Globalstar falls 14% after report says iPhone satellite connectivity is for emergencies only and won't be in iPhone 13

• Shares of Globalstar fell as much as 14% on Tuesday after a Bloomberg report indicated the iPhone 13 will not have satellite connectivity.
• Globalstar soared 68% on Monday following an analyst report that suggested the upcoming iPhone would include its technology.
• Bloomberg reported that the basis for including satellite connectivity would be for emergency situations only.
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Globalstar fell as much as 14% on Tuesday after Bloomberg reported that its satellite connection technology would not be included in Apple's upcoming iPhone 13.

On Monday, shares of the low-earth-orbit satellite technology company soared as much as 68% after an analyst report from Ming-Chi Kuo suggested the upcoming iPhone models would have the ability to make texts and phone calls without 4G or 5G cell coverage via Globalstar's technology.

But Apple is only planning to include satellite connectivity features for emergency purposes, such as allowing users to send texts to first responders and report crashes in areas with no cell coverage, according to Bloomberg.

The report noted that Apple has been working on such features since at least 2017. But the upcoming iPhone 13 will likely not have the satellite connectivity features, even though it may have hardware included in the phone that could make those features possible down the road, the report said.

It is not clear as to which emergency services company Apple will partner with, though, according to a person with knowledge of the situation, Globalstar's rival Iridium Communications will not be utilized.

Despite the decline in Globalstar on Tuesday, shares are still up 45% week-to-date.