Why Virgin Galactic Stock Dropped Again Monday
Shares of space tourism company Virgin Galactic (NYSE: SPCE) declined 5.7% through 11:25 a.m. EDT Monday as the self-imposed May deadline for the company's next test flight of a SpaceShipTwo spaceplane continues to creep closer -- with no news yet of a precise launch date.
Virgin Galactic canceled its planned February spaceflight in February, postponing the resumption of flight testing until May, with little explanation for the delay. Now May has arrived.
Over the past couple weeks, Virgin has conducted two apparently successful test flights of its VMS Eve mothership (the aircraft that carries SpaceShipTwo to altitude before releasing it to blast into space) in preparation for the main event. The last such flight took place nearly a week ago, however, but Virgin still has not stated when it plans to send up SpaceShipTwo.
Source Fool.com
