Globalstar breaks above recent trading range as Apple rumors resurface

Global Star, Inc. (NYSE: GSAT) shares, which peaked at $2.78 in early September, have fallen. The stock has remained in the $1.43-$1.67 range for the month so far.

On Wednesday, the stock broke above the range and traded as low as $1.83, its highest level since September 23.

What happened: The leg up in the shares of the = satellite communications has to do with Apple Inc. (NASDAQ: AAPL)’s Announcement that it will hold its “Unleashed” hardware launch event on October 18.

Rumors that Apple will announce a satellite service at the event fueled stock progress.

For Apples iPhone 13 launch In mid-September, Globalstar stock gained momentum after TF International Securities analyst Ming-Chi Kuo said in a report that iPhone models will likely have the ability to text and make calls over Globalstar technology, without relying on are of 4G or 5G Coverage.

Subsequently, reports suggested that Globalstar’s technology will not be included in the iPhone 13 models, driving its share lower. Apple had indicated that such a service should not be used in iPhones, except in an emergency response capability.

GSAT Price Action: Globalstar shares rose 4.43% to $1.65.

Related link: Why Globalstar Shares Are Rising

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.