What's Going On With Amazon.Com Stock Tuesday?

After an upbeat second quarter, Amazon.Com, Inc AMZN shared plans to launch the first two test satellites for its Project Kuiper constellation on United Launch Alliance's Atlas V rocket this fall.

The company previously planned to launch the satellites on its next-generation Vulcan.

Amazon planned to invest over $10 billion in the Kuiper venture.

The change of plans comes amid repeated delays of the debut launch of Vulcan, which is likely by the fourth quarter of FY23, slipping from the May launch, lest it postpones further, Bloomberg reports.

Boeing Co BA and Lockheed Martin Corp LMT joint venture ULA will phase the Atlas V out of service once Vulcan begins flying.

Amazon's Project Kuiper eyes a constellation of 3,236 satellites in low orbits around Earth to provide broadband internet coverage to the ground, similar to Space Exploration Technologies Corp's Starlink.

In 2022, Amazon bought up to 83 rocket launches from United Lunch Alliance, Jeff Bezos' Blue Origin, and Arianespace SA.

Amazon's FCC license requires it to deploy and operate at least half of our satellite constellation by July 2026.

Reportedly, SpaceX has launched 4,543 Starlink satellites in 88 launches — 4,219 are in orbit.

Price Action: AMZN shares traded lower by 2.01% at $129.26 on the last check Tuesday.