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Why Globalstar Stock Bounced Today

TheMotleyFool

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Shares of satellite communications company Globalstar (NYSEMKT: GSAT) crashed 21% yesterday after it became apparent that Apple's (NASDAQ: AAPL) new iPhone 13 will in fact not enable users to call each other via satellite.

That means Apple won't be paying Globalstar for satellite bandwidth on these not-sat phones -- which explains why investors dropped Globalstar stock like a radioactive hunk of satellite junk yesterday. But what explains the fact that Globalstar stock is back up 4.4% today (as of 1:30 p.m. EDT)?

Image source: Getty Images.

Source Fool.com

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