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Why Globalstar Stock Skyrocketed Today

TheMotleyFool

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Shares of Globalstar (NYSEMKT: GSAT) soared on Monday after a respected analyst posited that the satellite services provider could partner with Apple (NASDAQ: AAPL).

As of 2:20 p.m. EDT, Globalstar's stock price was up more than 60%.

Apple's newest iPhones, due out in September, will support satellite communications, according to TF International Securities analyst Ming-Chi Kuo. A customized baseband chip made by Qualcomm (NASDAQ: QCOM) would allow iPhone users to make calls and send messages without the need to tap into cellular networks.

Source Fool.com

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