Globalstar (NYSEAMERICAN:GSAT) stock is heading into orbit on Monday following rumors that it could team up with Apple (NASDAQ:AAPL) on the iPhone 13.
According to these Apple rumors, the iPhone 13 may support the ability to connect directly to satellites for service. That matters as Globalstar already has a network of 24 low-earth orbit satellites in place that the smartphone could use.
The Apple rumor even goes further than this. It actually calls our Globalstar as a company that Apple could partner with for this support. That alone is reason enough for shares of GSAT stock to run higher today, reports CNBC.
However, we’ve also got to take into account the source of this Globalstar Apple rumor: Ming-Chi Kuo. Kuo is a well-known name in the Apple rumors news mill as he often provides details on upcoming devices from the company. Even more important, he has a tendency to accurately nail new features ahead of their announcement.
With such a strong name behind today’s Globalstar Apple rumor, it’s no surprise that investors are taking the news so seriously. We’re even seeing a major increase in trading for GSAT stock today alongside this news.
As of this writing, more than 239 million shares of GSAT stock have changed hands. That’s a massive surge compared to the company’s daily average trading volume of about 22.9 million shares.
GSAT stock was up 45.5% as of Monday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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