Why Globalstar Stock Skyrocketed Today

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Shares of Globalstar (NYSEMKT: GSAT) soared 69% on Tuesday after the satellite services provider said Qualcomm (NASDAQ: QCOM) will include Globalstar’s Band n53 in its flagship 5G modem. 

Qualcomm’s new X65 modem helps to broaden the types of devices that can plug into Globalstar’s network. Smartphones, tablets, laptops, and a host of Internet of Things (IoT) devices will now be able to use Globalstar’s 5G spectrum.

Globalstar’s stock price surged on Tuesday. Image source: Getty Images.

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