Is the sell-off finally over for Space Exploration Technologies (NASDAQ: SPCX) stock?
Shares of Elon Musk’s famed space enterprise fell to $107 a share this morning, a near-6% drop that prompted Bloomberg to crow that SpaceX stock had fallen 20% and erased “$1.2 trillion” in value. (The actual news was even worse
The first time SpaceX traded on IPO day, it sold for $150 a share. Falling to $107 from that price was nearly a 30% drop!) But no sooner had Bloomberg’s story gone to print, than investors began buying SpaceX stock again. As of 11:50 a.m.
ET, the space stock is up 1.3% from yesterday’s close. Did Wall Street save SpaceX? What turned things around?