Shares of Globalstar, Inc. GSAT 1.66% are soaring 30 percent on Monday after the company received some positive news from the Federal Communications Commission (FCC). Earlier this year, the FCC rejected Globalstar’s proposal to use satellite signal frequencies to distribute its mobile broadband services. The FCC rejected the original plan on the grounds that Globalstar would gain a special competitive advantage. Globalstar rivals also argued that the approach could interfere with other mobile devices.
Globalstar filed a revised proposal on November 9, and the new proposal seems to have addressed the FCC’s primary concerns.
“Globalstar’s Revised Proposal provides significant protections to adjacent operations, expands the nation’s broadband spectrum supply and will improve wireless broadband service for consumers in the United States,” the company said in a press release on December 16.
Despite the big Monday move, Globalstar shares are still down 4.1 percent in 2016 and significantly off 2016 highs in the $3 range. FCC chairman Tom Wheeler will be resigning in January, and the Trump administration will be tasked with filling two vacant FCC positions.
At least one options trader is…
Click here to continue reading
Want to learn more about how to profit off the stock market? Or maybe you just want to be able to look sophisticated in front of your coworkers when they ask you what you are reading on your Kindle, and you’d prefer to tell them “Oh, I’m just reading a book about stock market analysis,” rather than the usual “Oh, I’m just looking at pics of my ex-girlfriend on Facebook.” For these reasons and more, check out my book, Beating Wall Street with Common Sense. I don’t have a degree in finance; I have a degree in neuroscience. You don’t have to predict what stocks will do if you can predict what traders will do and be one step ahead of them. I made a 400% return in the stock market over five years using only basic principles of psychology and common sense. Beating Wall Street with Common Sense is now available on Amazon, and tradingcommonsense.com is always available on your local internet!
