WSJ : Richard Branson’s Virgin Galactic Flight Path Examined by FAA

Richard Branson’s Virgin Galactic Flight Path Examined by FAA
Company says winds altered flight for about two minutes

Aviation regulators are investigating how Virgin Galactic Holdings Inc.’s spacecraft returned to the ground after taking billionaire entrepreneur Richard Branson to the edge of space, a spokesman for the Federal Aviation Administration said.

Virgin Galactic’s Unity space vessel deviated from the flight path it agreed to follow as it came back to the Spaceport America facility in New Mexico on July 11, according to the FAA spokesman. Five other crew members were on board with Mr. Branson, Virgin Galactic’s founder. The mission, called Unity 22, drew widespread attention.

The FAA would be concerned about a spacecraft not following an expected path during re-entry if that shift could potentially affect public safety, according to a person familiar with the agency’s processes. The FAA licenses commercial space operations, including launches and re-entries of spacecraft, restricting airspace for those flights.

As it returned to Earth, the Unity space vehicle flew below the altitude of the airspace protected for the flight for one minute and 41 seconds because of winds before re-entering the restricted airspace, a spokeswoman for Virgin Galactic said. It didn’t fly outside of geographic confines that had been established for the flight, meaning it never flew above population centers, she added.

Although the flight’s ultimate trajectory deviated from our initial plan, it was a controlled and intentional flight path that allowed Unity 22 to successfully reach space and land safely,” she said.

The New Yorker earlier reported on the FAA’s investigation.

Virgin Galactic has staked much of its future on space tourism, betting that some consumers will pay to have the company fly them more than 50 miles up, where they can take in views and move through zero gravity for a few minutes before returning to Earth. Last month, the company said it would charge consumers at least $450,000 per seat on future flights, more than what it had sought for tickets in the past.

The company uses a twin-fuselage space plane to carry a spacecraft to an altitude of about 45,000 feet, where a spacecraft drops from it and is propelled by a rocket into space. Company pilots fly both the plane and the spacecraft, which returns to Earth by gliding down.

FT : Art fairs go from famine to feast

Art fairs go from famine to feast
London landmark as a gallery in disguise; rent-to-buy art scheme; Luciano Fabro in the spotlight; and a chance to Frieze your heart

After 18 months of cancelled and postponed art fairs, the market has gone from famine to feast for the autumn season. Events next week include Cosmoscow, Art Paris and Photo London plus the Armory Show and Independent fairs in New York. As if these weren’t enough, there’s the prospect of four major events within a few weeks of each other in Europe: the postponed Art Basel runs September 24-26; Frieze London and Frieze Masters are due back in Regent’s Park on October 13-17; and Fiac in Paris falls the following week.

All is not rosy, given that the Covid-19 pandemic is still here with its unpredictable Delta variant. The PAD design fair in London has been cancelled while restrictions on Europeans getting into the US has dented in-person exhibitor numbers at the Armory, falling from 212 to 157. This week the US authorities warned against travel to Switzerland and while the AstraZeneca vaccine is acceptable at the Swiss border, it is not recognised by the Art Basel venue, so visitors vaccinated this way (ie most of the UK’s art trade) will need to get another test, offered on site.

Art adviser Emily Tsingou says the logistics could be the least of the problems. “We are all ready to go back to school and will find ways,” she says. “The questions are more about what material dealers will bring to the major fairs. Which collectors will get first dibs — those that see the works in person? Or are they competing with people online? Will a dealer’s backroom be visible virtually? I don’t expect a seismic fair season, which could dent confidence. It is all very complicated right now.”


For visitors not yet ready for mass events comes a new-style art fair, Eye of the Collector, which runs September 8-11 in a hidden London landmark, Two Temple Place. Everything will be tightly controlled, including the number of visitors and the setting of the 200-plus works of art and design that range from the sixth century BC to pieces made for the fair.

Items will include a 1946 Lucian Freud portrait of a lover, the young actress Pauline Tennant (Thomas Gibson Fine Art), an Egyptian blacktop vase from between 4000BC and 3200BC (Charles Ede) and glass bubble works made by the Verhoeven twins in 2019 (Carpenters Workshop Gallery). Prices at the fair will start at £1,000 and go into seven figures, confirms director Nazy Vassegh.

Unlike most art fairs, there will be no demarcated booths with dealers waiting to show their wares. Instead, Vassegh will place works through the building “as if they were in a collector’s house”, she says. The venue, completed in 1895, is something of an artwork itself, built with no expense spared for William Waldorf Astor, one of the richest people in the world. “It is a lovely building and having a new eye on what we do and how it could fit with other works will be different and fresh,” says exhibitor Madeleine Perridge, director of the antiquities gallery Kallos.


The founders of London’s cutting-edge The Sunday Painter gallery are launching a new art-rental business online for works valued at up to £12,000. Subscribers to Gertrude, named after the 20th-century patron Gertrude Stein, pay £50 a month for a work for a minimum of three months and then can swap for another, take a break or buy their work (minus the amount already paid in rent). “There is a potential clientele that just needs the right solution. They go to Frieze year after year and no way can collect at that [price] level,” says Will Jarvis, co-founder of The Sunday Painter and chief revenue officer of Gertrude, a separate business.

Artists already signed up include Cynthia Daignault, Sara Naim and Nicholas Pope and include those without representation or from other London galleries, such as Seventeen and Guts Gallery. There is no cost for inclusion — quite the reverse. Artists who have one work selected will immediately receive £30 a month for each of their pieces on the site, up to a maximum of 10, for a year. “There’s a guaranteed, consistent stipend of up to £300 per month, which could cover the cost of a studio, for example,” Jarvis says. Gertrude launches on September 27 with works available to view from September 2 (gertrude.com).


Luciano Fabro, the postwar Italian artist who died in 2007, enters the spotlight this month as Paula Cooper Gallery now represents his estate, the Archivio Luciano e Carla Fabro. It is marking its new charge by offering his “L’Infinito” (1989) at Art Basel’s Unlimited section for large-scale works (September 24-26). The installation features a steel cable in the shape of the mathematical symbol for infinity, punctuated with six pieces of unprocessed Carrara marble and is one of two versions; the other is in the collection of the Pompidou Centre in Paris.

The work typifies Fabro’s role in the Arte Povera movement, which favoured everyday, often industrial materials, notes Steve Henry, senior partner at Paula Cooper Gallery. He says demand is strong for Fabro’s work: the gallery recently sold another large-scale piece, from 1994, to the Miami collector Martin Margulies. This will be a highlight of an Arte Povera exhibition that opens at the Margulies Collection at The Warehouse on October 20. “I find his work very thrilling,” says Margulies, who dates his acquisitions of works from the movement back to the late 1980s.

>>> Europe : Brokers Upgrades & Downgrades - 2nd of September 2021

>>> Up
* EVN Raised to Buy at AlphaValue/Baader
* Flughafen Wien Raised to Hold at HSBC; PT 27 euros
* Freenet PT Raised to 26 euros from 24 euros at Berenberg
* Homeserve Raised to Overweight at Barclays; PT 1,160 pence
* Semperit Raised to Buy at Erste Group; PT 45.50 euros
* Siemens PT Raised to 190 euros from 175 euros at Jefferies
* UCB Raised to Overweight at JPMorgan; PT 150 euros

>>> Down
* AB InBev Cut to Underweight at JPMorgan; PT 48 euros
* BE Semiconductor Cut to Hold at Berenberg; PT 76 euros
* Carlsberg Cut to Neutral at JPMorgan; PT 1,200 kroner
* Coca-Cola HBC Cut to Neutral at JPMorgan; PT 2,850 pence
* Henkel Cut to Neutral at JPMorgan; PT 90 euros
* Unilever Cut to Underweight at JPMorgan; PT 3,850 pence

>>> Initiation
* Aker Carbon Capture Resumed Equal-Weight at Morgan Stanley
* Daetwyler Rated New Hold at Stifel; PT 355 Swiss francs
* Nyxoah Rated New Overweight at Cantor; PT 36.29 euros

>>> Call
* Siemens PT to Street-High at Jefferies on Undervalued Automation

>>> What to look at today - 2nd of September 2021

Asian stocks were mixed Thursday as Chinese technology shares pared a climb following a fresh regulatory assault from Beijing. Traders were also cautious as they await U.S. jobs data to gauge the stimulus outlook.
Chinese tech shares listed in Hong Kong came off their highs after criticism of ride-hailing firms highlighted risks from the nation’s ongoing crackdown on private industries. China’s overall market was steady, with traders assessing a central bank step to cushion the economy by helping smaller firms. Commodity-reliant Australia slid on weakness in materials like iron ore. 
U.S. equity and European futures fluctuated. Overnight, the Nasdaq 100 edged up to a record and the S&P 500 was little changed. The defensive flavor to trading came amid data suggesting a slower U.S. labor market recovery.
Ten-year U.S. Treasury yields hovered around 1.30%. U.S. payrolls data due Friday will offer clues on the economy and a possible timeline for a reduction in the Fed’s $120 billion of monthly bond purchases. The dollar held a drop.
After Hours Summary: CHWY -9.7%, FIVE -9.2%, AI -8.7%, VEEV -8.4% fall on earnings; CHPT +14.2%, NCNO +6.7%, SMTC +5% higher on earnings; INMB +13.1% higher on positive data

Nikkei +0.21% HAng Seng -0.03% CSI -0.27% Shanghai +0.52% Shenzen +0.15%

Eur$ 1.1839 CNH 6.4554 CNY 6.4612 JPY 109.99 GBP 1.3775 CHF 0.9155 RUB 73.0235 TRY 8.2980 WTI$ 68.34 -0.35% Gold 1814.21 +0.02% BTC 49,600 +1320 ETH 3760 +30

S&P -0.02% NAsdaq +0.02% EuroStoxx -0.10% FTSE -0.01% Dax -0.18% SMI -0.03%

Macro :
- France’s Pension Reform Pushed Until After Election, RTL Reports
- Xi’s Crackdown Keeps Strategists Wary of China Tech Stock Bounce
- China Orders Meituan, Didi to Rectify Misconduct by Year-End
- FTSE MIB Index Review Results in No New Inclusions, Exclusions
- *JUST EAT TAKEAWAY.COM, WEIR GROUP TO LEAVE FTSE 100
- *MORRISON, MEGGITT TO JOIN FTSE 100

Keep an eye on :
- AIR FP : Airbus Gets Kazakhstan Order for Military Transporters: Echos
- AAPL US : Japan Warns Against App Deletion on Opaque Rules in Apple Review
- ATG LN : TA Associates, ECI Partners To Sell ~10% of Auction Technology
- BBVA SM : BBVA Returns to Euro Stoxx 50 Index After Shares Bounce Back
- BARN SW : Hershey, Barry Callebaut Extend Strategic Supply Agreement
- CINT SS : Cint Group Holder Nordic Capital Svenska Offers 17m Shares
- CMCOM NA : CM.com Offers About EU100 Million Convertible Bonds
- COFA FP : Coface Says Phalla Gervais to Replace Carine Pichon as CFO
- COFB BB : Cofinimmo Sale by Holder Likely to Price at EU135.50/Shr: Terms
- DIE BB : D'Ieteren Maintains FY Adjusted Pretax Profit At Least +45%
- EKTAB SS : Elekta Buys Turkish Distributor to Strengthen Market Position
- EVT GY : Bristol Myers Squibb Exercises Option for Evotec’s EVT8683
- GRI LN : Grainger Placing Up To ~67.38M Shares, ~9.99% of Share Capital
- HARVIA FH : Harvia Holder Onvest Offers Shares: Terms
- HMB SS : China Regulator Fines H&M For ‘Deceiving, Misleading Consumers’
- TKWY NA : FTSE 100 Loses Tech Star as Just Eat Takeaway Gets the Boot
- MMB FP : Arnault’s Agache Swaps Entire Lagardere Capital Stake for Shares
- MMB FP : JD.com, JIC to Buy 22.36% Stake in Lagardere Travel Retail Asia
- LSG NO : Leroy Seafood Mandates Danske, DNB, Pareto for NOK Green Bond
- MGGT LN : Morrison, Meggitt to Join FTSE 100
- MRW LN : Morrison, Meggitt to Join FTSE 100
- EGL PL : Mota-Engil 1H Net Income EU7.6M Vs. Loss EU5.0M Y/y
- SAS SS : SAS CEO Doesn’t Expect Airline to Tap States for More Aid: DN
- SOBI SS : Advent, GIC to Buy Sobi for SEK235 a Share in Cash: M&A Snapshot
- STLA IM : BBVA, Stellantis to Join Euro Stoxx 50 Index, Qontigo Says (1)
- STLA IM : Stellantis Buys First Investors to Set Up Auto Finance Arm (1)
- TEF SM : Telefonica Looking for Partner for U.K. Fiber Unit: Confidencial
- TSLA US : Musk Says Tesla FSD Beta 10 Launches Midnight Next Friday (1)

>>> After Hours Summary: CHWY -9.7%, FIVE -9.2%, AI -8.7%, VEEV -8.4% fall on ea

After Hours Summary: CHWY -9.7%, FIVE -9.2%, AI -8.7%, VEEV -8.4% fall on earnings; CHPT +14.2%, NCNO +6.7%, SMTC +5% higher on earnings; INMB +13.1% higher on positive data

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: CHPT +14.2%, NCNO +6.7% (also selected by Wells Fargo to enhance commercial bank lending), SMTC +5%, GEF +3.8%, NTNX +3.8%, RYAN +2.1%, ETWO +1.1%, ASAN +0.6% (also names new COO)

Companies trading higher in after hours in reaction to news: INMB +13.1% (reports Alzheimer's patients treated with XPro show reduction in CSF Phospho-Tau and evidence of remyelination), QDEL +1.4% (to make QuickVue At-Home OTC COVID-19 tests available at CVS), STLA +1.1% (to acquire F1 Holdings for $285 mln), GENI +1.1% (awarded sports betting license in Wyoming), BGNE +0.8% (FDA grants BRUKINSA approval), MRNA +0.7% (initiates submission of initial data to the FDA for COVID-19 vaccine booster), IR +0.7% (updates capital allocation strategy, to initiate $0.02/sh dividend and authorizes new $750 mln share repurchase program), RKLB +0.5% (announces construction of new high volume reaction wheel production facility), COST +0.3% (reports August adjusted comps of +9.1%), DKNG +0.2% (confirms launch of DraftKings Online Sportsbook in Wyoming), JBI +0.2% (acquires Access Control Technologies), FHN +0.1% (postpones IBERIABANK operating system conversion and rebranding until 1Q22 due to Hurricane Ida)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: CHWY -9.7%, FIVE -9.2%, AI -8.7%, VEEV -8.4%, PHR -4.8%, SWBI -4.1%, OKTA -2%, SPWH -1%

Companies trading lower in after hours in reaction to news: ASMB -14.6% (to discontinue development of ABI-H2158), HOFV -4.5% (postpones Highway 77 Music Festival; also files for $50 mln mixed securities shelf offering), GRIN -3.3% (announces IVS Pinehurst charter extension), TAK -1.4% (Phase 3 PANTHER study did not achieve primary endpoint), VIVO -1% (expands recall for lead test kits), NEO -0.7% (stock offering), ACAD -0.5% (CFO departs), F -0.5% (Ford is again cutting production of F-150 trucks due to chip shortage, according to CNBC), BLFS -0.2% (stock offering), EVRG -0.1% (files mixed securities shelf offering), AMZN -0.1% (hiring over 40,000 corporate and tech roles)

>>> US Gapping down

Gapping down
In reaction to earnings/guidance
:

  • PYCR -3.9%, CRWD -2.8%, DY -2.8%

Other news:

  • LCID -16.4% (lock up expiration day)
  • NIO -5.5% (Aug deliveries)
  • PLBY -4.5% (stock offering)
  • XPEV -2.8% (Aug deliveries)
  • SFM -1.8% (names new CFO)
  • GXO -1% (files mixed securities shelf offering)