Globalstar (GSAT) Hits A Decade High: A Bullish Sign?

It is almost always a good idea for investors to get a closer look at stocks that might have recorded substantial gains during a particular trading week. One of the stocks to have done particularly well this week is that of Globalstar, Inc. (NYSE: GSAT).

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The satellite services provider saw its stock soar by as high as 15% on Wednesday and thereby took its total gains for the week to 115% so far.

The stock has enjoyed a strong rally after it announced earlier this week that its Band n53 is going to be included in the new 5G modem by Qualcomm. It is a significant development and the excitement among investors is understandable.

The 5G modem from Qualcomm is going to expand the number of devices that can be plugged into the Globalstar network. Consequently, those devices will also use Globalstar’s spectrum. Hence, the collaboration with Qualcomm can have long term benefits for the company.

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Michael Rowels

Weekend Contributor. Writing for business and finance publishers has become his passion over the last decades after he completed a master's degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.

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