This article is a preview of The Logic’s Daily Briefing newsletter, sent every weekday. Sign up for a free trial.
BlackBerry’s stock opened up more than 40 per cent on Monday morning, building on a burst of trading that has seen the Waterloo, Ont.-headquartered firm’s share price nearly triple this year. The smartphone pioneer turned security-software maker didn’t make any particularly notable announcements over the weekend. Its rise on the New York and Toronto stock exchanges instead seems to be driven by the same market exuberance that’s revived the stock of GameStop.
Here’s what BlackBerry’s share price looks like over the last six months:
Who’s moving markets?: Readers of /r/wallstreetbets, a Reddit forum with nearly 2.2 million members there to talk stock picking and personal finance strategy.
BlackBerry’s rise: The share price, mostly flat for much of last year, started to lift on January 14, a couple of days after its presentation at J.P. Morgan’s annual automotive-technology forum. Trading volumes have remained significantly inflated ever since. Popular Reddit threads include “why it will go up to $180,” “Why the re-rise of BlackBerry and why it won’t stop there” and “BlackBerry does stuff.” There are also bear threads, including “The case against QNX,” its automotive-technology division.
BlackBerry says: It “is not aware of any material, undisclosed corporate developments and has no material change in its business or affairs that has not been publicly disclosed that would account for the recent increase in the market price or trading volume of its common shares.”
Share the full article!Send to a friend
Thanks for sharing!
You have shared 5 articles this month and reached the maximum amount of shares available.Close
This account has reached its share limit.
If you would like to purchase a sharing license please contact The Logic support at [email protected].Close
Share the full article!
Share the full article with your friends. Recipients will be able to read the full text of the article after submitting their email address. They will not have access to other articles or subscriber benefits.
You have shared 0 article(s) this month and have 5 remaining.
The bigger picture: Market observers have credited volatility in part to the growing number of homebound day traders on low or no-fee services like Robinhood, particularly U.S. ones investing stimulus cheques.