Globalstar stock rallied 5% in morning trading

Globalstar stock rallied 5% in morning trading.

Shares of Globalstar Inc. tumbled 23.3% on Tuesday, as investors expressed disappointment that Apple Inc. did not say its new iPhone 13s would support satellite communications.

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 416.8% year to date, while the S&P 500 has advanced 18.3%.