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Why Globalstar Stock Just Crashed 13%

TheMotleyFool

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Shares of satellite communications company Globalstar (NYSEMKT: GSAT) soared 64% on Monday on reports that Apple (NASDAQ: AAPL) appeared to be planning to build satellite telephony capability into its new iPhone 13 smartphone.

But Globalstar is down today -- plunging a disheartening 13% as of 10 a.m. EDT -- following a report that yesterday's news, while technically true, may not be as big of a deal as initially thought.

Image source: Getty Images.

Source Fool.com

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