SpaceX IPO Sends Ripples Through Stocks: Rocket Lab, Adobe, and Lennar in the Spotlight

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(SeaPRwire) –   By: Christian Pierce

SpaceX’s $1.8 trillion IPO sent shockwaves through the market. Space stocks like Rocket Lab and EchoStar soared. Meanwhile, Adobe stumbled despite strong earnings, and Lennar’s housing forecast cut dragged it down.

SpaceX priced its IPO at $135 per share on Thursday, setting the stage for Friday’s trading debut. This sent space stocks rallying. EchoStar, which struck a deal with SpaceX, rose 5.7%. Firefly Aerospace gained 6.7%, and AST SpaceMobile added 3.8%. Virgin Galactic also jumped around 6%.

Rocket Lab climbed 6.6% after being added to the Nasdaq 100 on June 22. Four AI-linked stocks also got a boost.

Adobe, however, dropped 6.6% despite beating earnings expectations. Investors wanted more AI revenue growth signs. The departure of its CFO to Marvell Technology didn’t help.

Lennar fell 1.9% after cutting its home delivery forecast. High mortgage rates and weak demand were to blame. Second-quarter revenue missed expectations too.

First Advantage rose 5% after S&P Dow Jones announced its inclusion in the S&P SmallCap 600.

Author bio: Christian Pierce, chief financial columnist and markets commentator.