Why Virgin Galactic Stock Just Dropped 8%

When noted short-seller Jim Chanos of Kynikos Associates told investors at the Grant's Interest Rate Observer conference yesterday that he loved space stocks, and would "go long" any publicly traded space company, the news helped to drive Virgin Galactic (NYSE: SPCE) stock up as much as 7%. But then, Chanos clarified that he was just joking about space stocks ...

And now, Virgin Galactic shares are headed the other way: down a depressing 8% in Wednesday trading circa 12:05 p.m. EDT.

Image source: Getty Images.

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Source Fool.com