UFO Lifts Off on Apple Day (2 min read)
Volumes of the Procure Space ETF (UFO) soared last week when Apple announced the new iPhone will incorporate satellite technologies. Investors were looking to gain exposure to satellite companies after the announcement. Globalstar Inc., a mobile satellite communication company, jumped over 42% after the company said it will partner with Apple but was halted during the trading day. UFO gained a tremendous higher volume during that time as investors were using it as a potential proxy. Globalstar Inc. is the second largest holding in UFO and their volumes remained relatively high compared to the same time last month.