Virgin Galactic announces another delay, and the stock is plunging
Virgin Galactic Inc. pushed back its next test flight and the start of its space-tourism business Thursday, and shares fell hard in late trading.
Virgin Galactic SPCE,
“Virgin Galactic has been performing routine tests and analyses to update its material properties database,” the company stated in a news release. “One of these recent laboratory-based tests flagged a possible reduction in the strength margins of certain materials used to modify specific joints, and this requires further physical inspection.”
Virgin Galactic stock fell more than 12% in after-hours trading, after closing with a 0.5% gain at $24.06. Shares have struggled since August, falling 27.3% in the past three months as the S&P 500 index SPX,
Virgin Galactic was grounded in August, as the Federal Aviation Administration investigated the company’s test flight with …
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