Why Globalstar Shares Are Volatile After Apple News

Globalstar, Inc. GSAT shares are trading higher by 11.48% to $2.33 Wednesday afternoon after the company announced it will be the satellite operator for Apple satellite-enabled services. The company will receive payments from Apple under the partnership agreement.

What Happened?

Apple announced a new free Emergency SOS via Satellite feature that can connect to emergency services even if the user is out of cellular or WiFi range. The new satellite service is expected to launch in November and will be provided by Globalstar.

Globalstarshares, which were earlier trading lower by 15.8% on Wednesday, were halted during the Apple event. The company then announced it will be the satellite provider for the new Apple emergency services. 

Apple will pay fees to Globastar under a partnership agreement...Read More

See Also: Apple Launches iPhone 14, High-End Apple Watch, Emergency Satellite Capabilities And More: What Investors Need To Know