Mobileye Just Scored A Huge Partnership

Bloomberg reported after Wednesday's market close that Mobileye NV MBLY is teaming up with Intel Corporation INTC to develop self-driving car technology that will be integrated in future BMW vehicles. Bloomberg, citing "people familiar with the matter," stated that senior executives from all 3 companies will host a joint press conference on Friday to discuss the new initiative. News of the press conference was confirmed by Mobileye on its investor relations website. The event will be attended by Harald Krueger, BMW's CEO, Brian Krzanich, Intel's CEO, and Mobileye's Co-founder, Chairman and CTO Amnon Shashua. A webcast of the press conference will be streamed live on BMW's website and is scheduled to take place on Friday at 10:00 ET. No other details of the press conference were provided. Intel's announcement on its own investor relations webpage did not provide any other details as well. Interestingly, Mobileye's investor website also contained a link to a press release titled, "BMW introduces new Camera-Only Active Safety Systems" but the link leads to a page that is not available. Shares of Mobileye were trading higher by nearly 10 percent ahead of Thursday's market open at $46.00. Intel's stock was unaffected and trading higher by just 0.13 percent at $31.97.