Why Virgin Galactic Stock Just Crashed 14%

It's June 13 today, and Virgin Galactic has gone ahead with its plan. Last night after close of trading, management confirmed it will reverse split its stock 1-for-20. As of 12:15 p.m. ET today, Virgin Galactic stock is down 13.7%. On the plus side, each of those 50 shares will be worth more. Virgin shares currently cost $0.74 apiece. The price Monday morning should be closer to $14.80. Virgin Galactic investors just got some bad news. They should expect more. The opposite of an ordinary stock split (where ...