Globalstar up 15% in wake of AT&T-Straight Path deal

|By:, SA News Editor

Following a big deal this morning bringing together a telecom giant with a millimeter-wave spectrum holder -- AT&T's $1.6B deal for Straight Path Communications -- Globalstar (NASDAQ:GSAT) is up 15.4% to what would be its highest point since June.

The company -- which is banking on its Terrestrial Low-Power Service to tap unlicensed spectrum for Wi-Fi networking -- slid last June after chatter that the company was headed for a no-vote on the company's frequency use. It rebounded in December after a revised FCC proposal.

Shorts could see a squeeze here. There were more than 94M shares short; short percentage of float sat at 23.3%.