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00:02Rocket Lab's shares fell to $50.80, more than 66% below their yearly peak,
00:08after the company delayed its Neutron rocket launch until next year, according to Benzinga.
00:12The reusable rocket is designed to compete with SpaceX's Falcon 9
00:16and expand Rocket Lab's business beyond small satellite launches.
00:21An issue delayed Neutron's launch, potentially increasing costs and delaying revenue from major contracts,
00:26including a $397 million spacecraft deal.
00:30The stock also dropped below a key support level of $58.18 and formed a bearish death cross pattern.
00:38Technical indicators suggest shares could fall further to $35.
00:42Meanwhile, Rocket Lab reported a 62% increase in second quarter revenue to $234 million,
00:48while its backlog climbed 137% to $2.36 billion.
00:53For all things money, visit Benzinga.com.
