Why Virgin Galactic Stock Slumped 5% on Wednesday
On Monday, shares of space-tourism pioneer Virgin Galactic (NYSE: SPCE) took off like -- what else? -- a rocket ship, after a pair of Wall Street analysts issued positive pronouncements on the space stock. In back-to-back reports, Bank of America upgraded Virgin Galactic shares to buy, and then Susquehanna Research initiated coverage of the stock with a positive rating.
Just a day later, however, CNBC.com let some of the air out of the balloon, quoting two other sources who argued that Virgin Galactic stock is not a buy "yet." And today, Virgin's stock price is falling even further, down 5.6% as of 2 p.m. EDT.
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Source Fool.com
