BBRY...BlackBerry Unit Working On Autonomous Cars; Stock Reacting To News

Blackberry's BBRY stock is up this afternoon as the company enters the semi-autonomous car space. Luxoft Holding, Inc. LXFT, a software development services and innovative IT solutions provider, and Blackberry's subsidiary, QNX Software Systems Limited, announced the new technology collaboration on Tuesday. The partnership involves focusing on ADAS systems used by automotive original equipment manufacturers (OEMs) and Tier 1 suppliers. Blackberry's shares are up following the latest news. The stock is trading higher by 4.76 percent or $0.36 as a reaction to the recent news. BBRY traded at $7.93 per as of Tuesday afternoon. Blackberry's stock fell 25.78 percent since May 12, 2015 and has a downward trend. Luxoft shares quickly rose to 1.6 percent. LXFT shares eased to a 1.1 percent gain at 77.68, just 4 percent off its record high set on December 9 at 80.32. Luxoft has key requirements for ADAS systems to perform high levels of automation. "Luxoft has a broad portfolio of technologies well-suited to help automotive OEMs and Tier 1s as they progress from discrete ADAS implementations to more integrated solutions," stated Andrew Poliak, Global Director of Business Development, QNX Software Systems. "As part of the initiative, Luxoft will leverage its expertise in road-model-based computer vision algorithms for tracking of objects such as vehicles, pedestrians, building facades and road signs to bring a robust road scene reconstruction engine to the QNX OS platform," the companies commented in a joint press release. BBRY has underperformed the S&P 500 by 22.11 percent.