Amazon Rises 5%, Globalstar Jumps 10% as $11.57 Billion Acquisition Ignites a Satellite War With SpaceX

Amazon stock rose 5% to $252 from $239.89 after the company announced an $11.57 billion acquisition of Globalstar. The deal is a large strategic transaction that signals expansion in technology/infrastructure capabilities and is supporting a sharp near-term move in the shares.

Analysis

Amazon stock rose 5% to $252 from $239.89 after the company announced an $11.57 billion acquisition of Globalstar. The deal is a large strategic transaction that signals expansion in technology/infrastructure capabilities and is supporting a sharp near-term move in the shares.