Why Virgin Galactic Stock Jumped Before Next Week

New cases of coronavirus infection in New Mexico are down by more than half since hitting their recent high of 3,675 reported on Nov. 19. On Thanksgiving Day, the state saw only 1,708 new cases. And all this is good news for Virgin Galactic Holdings (NYSE: SPCE).

The company's shares got hit two weeks ago when New Mexico announced a COVID-19 "reset" and issued a health order "to blunt the unprecedented spike of COVID-19 illnesses and to attempt to relieve dramatically escalating strain on hospitals and healthcare providers across the state."

For two weeks, nonessential activities would be restricted in the state, an edict that caused Virgin Galactic to suspend preparations for its next test flight of the VSS Unity spaceplane. And that resulted in an indefinite delay in its move to begin commercial operations that would permit it to begin collecting revenues for space tourism flights.

Source Fool.com