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Why BlackBerry Ltd. Rallied Over 23% Last Week

What?

Cybersecurity software and services company BlackBerry Ltd. (TSX:BB)(NYSE:BB) watched its stock jump over 23% last week, thanks to a rally of just over 15% that began on Wednesday morning following its announcement that it and Baidu Inc. (NASDAQ:BIDU) are partnering to “accelerate connected and autonomous vehicle technology.”

So what?

Baidu will be using BlackBerry QNX’s “industry-leading” ISO26262 ASIL-D certified safety operating system as the foundation of its Apollo autonomous driving platform, which has now attracted over 70 global partners. The two companies will also work together to integrate Baidu’s CarLife software, its conversation AI system DuerOS, and its high definition maps to run on BlackBerry’s QNX Car Platform.

Now what?

BlackBerry is now up more than 27% since its third-quarter earnings release on December 20, and I thought it represented an attractive long-term investment opportunity at the time, and I think this partnership with Baidu makes it even more attractive. Foolish investors should take a closer look and strongly consider initiating positions today with the intention of adding to those positions on any weakness in the trading sessions ahead.

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Fool contributor Joseph Solitro has no position in any stocks mentioned. David Gardner owns shares of Baidu. Tom Gardner owns shares of Baidu. The Motley Fool owns shares of Baidu and BlackBerry. Baidu and BlackBerry are recommendations of Stock Advisor Canada.

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