Globalstar’s stock takes a dive after Apple didn’t say its new iPhone supports satellite communications


    Shares of Globalstar Inc.
    GSAT,
    -23.25%

    took an afternoon dive Tuesday, as investors expressed disappointment that Apple Inc.
    AAPL,
    -0.96%

    did not say its new iPhone 13s would support satellite communications. The mobile satellite services company’s stock sank 19.4%, after being down 5.3% just before the start of Apple’s iPhone 13 launch event. The stock had rocketed 64.3% on Aug. 30, after the reports surfaced that Apple would work with Globalstar as it added satellite communications to its next iPhone. The stock had climbed another 14.5% from Aug. 30 to the five-year closing high of $2.69 on Sept. 8, before pulling back. The stock has still rocketed 442.9% year to date, while the S&P 500
    SPX,
    -0.57%

    has advanced 18.3%.



    Source link