Why Virgin Galactic Stock Jumped 7% -- Then Collapsed
Shares of Virgin Galactic (NYSE: SPCE) flew higher today, rising 6.7% through 12:15 p.m. EDT before turning tail and running the other way. Barely an hour later, as of 1:25 p.m., the stock's gains have been cut back below 2%.
Why? As TheFly.com just reported, there's an investment conference going on in New York City today, sponsored by Grant's Interest Rate Observer. And at that conference, noted short seller Jim Chanos of Kynikos Associates was apparently quoted saying that he would "go long" any publicly traded space company.
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Source Fool.com
