Globalstar stock rockets after report says Apple could add satellite communications to next iPhone

Shares of Globalstar Inc.
GSAT,
+65.38%
are up 49% in Monday morning trading after a report indicated that Apple Inc.
AAPL,
+3.03%
may be looking to add satellite communications to its next iPhone and could work with Globalstar to do so. MacRumors cites a report from analyst Ming-Chi Kuo saying that Apple’s iPhone 13 will offer low-earth orbit (LEO) satellite communications that will let users send messages or make calls even if they don’t have 4G or 5G cellular connections. The iPhone 13 will have a custom Qualcomm Inc.
QCOM,
+1.06%
chip that supports satellite communications, per the report. Globalstar declined to comment on the report. Apple didn’t immediately respond to MarketWatch’s request for comment. Globalstar shares have increased 530% over the past 12 months as the S&P 500
SPX,
+0.56%
has risen 29%.