Apple iPhone 13 Not Satisfied Satellite Compatible Globalstar Stock Shrinks.

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Apple iPhone    13 Not Satisfied Satellite Compatible  Globalstar Stock Shrinks.

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Globalstar stock was a big beneficiary last month following reports that the new iPhone would be able to connect to satellites in space. The reports from MacRumors said that the iPhone 13 would use a

chip that could reach satellites in low-earth orbits. The stock jumped 63% on August 30.

Qualcomm

Story Highlights

  • VINCENZO PINTO/AFP/Getty Images

  • Apple’s iPhone 13 has been revealed, and Apple said nothing about satellite capability. That’s bad news for Globalstar stock.

But the new iPhone is now out, and while it appears to be a lovely phone, it doesn’t appear to be satellite capable, or at least Apple said nothing about it.

With that, Globalstar started tumbling, with shares off 21% to $1.795 at 2:43 p.m. Other satellite stocks were falling too, include

Iridium Communications (IRDM), which was down 2.3% to $45.92, and

AST SpaceMobile (ASTS), which was off 3% to $11.62.

Wedbush analyst Daniel Ives walked away from the release calling Apple his “favorite large cap tech name to play the 5G transformation.” Globalstar investors probably wish they could say the same thing.

Write to Ben Levisohn at ben.levisohn@barrons.com