|Bid||1.7600 x 28000|
|Ask||1.7700 x 36100|
|Day's Range||1.7350 - 1.8400|
|52 Week Range||0.2900 - 2.9800|
|Beta (5Y Monthly)||0.01|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov 04, 2021 - Nov 08, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||2.35|
Shares of satellite communications company Globalstar (NYSEMKT: GSAT) crashed 21% yesterday after it became apparent that Apple's (NASDAQ: AAPL) new iPhone 13 will in fact not enable users to call each other via satellite. In the absence of any actual "good" news to explain the stock's bounce higher, I can only surmise that what we're looking at today is a "dead cat bounce." The way they would have placed that bet would have been by shorting Globalstar stock (i.e., selling stock they did not own, in hopes of buying it back later, cheaper, and returning the shares to their rightful owners).
Reports that the new iPhone had chips for connecting to satellites helped push shares of Globalstar higher. Now it's tumbling.
Shares of satellite communications company Globalstar (NYSEMKT: GSAT), which took off last month on speculation that Apple (NASDAQ: AAPL) might build satellite telephony capability into its new iPhone 13 smartphone -- doubling Globalstar's stock price in less than a month's time -- came crashing back to Earth on Tuesday. As of 3:15 p.m. EDT, Globalstar stock is down 21%. As the theory went, you see, Apple was gearing up to announce new features and capabilities of this year's iPhone iteration, the iPhone 13.