A Louisiana-based telecoms company saw some insane volatility on Wednesday after the company and %Apple Inc. ($AAPL) have entered into a partnership. Shares of %Globalstar Inc. ($GSAT) were all over the place after the announcement that Globalstar would be the satellite operator for iPhone satellite-enabled services.
Globalstar Inc is a %Telecommunications company that derives revenue from the provision of mobile satellite services. Mobile satellite services are typically used by customers where existing terrestrial wireline and wireless communications networks are impaired or do not exist. The company provides communications services such as two-way voice and data transmission. In addition, one-way data transmission is also offered. Both services are offered using mobile or fixed devices. The company is an owner of satellite assets. The company generates the vast majority of its revenue within the United States.
Prior to the announcement, shares were down significantly on the day, touching $1.6103/share (-22.95%), only to be halted and turn all the way around and hit $2.98/share (+42.58%) at the session high. This intraday whipsaw certainly provided some traders with a unique profitable trade for those that had bought the dip this morning. It’ll be interesting to see how this stock plays out in sessions to come.
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