The Motley Fool explains why Virgin Galactic’s stock is down today. The news that authorities had cleared the way for Virgin Galactic Holdings (NYSE: SPCE) to begin flying customers into space had a surprising positive impact on the company’s stock last Friday. Although Virgin Galactic’s statement on Friday that the Federal Aviation Administration (FAA) had licensed the firm for passenger space flights was welcome news, the stock’s 30 percent increase in response to the news was unexpected. While nothing is guaranteed, FAA permission was presumed, and anticipation that Virgin Galactic would get back on track after a series of delays were a major reason for the stock’s 40 percent gain in May.
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