Virgin America's Shares Have Lift Off

Virgin America's newly-minted stock got a nice reception Friday, as it is now trading 22% above its initial-public-offering price of $23 just minutes after its debut. The first trades crossed at $27 at 10:02 a.m. ET, or 17% above the IPO price, and has traded as high as $28.60 before paring some gains. The company offered about 13.3 million shares in the IPO, to raise about $305.9 million.