Why Globalstar Stock Just Crashed 21%
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.
