AAPL - Why Globalstar Stock Crashed Then Soared Today
Globalstar (NYSEMKT: GSAT) investors went into Wednesday hoping to hear Apple (NASDAQ: AAPL) announce it was bringing satellite connectivity to the iPhone using Globalstar satellites. They got the partnership news that had been rumored, but not until toward the end of the Apple event.
Shares of Globalstar went on a roller-coaster ride while investors waited, falling as much as 23% at one point before rocketing more than 40% higher once the news became official.
Talk of an iPhone able to send text messages and make phone calls via a satellite connection has been making the rounds for about a year, and increased chatter ahead of Apple's Wednesday new product event had helped Globalstar shares rocket nearly 60% higher in the past three months.
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Why Globalstar Stock Crashed, Then Soared, Today