Why Globalstar Stock Is Going Down Again
Well that was certainly exciting! Over the course of six and a half hours of frenzied trading, shares of satellite communications company Globalstar (NYSEMKT: GSAT) first plunged 23%, then soared 85% (off their lows), before ultimately closing out Wednesday right back where they started -- actually, down 1.4% for the day. And now it's getting worse.
As Thursday trading shifts into the afternoon, at 1 p.m. ET, shares of Globalstar are down another 5.8% from yesterday's close. And I fear Apple (NASDAQ: AAPL) may be to blame for it all.
Heading into its big iPhone 14 unveiling, you see, Apple announced midday Wednesday that it will partner with Globalstar to support a new function on its phone -- the ability to text short, emergency messages via satellite when a user is traveling through a cellphone dead zone.
Source Fool.com
