The burgeoning satellite sector got a boost today, after Amazon.com Inc (NASDAQ:AMZN) announced the acquisition of Globalstar (GSAT) for $11.57 billion. The deal will expand Amazon's Leo satellite network and challenge Elon Musk's Starlink.
AMZN is up 2.7% to trade at $246.33 this morning, while GSAT is 10.2% to trade at $80.30. The deal has satellite peers EchoStar (SATS) and AST SpaceMobile (ASTS) making moves, up 3.1% and down 7.9% this morning, respectively.
Amazon.com stock is now trading at its highest level since before its 5.6% post-earnings bear gap in early February. The shares are using today's gains to build some separation from their year-to-date breakeven level, and are 35% higher in the last 12 months. The $200 level stepped up as double-bottom support in the last two months.
Keep an eye on AMZN's 14-Day Relative Strength Index (RSI), nearing "overbought" levels at nearly 75 and at their highest point of 2026.
Puts are growing in popularity in the options pits. AMZN's 10-day put/call volume ratio of 0.66 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks in the 97th percentile of its annual range. So while calls still outnumber puts on an absolute basis, the high percentile indicates the skew is rare in the last year.
Calls are the preference today. In just the first half hour of trading, 139,000 calls have changed hands, volume that's double the average intraday amount and nearly double the number of puts traded. The April 250 is the most popular, with new positions being bought to open there.
