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Space Company’s Stock Plummets to Earth After Rocket Explodes During Liftoff

TIME

The company whose rocket exploded in a massive fireball about 200 feet in the air Tuesday is taking a beating on the stock market. Shares for Orbital Sciences are down 15% in early morning trading after the company’s unmanned spacecraft, the Antares, malfunctioned just moments into its attempted journey to deliver supplies to the International Space Station. Orbital stock was trading at about $25.50 around noon.

As TIME’s Jeff Kluger points out, the failed launch could be devastating for Orbital, which has been launching spacecraft for decades. The company is competing fiercely with the likes of Elon Musk’s upstart SpaceX to win NASA contracts to deliver supplies to the International Space Station. Orbital is seeking to extend its contract, and this accident won’t help matters.

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