Globalstar, Inc. (NYSE: GSAT) shares, which spiked to $2.78 in early September, have made a move lower. The stock was locked in the $1.43-$1.67 range for the month-to-date period.
On Wednesday, the stock broke above the range and traded as high as $1.83, its highest level since Sept. 23.
What Happened: The leg up in the shares of the = satellite communications has to do with Apple, Inc. (NASDAQ: AAPL)’s announcement that it will hold its “Unleashed” hardware launch event on Oct. 18.
Rumors that Apple will announce a satellite service at the event fueled the stock advance.
Ahead of Apple’s iPhone 13 launch in mid-September, Globalstar shares gathered some momentum after analyst Ming-Chi Kuo of TF International Securities said in a report the iPhone models will likely have the ability to make texts and phone calls through Globalstar technology, without having to rely on 4G or 5G coverage.
Subsequently, reports suggested that Globalstar’s technology will not be included in the iPhone 13 models, sending its shares lower. Apple had signaled that such a service may not be used in iPhones, except in an emergency response capacity.
GSAT Price Action: Globalstar shares were up 4.43% at $1.65.
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