- NYSE:BB has had a strong start to 2021, shares are up 171% YTD.
- BlackBerry sold 30 of its mobile phone patents to Huawei earlier this month.
- BlackBerry (BB) announced a partnership with tech company Baidu.
Update: Shares in Blackberry (BB) were higher on Tuesday as BB announced a partnership with Chinese tech company Baidu. Baidu and Blackberry will partner on an integrated system for Guangzhou Automobile Group. Guangzhou Auto is one of the largest auto companies in China and the Blackberry/Baidu system will be used for upcoming autonomous electric vehicles.
Shares in Blackberry (BB) have continued to power higher this year as the stock benefits from strong retail interest and a number of positive news developments. Blackberry (BB) responded to a request from the Canadian securities regulator on Monday saying it did not know why the stock was so strong.
RBC also downgraded Blackberry (BB) on Tuesday saying "BlackBerry is now trading at multi-year highs and above peers."
NYSE:BB has certainly teased its investors with a bounce-back before as the beleaguered former mobile phone maker has seen its stock beaten down to the single digits after years of Wall Street success. Well, BlackBerry is kicking 2021 off on the right foot as the software security firm has added 45% to its share price since the calendar flipped over to the new year. On Friday, BlackBerry saw its second straight day of momentum adding 8.01% to its price and briefly hitting a new 52-week high of $11.56 before closing the trading session at $9.84. BlackBerry is now trading well above its 50-day and 200-day moving averages and many analysts believe the Waterloo, Ontario-based firm is in for a big turnaround year.
The catalyst that started BlackBerry’s ascent this week was the deal it made with Chinese telecom behemoth Huawei for thirty of BlackBerry's mobile phone patents. Well, BlackBerry has not manufactured a mobile phone since 2016 so the patents were really just sitting around collecting dust. It has also been reported that BlackBerry still has over 38,000 more patents in its library so they are in no danger of running out of cash anytime soon.
BB stock news
BlackBerry has also been in the news lately with some big tech companies as it settled an ongoing dispute with Facebook (NASDAQ:FB) over some patent infringement accusations. BB has also established a very valuable relationship with Amazon (NASDAQ:AMZN) when it comes to its connected car platform IVY, which is partnered with Amazon Web Services to transform the automotive software industry.
The author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
This article is for information purposes only. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. It is important to perform your own research before making any investment and take independent advice from a registered investment advisor.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to accuracy, completeness, or the suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. The author will not be held responsible for information that is found at the end of links posted on this page.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD climbs back above 1.0750 ahead of ADP, Fed Minutes
EUR/USD has regained lost ground above 1.0750 in the European session on Wednesday. The pair draws support from the renewed US Dollar weakness, in the aftermath of the dovish Fed Chair Powell's comments. Eyes turn to US ADP data, Fed Minutes.
GBP/USD retakes 1.2700, looks to US data/Fed minutes
GBP/USD is battling 1.2700 in European trading on Wednesday, attempting a modest bounce. Traders appear reluctant and prefer to wait on the sidelines ahead of the FOMC minutes while the UK elections on Thursday also keep them on the edge. US ADP data eyed as well.
Gold jumps toward $2,350, with eyes on key US events
Gold price is closing in on $2,350 in the European trading hours on Wednesday, staging a rebound amid a fresh leg down in the US Dollar. Gold price capitalizes on dovish Fed Chair Powell's remarks on Tuesday, which added to the September rate cut expectations. US ADP data and Fed Minutes on tap.
Bitcoin price struggles around $61,000 as German government transfers, miners activity weigh
U.S. spot Bitcoin ETFs registered slight outflows on Tuesday. The German Government transferred another 832.7 BTC, valued at $52 million, on Tuesday.
ADP Employment Change Preview: US private sector expected to add 160K new jobs in June
The United States ADP Research Institute will release its monthly report on private sector job creation for June. The announcement is expected to show that the country’s private sector added 160K new positions in June after adding 152K in May.