Why Shares of BlackBerry Gained 11.7% in May
Shares of mobility-technology company BlackBerry Limited (NYSE: BB) rallied 11.7% in May, according to data provided by S&P Global Market Intelligence. A revival of interest in so-called "meme stocks" spurred buying that wasn't backed up by any new bullish developments for the company.
Although the bulk of meme stock mania thus far has put the spotlight on AMC Entertainment Holdings -- and to a lesser degree, Bed Bath & Beyond -- BlackBerry has been swept up in the same movement. Shares quadrupled in value during the latter half of this past January after small retail traders organized themselves in an effort to spark short squeezes from certain stocks that had been heavily shorted by hedge funds.
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Source Fool.com
