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Why Virgin Galactic Stock Dropped Today

·2 min read
Why Virgin Galactic Stock Dropped Today

After spiking more than 12% Thursday on news that the Federal Aviation Administration (FAA) has cleared it to resume flying, space tourism company Virgin Galactic (NYSE: SPCE) gave back about half of its gains Friday, closing down 5.8%. After all, few people thought (I expect) that the FAA was going to put Virgin Galactic out of business because, on a single flight to space, it veered out of its approved flight trajectory for a couple of minutes' time. The agency's decision to clear Virgin Galactic to resume test flights, and eventually carry passengers to space, therefore, wasn't exactly a surprise, and the stock probably didn't deserve a 12% bump in market capitalization because of it.