According to a press release, Blackberry has signed a deal with BMW that will have the two working together to develop technology for the latter’s next generation of vehicles. That includes the licensing of BB’s QNX tech and sending a support group of engineers to help with vehicle automation plans.
Blackberry notes that this will have its engineers working on new SAE Level 2/2+ self-driving functions. The goal would be for this to end up in multiple vehicles across different makes and models.
The initial news of the BMW deal sent BB stock higher when shares started trading this morning. However, the stock didn’t retain those gains and quickly started to sink back down to its closing price on Tuesday.
It’s worth noting that BB is a meme stock, which means it’s often subject to volatility. That’s exacerbated by the fact the shares trade below $10 each. This makes it easier for traders to get into the stock when news like this comes around. That results in it running higher before eventually falling.
Backing that up is decent trading of BB stock today. The company has seen roughly 9 million shares change hands as of this writing. That’s close to its daily average trading volume of about 9.3 million shares.
BB stock is down 1.4% as of Wednesday afternoon but is still up 28.9% since the start of the year.
Investors looking for more stock market news today are in luck!
InvestorPlace has all the latest stock coverage traders need for Wednesday. That includes what’s happening with Roblox (NYSE:RBLX), CF Acquisition Corp VI (NASDAQ:CFVI), and Nio (NYSE:NIO) today. You can learn more about those matters at the links below!
More Wednesday Stock Market News
- RBLX Stock Alert: 13 Things for Roblox Investors to Know as Shares Stumble
- CFVI Stock Pops on 2 Big ‘Trump Trade’ Stories. Here’s What to Know.
- Nio Day 2022: 13 Things for Nio Stock Investors to Expect on Dec. 18
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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