GSAT - Why Globalstar Stock Soared 10% Higher Today Before Falling Back to Earth
Globalstar (NYSEMKT: GSAT) looked set to be a big star on the stock market Monday, as it bounced more than 10% higher in early trading. That was on the back of growing speculation that the company's technology will be utilized in a hot product made by a top Silicon Valley company. Sentiment on the stock cooled later in the day, though, and Globalstar closed slightly down.
Said company is Apple (NASDAQ: AAPL) . Not for the first time, speculation centers on the company packing satellite calling functionality into its upcoming iPhone. This speculation has been gathering steam, now that we're barely over one week away from Apple's latest "event," as the company calls its new product announcements. Many Apple observers believe a new model, specifically the iPhone 14, will be unveiled at the September show.
Fueling this speculation is the graphic Apple is using to promote the event; it features the company's famous logo depicted as a series of stars in the night sky. This could be an implication that satellite calling will be a promoted feature of a new phone.
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Why Globalstar Stock Soared 10% Higher Today Before Falling Back to Earth