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BlackBerry stock price surges causing Twitter users to remember their love for its phones

·Anchor, Editor-at-Large
·3 min read

Maybe BlackBerry should get back into the phone business.

BlackBerry is the latest stock with a large short position to be tossed into the speculative buying mania, enveloping some of the riskiest areas of the stock market. Shares rose 30% by early afternoon trading on Monday, despite no fresh positive news. BlackBerry told the Investment Industry Regulatory Organization of Canada Monday it was not aware of any new material information that would send the stock price higher, according to Reuters.

BlackBerry’s ticker symbol “BB” was the second most trafficked ticker page on Yahoo Finance Monday behind GameStop (which is leading the speculative bubble).

The gas for BlackBerry’s sizzling rise looks to be it selling 90 patents to Huawei, but that happened several weeks ago. But hey, in a buying mania like the one right now — buyers are gonna buy.

Unlike other very risky stocks exploding right now (see GameStop and Express), BlackBerry arguably has the best underlying fundamentals. Under long-time CEO John Chen, BlackBerry has pivoted somewhat successfully to supplying infotainment technology to automakers and cybersecurity solutions. The company exited the smartphone market in late 2016 amid years of losing market share to Apple and Google.

For the nine months ended Nov. 30, BlackBerry generated adjusted sales of $704 million and net profits of $85 million powered by its initiatives in auto tech and cybersecurity.

Despite the business model pivot, many people still think of BlackBerry as a phone maker. The stock price’s surge sent Twitter users out in force to share mostly fond memories of using their BlackBerry devices, which were known as Crackberries for their very addictive email and messaging interfaces.

Here are some noteworthy tweets (BlackBerry was a trending topic on Twitter for most of Monday):

Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

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