The response to Virgin Galactic’s (SPCE) quarterly report was fairly muted. Following the release, shares ended the day up less than 1% to $18.08, yet this reaction masked considerable volatility. In earlier trading, shares actually gapped down to $14.21. Virgin Galactic stock has been in a major downtrend since February. The price has fallen about 70%, bringing the market capitalization to $4.3 billion. What happened during the quarter that so deeply affected the stock? One marked result was that the company reported a net loss per share of 55 cents versus analysts’ expectations of a 31 cents per share loss. Adding to the pessimism, the company is currently not generating any revenue.