Why Virgin Galactic Stock Bounced Back Wednesday
Bouncing back from Tuesday's sell-off, shares of Virgin Galactic Holdings (NYSE: SPCE) closed 7.8% higher on Wednesday on no particular news.
And yet, Virgin Galactic had been on an ascending pattern, rising strongly all last week after the company resumed flight test operations with its spaceplanes -- and after company founder Sir Richard Branson made the bold claim that "hundreds of thousands of people" will be flying on his spaceplanes "by the end of this century."
With that overarching story supporting the stock, investors today may have begun rethinking their panic over yesterday's news that Virgin Galactic plans to raise $1 billion in new funds, and started wondering why the company wants so much cash -- and what it plans to do with it.
Source Fool.com
