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Why is Virgin Galactic (SPCE) Jumping Today?
On Monday, shares of space tourism company Virgin Galactic (SPCE - Free Report) jumped as much as 20% after revealing a new Space Act Agreement with NASA to create an “astronaut readiness” program.
The partnership aims to expand the use of the International Space Station. Virgin is now tasked with finding companies or organizations who are interested in sending people to the ISS; the company will also coordinate the necessary resources to make these trips successful. These space missions can range from commercial citizen trips to research trips funded by the government.
Virgin has yet to begin any kind of private space flights, but just recently, Elon Musk’s SpaceX became the first company to send passengers to the ISS.
SPCE was up 11.5% in midday trading and has gained roughly 45% year-to-date.
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