Globalstar stock rose sharply Friday after the satellite company disclosed an expanded agreement with iPhone maker Apple that could see its revenue double next year. Globalstar will deliver expanded services to Apple over a new mobile satellite services network,

Apple is becoming a satellite communications company, taking a 20% stake in its existing satellite services provider, Globalstar , as part of a much-expanded deal with the latter. The iPhone maker has agreed to put up to $1.1 billion into the satellite company, deepening its ties with the firm.