Mobileye NV (NYSE: MBLY)
Mobileye was off to what seemed like a relatively normal day in the market today. When the trading session started, the stock was already trading slightly in the green. From there, it took a bit of a dive into the red. Throughout the day, we've seen some upward movement and some downward movement, keeping the stock near the breakeven point. Nonetheless, minutes ago, the stock started to spike. Below, we'll talk about what we're seeing from MBLY, why, and what we'll be watching for ahead.
What We're Seeing From MBLY
As mentioned above, Mobileye was having a normal day in today's trading session. At the open, the stock was trading in the green before quickly making it to the red. Throughout the day, the stock teetered above and below the line, but none of the movement has been worth writing home about. That is, until minutes ago, when the stock started to spike. At the moment (12:00), MBLY is trading at $45.07 per share after a gain of $1.75 per share (4.04%) thus far today.
Why The Stock Is Climbing
As is almost always the case, our partners at Trade Ideas were the first to inform us of the spike on MBLY. As soon as we received the alert, the CNA Finance team started digging to see exactly what was causing the gains. It didn't take long to uncover the story. At the moment, news is breaking that the company is entering into a new partnership.
The partnership is said to be with Volkswagen. According to the news coming down the wire, Mobileye is moving forward with a partnership with Volkswagen to help with the development of autonomous vehicles. Of course, this could prove to be a massive partnership in the making that could bring incredible revenue to the company ahead.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be watching MBLY closely. While we watch, we'll be looking particularly for news surrounding this partnership. Of course, we'll be sure to bring you the news as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!