Why Space Stocks Fell Out of the Sky Today
The World Health Organization says it's official, now: Coronavirus is a pandemic.
But can you catch COVID-19 in space? You'd almost think that was possible, from investors' reaction to the latest developments on the novel coronavirus outbreak today. Not only are earthbound stocks collapsing left and right, but four major players in space are also down significantly. By the closing bell, shares of satellite communications company Iridium (NASDAQ: IRDM) fell 8.6%, after being down close to 10% earlier in the day. Intelsat (NYSE: I) -- of "C-band alliance" fame -- fell 11%. Space tourism start-up Virgin Galactic (NYSE: SPCE) dropped 10.8%. And space robotics specialist Maxar Technologies (NYSE: MAXR) fell right out of the sky -- down 16.9%.
Image source: Getty Images.
Source Fool.com
