We recently compiled a list of the 10 Firms Shine Amid Market Slump. In this article, we are going to take a look at where AST SpaceMobile Inc. (NASDAQ:ASTS) stands against the other stocks.

Ten companies kicked off this week's trading on a positive note, defying a broader market pessimism amid growing trade tensions among the US, Mexico, China, and Canada over the retaliation of tariffs on each other's goods.

On Monday, the Dow Jones lost another 0.28 percent, while the S&P 500 and the Nasdaq Composite both registered steep declines of 0.76 percent and 1.20 percent, respectively. The slump came following President Donald Trump's announcements that he would slap a 25-percent tariff on Canadian and Mexican goods, while a special 60-percent rate would be taxed on Chinese products.

Ten companies under mixed sectors defied a broader market downturn, leading the charge among market advancers. In this article, we will examine which companies performed well and the factors driving their success.

The list of top advancers only considered the companies with at least $2 billion in market capitalization and $5 million in daily trading volume.

An aerial view of a communications satellite in orbit, beaming its signal down to Earth.

AST SpaceMobile Inc. (NASDAQ:ASTS)

AST SpaceMobile Inc. (NASDAQ:ASTS) rose for a third day on Monday, rising by 6.08 percent to finish at $21.47 each as investors resumed buying shares in the company after it recently secured the Special Temporary Authority approval from the Federal Communications Commission (FCC) that would enable it to test its first five commercial BlueBird satellites.

FCC’s approval would support AST SpaceMobile’s voice, full data, and video applications and other native cellular broadband capabilities for mobile services giants AT&T and Verizon.

Last week, AST SpaceMobile Global Head of Regulatory Affairs Vikram Raval said that the FCC USA regulatory approvals represent a pivotal moment for AST SpaceMobile as it advances toward delivering seamless space-based cellular broadband connectivity.

In other recent news, AST SpaceMobile welcomed the appointment of Keith Larson as a new member of the board for AT&T following the immediate resignation of Christopher Sambar.

Overall ASTS ranks 5th on our list of the stocks that shone amid market slump. While we acknowledge the potential of ASTS as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than ASTS but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

 

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.

 

Disclosure: None. This article is originally published at Insider Monkey.