Why These 2 Moonshot Stocks Are Falling Back to Earth Wednesday
The stock market looked poised to finish the first half of 2021 on a positive note Wednesday, as major market benchmarks held at or near all-time record levels. As of 1:30 p.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) had climbed 177 points to 34,469. The S&P 500 (SNPINDEX: ^GSPC) had picked up 2 points to 4,294, while the Nasdaq Composite (NASDAQINDEX: ^IXIC) had eased slightly lower by 18 points to 14,510.
Stocks in the aviation and space industries have seen their prospects soar lately, with promising progress on amazing cutting-edge technology. Yet on Wednesday, shares of Virgin Galactic Holdings (NYSE: SPCE) and AeroVironment (NASDAQ: AVAV) ended up losing altitude. Below, we'll go through what happened with these two companies and what their long-term futures look like.
Shares of Virgin Galactic Holdings were down another 1% Wednesday afternoon after having been lower by as much as 8% earlier in the session. The space tourism company had seen its stock soar in the aftermath of its getting approval from the Federal Aviation Administration to take paying passengers into space, but since then, Virgin Galactic's share price has fallen close to 20% in just the past few days.
Source Fool.com
