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Shares of $Globalstar (GSAT.US)$ took an afternoon dive Tuesday, as investors expressed disappointment that $Apple (AAPL.US)$ did not say its new iPhone 13s would support satellite communications.
The mobile satellite services company's stock sank 23.5%, after being down 5.3% just before the start of Apple's iPhone 13 launch event. The stock had rocketed 64.3% on Aug. 30, after the reports surfaced that Apple would work with Globalstar as it added satellite communications to its next iPhone. The stock had climbed another 14.5% from Aug. 30 to the five-year closing high of $2.69 on Sept. 8, before pulling back. The stock has still rocketed 442.9% year to date, while the $S&P 500 Index (.SPX.US)$ has advanced 18.3%.
By the way, apple stock price usually went down after its launching events, and so did this time as usual. What a unsolved mystery.
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Apple’s iPhone Events Are Usually Gloomy Days for Its Stock
The mobile satellite services company's stock sank 23.5%, after being down 5.3% just before the start of Apple's iPhone 13 launch event. The stock had rocketed 64.3% on Aug. 30, after the reports surfaced that Apple would work with Globalstar as it added satellite communications to its next iPhone. The stock had climbed another 14.5% from Aug. 30 to the five-year closing high of $2.69 on Sept. 8, before pulling back. The stock has still rocketed 442.9% year to date, while the $S&P 500 Index (.SPX.US)$ has advanced 18.3%.
By the way, apple stock price usually went down after its launching events, and so did this time as usual. What a unsolved mystery.
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Apple’s iPhone Events Are Usually Gloomy Days for Its Stock
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