Why AST SpaceMobile Stock Is Soaring Today
AST SpaceMobile (NASDAQ: ASTS) stock is surging in Friday's trading. The space-tech company's share price was up 9.2% as of 2 p.m. ET, while the S 500 index and the Nasdaq Composite index were up 1.2% and 1.7%, respectively.
AST SpaceMobile stock is gaining ground in conjunction with bullish momentum for the broader market and excitement surrounding SpaceX's scheduled rocket launch tonight. Even though the two companies are competitors, investors are viewing wins for SpaceX as a bullish indicator for the broader space industry.
SpaceX, which is led by CEO Elon Musk, is scheduled to carry out its first rocket launch of the year today at 8:27 p.m. ET. The launch will take place out of Florida's Cape Canaveral Space Force Station and is being conducted to launch a Thuraya 4 spacecraft for Space42 -- a space technologies company that operates out of the United Arab Emirates. After being launched into orbit, the Thuraya 4 craft will be used to provide mobile communications services from Space42 to Europe, Africa, and the Middle East.
Source Fool.com
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