BlackBerry Stock Soars on Software Sector Pivot
BlackBerry Ltd (NYSE:BB) stock rose 10.2% to $5.97 after a Wall Street Journal report praised the company's pivot into the software sector, highlighting its QNX operating system used in 275 million cars. The stock has gained 56.2% year-to-date and shows signs of a potential short squeeze.
BlackBerry Ltd (NYSE:BB) stock is up 10.2% to $5.97 following a Wall Street Journal report praising its pivot into the software sector. The company's QNX operating system powers driver-assistance features in approximately 275 million cars and accounts for half of BlackBerry's total revenue. BlackBerry's stock has gained 56.2% year-to-date and recently notched a 52-week high of $8.48. Short interest rose 17.6% in the last two reporting periods, with 30.48 million shares sold short. Options traders are currently bearish, but a shift is underway with 61,000 calls exchanged today, triple the typical amount. The most popular contract is the weekly 5/8 6-strike call.
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