Globalstar, Inc. (OTCMKTS:GSAT) Pushes Upwards
Friday was a good day for shareholders of Globalstar, Inc. (OTCMKTS:GSAT). The satellite company moved up nearly 5% after a series of calmer days and closed the week at $0.66 per share, on above-average volume of 2.14 million shares.
Over the last couple of weeks there has been some commotion around GSAT. In late August Bloomerg posted a rumor that Amazon was running tests of a new wireless network that would, allegedly, allow Amazon device owners to connect to the Internet. According to the unnamed sources, the network used a band of the spectrum controller by GSAT.
Even though there has been no official confirmation of this and GSAT declined commenting on the subject, putting the company’s name in close proximity to a supergiant like Amazon had an immediate effect on the stock and GSAT shifted up by almost 10%, on volumes the stock had not seen since its early summer upheaval.
The company published another press announcement on August 28, informing the public that the second generation constellation of satellites that was launched earlier this year was now in full commercial service. The news reiterated numbers quoted by GSAT in a conference call, including the return of duplex service and an increase in both customers and minutes of service use.
The last close brought GSAT back to the level the stock reached on the day the Amazon rumor made the rounds. The stock seems to be able to hold its own, having increased significantly from its early 2013 levels and showing no significant pullbacks.
Other companies that traded in large volumes on Friday include Imageware Systems, Inc. (OTCMKTS:IWSY) who dropped by 9% on half a million shares traded. Amarium Technologies, Inc. (OTCMKTS:AMMG) gained 14%, propelled by a stock promotion and a landing page set up to tout the stock against monetary compensation.
