Globalstar, Inc. (OTCMKTS:GSAT) Still Making Waves
It seems Globalstar, Inc. (OTCMKTS:GSAT) is trying to make itself comfortable in the space above the $1 mark. Yesterday the stock closed up again, climbing 5.5% and arriving to a close of $1.15 at the bell.
Volume picked up some more speed and the session ended with 6.8 million GSAT shares changing hands. The stock originally shot up in early September, gaining in leaps and bounds on two potentially beneficial stories. One concerned GSAT‘s requested notice of proposed rulemaking being passed on for review and consideration by the full Federal Communications Commission. The proposal had to do with GSAT‘s low-power terrestrial service as a means for alleviating congestion in Wi-Fi frequencies.
The other part that helped GSAT climb was talk of superstore Amazon testing a new wireless network to offer more and better Wi-Fi options to its proprietary mobile device users. According to rumors, the network uses a spectrum band utilized by GSAT.
The stock’s recent performance has shown that investors are more than a little excited about GSAT. Since the initial jump in September daily volumes have remained mostly above the average and the stock managed to pierce through the $1.00 mark. Even though GSAT retreated briefly under this level, the last four green sessions pushed it back a comfortable $0.15 above it. It remains to be seen whether GSAT has what it takes to keep afloat above a dollar.
GSAT stock is currently another 2.6% up in the early session.
Other OTC tickers that commanded large dollar volumes yesterday include Biozone Pharmaceuticals, Inc. (OTCBB:BZNE) who dropped a further 4% on 5.4 million shares traded. North American Oil & Gas Corp. (OTCBB:NAMG) went down over 7% on Tuesday, with dollar volume of just over $1 million.
