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Sept. 14, 2021, 3:05 p.m. EDT

Globalstar's stock takes a dive after Apple didn't say its new iPhone supports satellite communications

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By Tomi Kilgore

Shares of Globalstar Inc. /zigman2/quotes/209248302/composite GSAT -5.71% took an afternoon dive Tuesday, as investors expressed disappointment that Apple Inc. /zigman2/quotes/202934861/composite AAPL -1.17% did not say its new iPhone 13s would support satellite communications. The mobile satellite services company's stock sank 19.4%, after being down 5.3% just before the start of Apple's iPhone 13 launch event. The stock had rocketed 64.3% on Aug. 30, after the reports surfaced that Apple would work with Globalstar as it added satellite communications to its next iPhone. The stock had climbed another 14.5% from Aug. 30 to the five-year closing high of $2.69 on Sept. 8, before pulling back. The stock has still rocketed 442.9% year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.84% has advanced 18.3%.

/zigman2/quotes/209248302/composite
US : U.S.: NYSE American
$ 1.32
-0.08 -5.71%
Volume: 8.31M
Dec. 3, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$2.37 billion
Rev. per Employee
$371,350
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/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 161.84
-1.92 -1.17%
Volume: 118.02M
Dec. 3, 2021 4:00p
P/E Ratio
28.86
Dividend Yield
0.54%
Market Cap
$2655.21 billion
Rev. per Employee
$2.38M
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/zigman2/quotes/210599714/realtime
US : S&P US
4,538.43
-38.67 -0.84%
Volume: 2.71B
Dec. 3, 2021 5:35p
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