Wed, Jan. 28, 4:38 PM| 2 Comments
Dec. 10, 2014, 8:06 AM
- Orbital Sciences (NYSE:ORB) has selected a United Launch Alliance Atlas 5 rocket to launch its next ISS cargo ship in late 2015 and a second freighter in 2016 if needed.
- The move follows October's Antares rocket explosion which occurred due to a problem with the booster's refurbished Soviet-era engine.
- ORB -3.3% premarket
Oct. 29, 2014, 2:25 PM
- Orbital Sciences (ORB -16%) said in a conference call in the last hour that the failed Antares rocket launch does not change its 2014 financial view as the costs are covered by insurance, and added that its merger agreement with Alliant Technologies (ATK -5.4%) does not include a provision for launch failures.
- ORB expects some delay to the April launch, with three months a best case but perhaps considerably longer depending on what is found in the review of the explosion; the company hopes a delay would not be more than a year.
- Shares have resumed trading after a halt.
- Earlier: ATK to evaluate plans for unit merger with Orbital following rocket disaster
Oct. 29, 2014, 12:45 PM
Oct. 29, 2014, 12:24 PM
- Alliant Techsystems (ATK -4.6%) says it is evaluating previously announced plans to merge its aerospace and defense businesses with Orbital Sciences (ORB -16%) following last night's explosion of a rocket carrying supplies for the international space station.
- Analysts at RBC Capital say a likely cause of the explosion is the AJ-26 main engine, which are decades-old NK-33 Russian rocket engines that have been refurbished by a division of GenCorp (GY -7.1%); RBC says one of the AJ-26 engines in fact exploded this May during testing.
- Stifel analysts say that while ORB’s launch insurance should cover losses, they expect additional work at ORB to be slowed while the cause is investigated; the firm thinks a 16% selloff would appear to price-in the near-term worst case and would be buyers below $28.
Oct. 29, 2014, 9:15 AM
Oct. 28, 2014, 6:56 PM
- Orbital Sciences (NYSE:ORB) -13.2% AH after its commercial supply ship bound for the International Space Station exploded moments after liftoff at Wallops Island, Va.
- NASA is paying ORB and SpaceX to keep the space station stocked in the post-shuttle era; this is the first disaster in that effort.
- ORB says no one was believed to be hurt and the damage appeared to be limited to the facilities.
Jun. 24, 2014, 5:38 PM
Apr. 29, 2014, 12:46 PM
Apr. 29, 2014, 9:12 AM
Apr. 29, 2014, 7:54 AM
- Alliant Techsystems (ATK) and Orbital Sciences (ORB) agree to a $5B "merger of equals" to create a new global aerospace and defense systems company called Orbital ATK.
- ATK says its shareholders will own ~53.8% of the combined company, with ORB shareholders holding the rest.
- As part of the deal, ATK will spin off its outdoor sports business to its shareholders.
- ATK +5.2%, ORB +5% premarket.
Jan. 9, 2014, 3:35 PM
- The Antares medium-class rocket is carrying the Cygnus spacecraft and the first of eight contracted cargo loads to the international space station. The rendezvous and berthing is expected to take place on Sunday at about 6 AM ET.
- Under the $1.9B contract with NASA, Orbital will use Antares and Cygnus to deliver up to 44K pounds of cargo to the ISS over eight missions through late 2016.
- CEO David Thompson: "It was another excellent launch of Antares, and so far, our first CRS mission is off to a great start with Cygnus operating exactly as anticipated at this early stage of the mission."
- ORB +3.9%
- Press release
Sep. 16, 2013, 2:36 PM
- Orbital Sciences (ORB +3.6%) gets a lift as Jefferies' Howard Rubel raises his price target on the shares to $27 from $24.
- Rubel thinks the upcoming launch of the Antares rocket with the Cygnus supply capsule aboard "should lead to higher revenue, improved profitability, and greater free cash flow generation."
- Buy rating reiterated.
Jul. 10, 2013, 3:29 PMAlliant Techsystems (ATK +1.1%) gains on an upgrade to Sector Perform from Underperform by RBC Capital. The firm also raised its price target to $98 from $71. It's a gutsy call at this level, considering the stock has been a work horse since July of last year, virtually doubling on a steady trajectory higher without so much as a glance back. | Comment!
Jun. 14, 2013, 11:22 AMAlliant Tech Systems (ATK -1%) and Alenia Aermacchi successfully complete the first phase of ground and flight tests of their MC-27J multi-mission aircraft. A Roll-On/Roll-Off Gun System pallet was installed and tested on the Alenia Aermacchi C-27J Spartan airlifter at Eglin Air Force base in Florida. The test events were designed and certified by the U.S. Air Force and marked off as successful by Air Force Special Operations Command. | Comment!
May. 21, 2013, 9:00 AM
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Orbital ATK Inc designs, builds & delivers space, defense & aviation-related systems as a contractor & as a merchant supplier. Its main products include launch vehicles & related propulsion systems; satellites & associated components & services; & others.
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