Why Virgin Galactic Stock Dropped 7.7% on Monday
On the first trading day after the Christmas break, shares of space company Virgin Galactic (NYSE: SPCE) dropped 7.7% as of 3:15 p.m. EST on Monday.
There was no obvious news to explain why investors decided to sell off Virgin Galactic stock today. The company sent its fans a Christmas Eve note assuring them that it is hard at work figuring out why its rocket didn't fire in the last flight test and optimistic that it will figure out the problem, and that it's continuing work to get its second spaceplane built in time to begin commercial operations.
That being said, the latest news on the coronavirus front is not great for Virgin Galactic. According to data from the New Mexico Department of Health, new COVID-19 infections spiked in the days leading up to Christmas, racing up to 1,927 cases recorded on Dec. 24, more than twice the level recorded on Dec. 21.
Source Fool.com
