Why Virgin Galactic Stock Is Down Again Today
Last Friday, Virgin Galactic Holdings (NYSE: SPCE) shares had a surprisingly strong reaction to news that regulators have cleared the way for the company to eventually begin flying passengers into space. The market has been rethinking that reaction in the days since, with the stock off more than 10% on Tuesday afternoon after a down day on Monday.
Virgin Galactic's announcement on Friday that the Federal Aviation Administration (FAA) has approved the company for passenger space flights was certainly good news, but it was still somewhat surprising to see the stock jump 30% higher based on the announcement. After all, while nothing is a given, FAA approval was assumed and expectations that Virgin Galactic was back on schedule after a series of setbacks was a big reason the stock had rallied 40% higher in May.
Image source: Virgin Galactic.
Source Fool.com
