Globalstar stock soars on Amazon rumors. Why the Starlink rival’s shares are blasting into space today |
Globalstar stock soars on Amazon rumors. Why the Starlink rival’s shares are blasting into space today
The satellite communications company is reportedly an acquisition target, but its relationship with Apple could complicate any potential deal.
Most of the markets are down today after President Trump’s address to the nation last night failed to alleviate fears about America’s war with Iran dragging on.
But one relatively small tech company is bucking the downward trend in premarket trading this morning: Globalstar.
The satellite communications company is reportedly an acquisition target for Amazon, yet its relationship with Apple could complicate any potential deal. Here’s what you need to know.
Shares in the relatively small satellite communications company Globalstar, Inc. (Nasdaq: GSAT) are rising today after a Financial Times report yesterday said the e-commerce giant Amazon was in talks to acquire the company.
As of the time of this writing, GSAT shares are up nearly 14% to around $78 apiece—making it one of the only tech companies to see significant gains this morning in premarket trading.
The company’s share price closed yesterday at $68.53, putting its valuation at around $9 billion.
While Globalstar is not a household name, the company has been in operation for over 35 years. It is the operator of a network of low Earth orbit satellites that provide communication services to companies across industries, from defense to Big Tech.
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