Why Globalstar Stock Soared 30% Today

What happened

Shares of Globalstar (NYSEMKT:GSAT) rocketed 30% on Wednesday, as rumors of a potential deal with Apple (NASDAQ:AAPL) intensified.

So what 

Late last month, respected analyst Ming-Chi Kuo posited that Apple’s new iPhones will support satellite communications. Kuo postulated that partnering with Globalstar would allow the tech titan to offer iPhone users the ability to place calls in areas with non-existent or unreliable cellular coverage. That sent investors into a tizzy, and they quickly bid up Globalstar’s shares following Kuo’s report.

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