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. 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.