Why Virgin Galactic Stock Was Falling This Morningoday
Shares of Virgin Galactic Holdings (NYSE: SPCE) were down more than 10% in pre-market trading on Friday morning after the space tourism company delayed a planned weekend test flight. It's unclear how long a delay we are looking at, but given the way the stock has shot higher in anticipation of this test, it's no surprise that the delay was met with a sell-off.
Virgin Galactic had originally hoped to begin commercial service in 2020, but the company has been hit with pandemic-related delays, and in December a highly anticipated test flight didn't go to plan.
The company had hoped to retry that test on Saturday, but on Friday morning announced that after conducting pre-flight preparations, "we have decided to allow more time for technical checks."
Source Fool.com
