Globalstar soars 28% as iPhone 13 inclusion rumors continue to swirl ahead of Apple's event next week

• Shares of Globalstar surged as much as 28% on Wednesday amid ongoing speculation that its technology might be included in Apple's next iPhone.
• A report from Ming-Chi Kuo last month suggested that the iPhone 13 would have satellite connectivity potentially enabled by Globalstar's technology.
• Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Globalstar soared as much as 28% on Wednesday amid ongoing speculation that its satellite communication technology may be included in Apple's new iPhone models.

The move higher on Wednesday came a day after Apple sent invitations for its "California Streaming" event on Tuesday, September 14. Apple is expected to unveil its iPhone 13 lineup, a new Apple Watch, and Airpods, among other items.

Circulation of an FCC document on social media platforms like Twitter reignited the rumor on Wednesday. The document, made effective on August 20, authorizes Globalstar to transmit radio signals at a frequency of 2483.5-2500 MHz.

The bullish thinking among Globalstar investors is that the specific frequency listed in the FCC document might be supported by certain Qualcomm chips possibly included in the upcoming iPhone 13 models. Whether the rumor turns out to be true or not will likely be revealed next week when Apple unveils all of the new features in its iPhones. That sets Globalstar up for significant volatility between now and the event.

Last month, analyst Ming-Chi Kuo said Apple's iPhones might have the ability to make texts and phone calls even if it is an area with little to no cellular coverage. But reporting from Bloomberg suggested that the feature will be limited to connecting with emergency respondents, and may not be included in the iPhone 13, but rather future iPhone models.

The back and forth in speculation has sent shares of Globalstar on a volatile ride in recent weeks. Shares initially popped 68% late last month on the initial iPhone/Globalstar collaboration rumor, and are now trading at its highest level since mid-February. At its intraday high of $2.65 on Wednesday, shares of Globalstar were up 679% year-to-date.