Shares of Globalstar, Inc. (NYSEMKT:GSAT) were up 26.5% as of 1:15 p.m. EST following favorable developments at the U.S. Federal Communications Commission (FCC).
Recall Globalstar stock plunged last month after the company revealed it was seeking to narrow its request in an ongoing FCC proceeding to allow Terrestrial Low Power Service (TLPS). Shares then violently rebounded earlier this week as the FCC drafted a new proposed order in response to Globalstar's revised proposal.
Finally, shares are popping once again today following reports that Globalstar's revised proposal is receiving the three favorable FCC votes required for approval, according to Bloomberg.
To be fair, shares are still up "just" 16% year to date even after Globalstar's latest meteoric rise this week, a testament to the roller-coaster ride shareholders have endured. But despite the fact Globalstar wasn't able to push through its original proposal, investors couldn't have asked for much more at this point.
So in the end, while I'm personally content to watch Globalstar's story continue to play out from the sidelines, I can't blame the market for celebrating this positive news.
Steve Symington has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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