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Globalstar (GSAT) +65% on reports iPhone 13 will use satellite comms
Globalstar (GSAT) shares surged 65% in trading on Monday on a report that Apple is set to support low-Earth-orbit satellite messaging on the upcoming iPhone 13.
Globalstar (GSAT) shares skyrocketed 62% on Monday on a report that Apple (AAPL) could partner with the satellite company for a new comms-based service on the upcoming iPhone 13.
On Sunday, renowned analyst Ming-Chi Kuo revealed that Apple is looking to tap into the “trend of satellite communications” with its next line of premium smartphones, which is set to launch in September.
Kuo, who works for TFI International Securities, told investors that iPhone 13 users would be able to connect to extraterrestrial networks to send messages to other people.
This is good news for Globalstar, a comms company based in Louisiana, as it currently operates a phone network in low Earth orbit (LEO) with two dozen satellites.
Kuo noted that “if Apple enables the relevant software functions,” the next iPhone could finally support messaging outside areas with 4G and 5G coverage.
He also claimed that Globalstar would work with Apple to provide the infrastructure for extraterrestrial network systems.
This could be a significant development for users in rural areas without access to mobile networks.
Globalstar shares soared on Monday as investors reacted to the report, though the dollar gains were modest due to the low price.
After rising after the first bell, GSAT was up 65.03% at $2.36 by mid-afternoon on the New York Stock Exchange.
Other companies rising at the start of the new week included Affirm Holdings (AFRM), which jumped 44% on a new partnership with Amazon (AMZN) that will introduce a ‘buy now, pay later’ service on the e-commerce platform.
Support.com (SPRT) climbed 40% after it became the latest ‘meme’ stock to get backing from retail investors on Reddit, while Hill-Rom Holdings (HRC), a medical tech provider, rose 10%.
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