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US stock market daily report (June 25, 2014, Wednesday)

June 26, 2014, Thursday, 04:25 GMT | 00:25 EST | 08:55 IST | 11:25 SGT
Contributed by Millennium Traders

World View Enterprises CEO Jane Poynter said on Tuesday, their small-scale test flight of a high-altitude balloon and capsule broke the world record for the highest parafoil flight, lifting a payload to 120,000 feet. Poynter said, "It went really, really, really well. Actually, the guys hit the ball out of the park. We're thrilled." The balloon and capsule were launched last week from Roswell, Arizona.

Last weeks flight was the first testing of all components together, per Poynter. The test flight used a balloon nearly a third in size of that planned for passenger flight to lift a payload of nearly one-tenth of what will be used to carry passengers. The selling point of the flights for World View is the view of the Earth and seeing its curve. The company is also developing other space-tourism ventures which will send passengers the full 62 miles into space but on much shorter flights.

The system is under development to allow tourists to float 20 miles above the earth with plans to begin actual flights in 2016 at a per-person cost of $75,000, per flight. The balloons will lift a capsule, large enough for passengers to walk around in, 20 miles above the ground. The capsule can carry up to six passengers and a two member crew. The capsule will float under a parafoil for about two hours before floating back down to earth.

World View could launch flights from various locations with the possibility of flights departing from Spaceport America in New Mexico.

Spaceport is the location that Virgin Galactic, founded by British billionaire Richard Branson, plans to launch its first space-tourism flights at a cost of $200,000 per person. The precise first launch date remains unclear but, is expected to be at the end of 2014.

The system uses a balloon similar to that used in 2012 to lift Austrian daredevil Felix Baumgartner 128,000 feet to make a world-record breaking 24-mile sky dive.

When asked if World View might beat Virgin Galactic to passenger flight, Poynter said, "I don't think anyone considers us in a race. We don't consider us in competition because the experience is so completely different."