Here's Why Globalstar Shares Are Moving

Globalstar, Inc. GSAT shares are trading higher by 7.14% to $1.42 Thursday afternoon amid overall market strength. Shares of several companies in the broader communications services sector are trading higher following December's CPI report, which showed signs of cooling inflation.

What Happened With CPI Data Thursday?

The consumer price index rose 6.5% in December, down from 7.1% in November, according to data the Labor Department reported on Thursday. 

The December CPI reading was in line with average economist estimates of 6.5%.

Core inflation, which excludes volatile food and energy prices, was up 5.7% in December, in line with average economist estimates for a 5.7% gain...Read More

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