Skip to main content

Market Overview

Globalstar FCC Filing Doesn't Relate To Any Potential Apple Partnership, Says Analyst

Globalstar FCC Filing Doesn't Relate To Any Potential Apple Partnership, Says Analyst

A recent regulatory filing by satellite communications provider Globalstar Inc. (NYSE: GSAT) has “nothing to do” with tech giant Apple Inc. (NASDAQ: AAPL), according to Mark Gurman, a leading Apple watcher.

What Happened: Globalstar’s filing with the Federal Communications Commission (FCC) last week is actually related to a project the Louisiana-based company is working on with NASA and does not mention Apple’s name at all, Gurman noted in the latest edition of his “Power On” newsletter for Bloomberg.

The Apple watcher also said he was told by satellite industry analyst Tim Farrar that Globalstar’s FCC filing is related to supporting data communications for NASA’s PTD-2 satellite and “does not relate to smartphones on the ground.”

Gurman said he believes Globalstar could be an Apple partner but the company's FCC filing does not prove that.

See Also: How To Buy Apple (AAPL) Stock

Why It Matters: Globalstar’s shares had surged 30% last Wednesday after traders circulated the FCC permit that suggested the company has secured Apple as a customer.

The company’s shares also gained more than 64% on Aug. 30 after popular Apple analyst Ming Chi-Kuo said in a note that Cupertino could partner with Globalstar on bringing satellite communication connectivity in the upcoming iPhone 13 models.

However, the stock fell the next day after it was reported that Apple will add satellite capabilities to future iPhones only for usage in emergencies, according to Bloomberg.

Meanwhile, Apple’s much-awaited hardware event this year, dubbed “California Streaming,” will be held on Sept. 14.

Price Action: Globalstar shares closed almost 0.8% higher in Friday’s trading at $2.60, while Apple shares closed 3.3% lower at $148.97.

Read Next: Smart Glasses Show How Apple Is Different From Companies Like Facebook, Snapchat: Gurman


Related Articles (AAPL + GSAT)

View Comments and Join the Discussion!

Posted-In: iPhone Mark Gurman Satellite Communications Tim FarrarNews Penny Stocks Tech Media Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at