Why Virgin Galactic's Reverse Stock Split Went Splat

Well, it seems I was too optimistic. Virgin Galactic is no longer a penny stock -- for now. Instead, Virgin Galactic's share price has plunged, and as of 11:50 a.m. ET Monday is down 17.2% at $11.34. This was probably unavoidable. As I explained last week, and also two months prior, Virgin Galactic is a company in decline. Its sole operational spaceplane, Unity, has been retired, and the company can't fly space tourists, or make revenue from space tourism flights, until it builds a new Delta spaceplane curr ...