GSAT - Why Globalstar's Stock Popped Today
Shares of Globalstar (NYSEMKT: GSAT) were rising today on seemingly no company-specific news. Rather, it appears that investors may be pushing up Globalstar's shares after Apple announced that it will hold a product event next week.
The satellite service tech stock jumped by as much as 15.8% this morning, but had gained a much tamer 3.1% as of 11:32 a.m. EDT.
Globalstar is a mobile satellite services company and investors have been hoping that Apple will release a new iPhone with satellite communication capabilities. Those hopes were dashed at Apple's iPhone event last month when the company unveiled its latest iPhone lineup without a satellite feature.
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Why Globalstar's Stock Popped Today