Why Globalstar Shares Are Volatile Thursday After Apple News

Globalstar, Inc. GSAT shares are trading lower by 5.83% to $1.94 Thursday morning amid possible profit taking. The stock gained on Wednesday after the company announced it will be the satellite operator for Apple Inc AAPL satellite-enabled services.

What Happened?

Apple Wednesday 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.

Globalstar shares, 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

According to data from Benzinga Pro, Globalstar has a 52-week high of $2.98 and a 52-week low of $0.90.