Globalstar (NYSEAMERICAN:GSAT) stock is on the rise Friday after announcing positive news from business partner Nokia (NYSE:NOK).
The deal allows Nokia to set up Digital Automation Cloud (DAC) at the Port of Seattle, Terminal 5. This terminal is under the control of Tideworks Technology and is currently undergoing remodeling to modernize it.
The update to Terminal 5 will allow it to service larger cargo ships. That’s worth noting as this part of the East Coast is among the largest container gateways in North America. Nokia will be utilizing Band 53 and Band 48 at this terminal.
So how does the Internet of Things (IoT) satellite company Globalstar play into all of this? The company is a developer of the Band 53 ecosystem that Nokia is using at the terminal. This marks the second time that Nokia has worked with it at a U.S. port.
Jay Monroe, executive chairman of Globalstar, said this about the news boosting GSAT stock higher today.
“We are excited to be a part of this opportunity with Tideworks and Nokia. Band 53 offers partners secure and reliable connectivity in any environment. Utilizing the band allows customers to deploy considerably less access points than when relying on Wi-Fi leading to superior security, performance and long-term value.”
GSAT is also seeing heavy trading on the news. As of this writing, more than 48 million shares have changed hands. That’s a massive increase over its daily average trading volume of 2.71 million shares.
GSAT stock was up 31.4% as of Friday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.