Why Iridium Stock Soared by 22% This Week
Investors haven't been able to get enough of satellite stocks lately, and Iridium Communications (NASDAQ: IRDM) is benefiting handsomely from this. The major catalyst was a peer agreeing to be acquired by a famous, deep-pocketed company.
That meant a fine week for Iridium shareholders. Their stock rose by more than 22% over the period, according to data compiled by S&P Global Market Intelligence.
Iridium's peer in question is Globalstar, which landed prominently in the financial headlines on Tuesday after it signed a deal to be acquired by the always-ambitious Amazon. The cash-and-stock transaction is valued at more than $11 billion.
Source Fool.com
