AST Drops as Blue Origin Rocket Places Satellite in Wrong Orbit

AST SpaceMobile Inc. shares plunged in early trading on Monday after Blue Origin’s flagship New Glenn rocket failed to correctly place a payload it was carrying for the Texas-based satellite networking company into its intended orbit.

Shares of AST, which is building out a network to deliver connectivity from orbit directly to mobile phones, fell 14% before markets opened in New York. If the loss holds, it would mark the biggest intraday drop in more than two months.