Shares of
Virgin Galactic Holdings (NYSE:SPCE), the space tourism stock brought public by Sir Richard Branson two years ago, jumped more than 5% initially this morning but sentiment soon changed.
As of 11:35 a.m. EDT, Virgin Galactic has given up all its gains of earlier in the morning, and is now down 2%. Why?
This successful rocket launcher is not named Virgin
Galactic and that could be a problem. Image source: Virgin Orbit.
So what
The answer, I fear, is not to be found at Virgin Galactic at all, but at its sister company, Virgin Orbit.
Over the weekend,
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What happened
2020 was the year of the SPAC, but 2021 is shaping up to be just as strong in the world of so-called blank check companies. One particular standout today is
VG Acquisition Corporation (NYSE:VGAC.U), which is sponsored by Richard Branson s Virgin Group. As of 11:45 a.m. EST, VG Acquisition was higher by more than 10% for the day.