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We recently published a list of These 10 Firms Took A Hit on Friday. In this article, we are going to take a look at where BlackBerry Limited (NYSE:BB) stands against other firms that took a hit on Friday.
Wall Street’s main indices all finished in the green territory on Friday, as investors repositioned their portfolios ahead of president-elect Donald Trump’s return to office.
The Dow jumped by 0.78 percent, while the S&P surged by 1 percent. Meanwhile, Nasdaq soared 1.51 percent.
However, ten companies under mixed sectors bucked an overall positive market sentiment as multiple negative factors put pressure on investor sentiment. In this article, let’s look at the reasons that dragged their shares performance.
To come up with the top 10 losers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A research engineer surrounded by hardware, demonstrating the company's secure container offerings.
BlackBerry Limited (NYSE:BB)
BlackBerry Limited's (NYSE:BB) share prices dropped by 5.23 percent on Friday to finish at $3.99 each as investors repositioned their portfolios following the departure of Jay Chai from his position as senior vice president and chief accounting officer for the company effective January 31, 2025.
According to BlackBerry (NYSE:BB), Chai’s decision to leave the company was to pursue other opportunities. It clarified that the resignation was not due to any disagreements with the company’s strategy, operations, policies, or practices.
At present, BlackBerry (BB) has yet to name a successor for Chai, or whether a search for a new chief accounting officer is underway.
In other news, BlackBerry (BB) recently clinched a deal with Microsoft Corp. to speed up the development of software-defined vehicles (SDV).
The collaboration is set to integrate the QNX software development platform (SDP) 8.0 with Microsoft Azure, a move that will offer developers a robust cloud environment to innovate and refine automotive and Internet of Things applications.
Overall, BB ranks 7th on our list of firms that took a hit on Friday. While we acknowledge the potential of BB as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as BB but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.