The satellite communications company Globalstar, Inc. (NYSE: GSAT) has seen its stock soar significantly over the course of the past week or so, and much of that is linked to an announcement last week.
The Globalstar stock has rallied strongly during the period and recorded gains of as much as 125%. On Tuesday, the stock recorded gains of 62% and considering such consistent gains it could be a good idea on the part of investors to take a closer look at Globalstar.
This past Friday the company announced that it got into a fresh collaboration with Nokia. Globalstar announced that its Band 53 Spectrum is going to be used by Tideworks Technology in its terminal operating systems as per its agreement with Nokia.
It is the second time that Globalstar has gone into collaboration with Nokia and it marks a significant milestone for the company. In this sort of situation, investors could consider adding the stock to their watch lists this week.