crashed Yesterday

We recently published a list of 10 Firms Mirror Wall Street Decline. In this article, we are going to take a look at where Intuitive Machines, Inc. (NASDAQ:LUNR) stands against other firms mirroring Wall Street decline.

Wall Street’s main indices suffered a bloodbath on Tuesday, as investors shifted to other higher-yielding assets following better Treasury yields.

The Nasdaq Composite led the drop, losing 1.89 percent, followed by the S&P 500 declining 1.11 percent. Meanwhile, the Dow Jones dipped by 0.42 percent.

The overall market downturn dragged down the prices of these 10 companies. In this article, let’s explore the reasons behind their decline.

To come up with Tuesday’s top losers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A satellite being released from a launch vehicle, heading into space.

Intuitive Machines, Inc. (NASDAQ:LUNR)

Intuitive Machines (NASDAQ:LUNR) saw its share price drop by 8.69 percent or $1.89 to end Tuesday at $19.87 apiece.

Investors discounted news that the company, alongside Nokia, successfully integrated Nokia’s Lunar Surface Communication System into the IM-2 mission lander, named Athena, paving the way for the first cellular network on the moon.

After months of testing and validation with Nokia Bell Labs, Intuitive Machines engineers installed the LSCS network in a box to one of Athena’s upper carbon-composite panels. Multiple precautions were taken during the installation to help ensure that the network will safely make the 239,000-mile journey to the Moon, survive the stresses of take-off and landing, and operate optimally on the lunar surface.

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Disclosure: None. This article is originally published at Insider Monkey.