Blackberry(NYSE:BB) stock is on the move Wednesday after announcing a multi-year agreement with Bayerische Motoren Werke(OTCMKTS:BMWYY).
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 up 3.84% as of Wednesday afternoon but is still up 34.69% since the start of the year.
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