BlackBerry (NYSE:BB), an enterprise security software provider, closed Monday at $5.58, up 2.86%. The stock moved higher as coverage of its QNX automotive software momentum kept the company’s software pivot in the spotlight. Trading volume reached 50.6 million shares, about 341% above its three-month average of 11.5 million shares. BlackBerry IPO’d in 1999 and has grown 190% since going public.
How the markets moved today
S&P 500 slipped 0.40% to 7,201, while the Nasdaq Composite eased 0.19% to finish at 25,068. Among software infrastructure peers, Cisco Systems closed at $92.63, up 0.85%, and Palo Alto Networks ended at $184.56, gaining 1.92%.
What this means for investors
BlackBerry’s resurgence to popularity as a turnaround stock continued to gain steam today after an interview about the company’s QNX unit got a lot of attention from the market. BlackBerry’s “hidden” software from its QNX unit is in over 275 million cars on the road. BB works with all 10 of the top automakers and 24 of the top 25 EV makers, helping securely deliver features such as advanced driver assistance systems and the critical software that powers vehicles.
However, QNX is for more than just autos. The unit also counts nine of the top ten medical device companies as customers and recently partnered with Nvidia “to support regulated, AI‑enabled systems across robotics, medical technologies, industrial applications and more.”
Despite rising 64% in the last three months, BlackBerry is a turnaround stock worth monitoring as QNX rides secular AI tailwinds.
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Josh Kohn-Lindquist has positions in Nvidia. The Motley Fool has positions in and recommends Cisco Systems and Nvidia. The Motley Fool recommends BlackBerry and Palo Alto Networks. The Motley Fool has a disclosure policy.
Stock Market Today, May 4: BlackBerry Jumps After QNX Software Momentum Boosts Turnaround Optimism was originally published by The Motley Fool
