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Short Take: Globalstar stock spikes to new high

Stock in Globalstar Telecommunications, a mobile satellite phone service provider, gained nearly 23 percent in midday trading today. At 44 per share, Globalstar stock is trading well above its 52-week high of 38.88. Earlier this week, the company received a federal license clearing the way for Globalstar to offer service in the United States. Shares have gained more than 50 percent this week.

Stock in Globalstar Telecommunications, a mobile satellite phone service provider, gained nearly 23 percent in midday trading today. At 44 per share, Globalstar stock is trading well above its 52-week high of 38.88. Earlier this week, the company received a federal license clearing the way for Globalstar to offer service in the United States. Shares have gained more than 50 percent this week.