Globalstar surges after report of Amazon in talks to buy satellite firm

Satellite telecom firm Globalstar's shares GSAT.O jump 12% to $76.8 premarket on takeover by Amazon AMZN.O report

AMZN in talks to acquire GSAT to build low-earth-orbit network competing with SpaceX's Starlink - Financial Times on Wednesday

Companies still negotiating deal complexities after lengthy talks - FT

GSAT did not immediately respond to Reuters' request for comment, AMZN declined to comment

Amazon's network would be closest rival to Musk's Starlink, which operates 9,500 satellites

News comes as SpaceX confidentially filed for U.S. IPO, potentially biggest stock listing ever

Four analysts rate GSAT "buy" on average; median PT is $70.5 - data compiled by LSEG

As of last close, stock up 12.27% YTD