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July 21, 2014
10:36 EDTGPROGoPro initiated with a Market Perform at Raymond James (pre-open)
News For GPRO From The Last 14 Days
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October 7, 2015
12:20 EDTGPROOn The Fly: Top stock stories at midday
Stocks on Wall Street opened with gains as investors grew optimistic about economic growth as oil prices continued to rally. The market moved to sharply higher gains at the outset and then stalled following the release of the weekly energy inventory report. The larger than expected build of crude oil inventories pushed the price of oil lower and took the broader equity market with it. Each of the major indices has crossed back into the green, but they are all trading close to the flat line near midday. ECONOMIC EVENTS: In the U.S., the greater than expected build up in crude oil inventories pushed WTI crude back below $48 per barrel. The EIA reported that crude oil inventories rose by 3.07M barrels, versus the consensus forecast for a 2.25M barrel build. A report on consumer credit in August is scheduled for 3 pm EDT. COMPANY NEWS: Yum! Brands (YUM) was the worst performer in the S&P 500, falling 18% after the restaurant brand owner reported worse than expected third quarter financial results and gave weaker than expected guidance amid a slower than expected recovery in its sales in China... Monsanto (MON) shares initially dropped following the company's report of worse than expected quarterly losses, but the stock recovered to be flat near noon. The genomics giant gave ongoing earnings guidance for the new fiscal year that missed expectations, but it also confirmed its five-year plan to more than double ongoing earnings per share along with announcing a new $3B accelerated share repurchase program and saying it sees cutting 2,600 jobs over next 18-24 months as part of its restructuring plans... Anheuser-Busch InBev (BUD) made a third proposal to combine with SABMiller (SBMRY), upping its offer for the rival brewing giant to 42.15 pounds a share. Altria Group (MO), SABMiller's largest shareholder, said it supports a proposal of GBP 42.15, or higher, with a partial share alternative, and would be prepared to elect the partial share alternative. However, SABmiller, said this morning that the new overture still undervalues it "very substantially." MAJOR MOVERS: Among the notable gainers was Freeport-McMoran (FCX), which jumped 10% after the company added two Carl Icahn representatives to its board. Also higher was SunEdison (SUNE), which gained 8% after the Wall Street Journal reported that the company won't complete its planned $700M purchase of Latin American Power. Among the noteworthy losers was GoPro (GPRO), which dropped 7% after Morgan Stanley lowered its price target on the stock to $35 from $62 due to disappointing Session sales. Also lower was Nu Skin (NUS), which dropped 25% after cutting its guidance for the third quarter, citing lower than expected sales of its new cosmetic oils in China during August and September. INDEXES: Near midday, the Dow was up 23.38, or 0.14%, to 16,813.57, the Nasdaq was up 0.89, or 0.02%, to 4,749.25, and the S&P 500 was up 3.28, or 0.17%, to 1,983.20.
11:33 EDTGPROGoPro drops to 52-week low after Morgan Stanley slashes price target
GoPro (GPRO) shares, which are down over 50% year-to-date, fell to a new 52-week low in morning trading after an analyst from Morgan Stanley lowered the action camera maker's price target as a result of disappointing sales of its Session device. WHAT'S NEW: Morgan Stanley analyst James Faucette maintained an Equal Weight rating on GoPro's shares but slashed his price target on the stock to $35 from $62, saying that "disappointing" HERO4 Session sales indicate future disappointments, absent marked improvements in usability. Faucette said that recent checks were "decidedly more negative" since customers prefer the HERO4 Silver's screen and video quality over the Session's smaller form factor. Disappointing demand for the Session resulted in the company deciding to reduce the price to $299 a week ago, down $100 lower than the $399 price tag in July, the analyst noted. Faucette added that mobile software improvements and editing are still lagging behind apps available on Google's (GOOG) Android and Apple's (AAPL) iOS systems. WHAT'S NOTABLE: On September 23, Cowen also lowered its price target on GoPro shares to $60 from $76, saying that the slower than expected sales for the HERO4 Session now seem well discounted. Separately, on September 19, Alexander Eule argued in a Barron's article that GoPro's share price may drop to as low as $25, calling the company's cameras a "one-product wonder" akin to BlackBerry (BBRY) smartphones and Palm digital organizers. Three days later, GoPro chief executive officer Nick Woodman said in an interview with CNBC that it was "short-sighted" to refer to his company as a "one trick pony." Woodman added that the Session was selling against incumbents and that it was unreasonable to believe it would immediately become a top seller. RISING COMPETITION: In the same CNBC interview, GoPro's head said that companies such as Sony (SNE), which is viewed as a major competitor in the market for cameras, have actually helped GoPro expand total reach and that its market share has grown since Sony entered the market. In addition, on September 22, Woodman said that he does not believe Apple (AAPL), which was granted patents for action cameras in January, is "investing and exploring GoPro-like devices," Fortune reported. PRICE ACTION: In morning trading, GoPro shares dropped 9.7% to $27.69. Earlier in the session, the stock hit a new 52-week low of $27.52. ANOTHER TO WATCH: Ambarella (AMBA), which supplies chips to GoPro, fell 2.5% to $60.15.
08:22 EDTGPROGoPro price target lowered to $35 from $62 at Morgan Stanley
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October 5, 2015
14:16 EDTGPROAnalyst argues Fitbit shares overvalued, GoPro headed for sales rebound
GoPro's (GPRO) current product cycle will likely yield near-term revenue slowdown but also positions the company nicely for a 2016 sales rebound, Sterne Agee analyst Rob Cihra reminded investors in a research note this morning. The company chose not to refresh its flagship cameras and instead launched the smaller Session device, which Cihra says has "disappointed" so far. However, that same sales dip makes the company's user base ripe for the eventual release of the HERO5 as well as GoPro's planned quad-copter, argues Cihra, who keeps a Buy rating on the stock. Meanwhile, the analyst maintained his Neutral rating on Fitbit (FIT) shares, explaining that while the fitness wearables maker looks "very strong" heading into the holidays, current valuations appear to price the stock as if Fitbit has already won the wearables market. However, Cihra thinks the race is "only just getting going." PRICE ACTION: In afternoon trading, GoPro slid 2.6% to $29.64, while Fitbit gained 2.7% to $38.32.
September 30, 2015
10:30 EDTGPROGoPro spike attributed to Google stake speculation
The move higher in shares of GoPro (GPRO) is being attributed to speculation that Google (GOOG, GOOGL) may take a stake in the name. Shares of GoPro are up 5%, or $1.46, to $31.32 in morning trading.
September 29, 2015
11:09 EDTGPROGoPro announces launch of channel on Comcast Watchable
GoPro (GPRO) announced it's bringing the GoPro Channel to Watchable, Comcast's (CMCSA, CMCSK) new, cross-platform video service. GoPro's first Multichannel Video Programming Distributor agreement will deliver GoPro content to users on iOS,, and X1. Launching in beta, all Watchable content is free, the company stated.
10:00 EDTGPROOn The Fly: Analyst Initiation Summary
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September 28, 2015
16:08 EDTGPROGoPro initiated with a Buy at Sterne Agee CRT
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10:08 EDTGPROGoPro Hero 4 Session sales underperforming, says JPMorgan
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07:18 EDTGPROGoPro announces release of HERO+ camera
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September 25, 2015
16:35 EDTGPROStocks end week lower as biotechs sink, Volkswagen crashes
Stocks ended the week lower after concerns about drug prices were reignited, sinking biotech stocks, an emissions scandal engulfed Volkswagen (VLKAY), dragging down shares of automakers and their suppliers, and Caterpillar (CAT) announced that it may eliminate as many as 10,000 jobs in the next three years as commodity prices continue to slump. MACRO NEWS: Following the Federal Reserve's decision last week to wait before raising rates, the central bank made a concerted effort to give the market more clarity this week. Over last weekend, three Federal Reserve officials - San Francisco Fed President John Williams, St. Louis Fed President James Bullard and Richmond Fed President Jeffrey Lacker - all argued that an interest-rate increase is still warranted this year. Then, on Thursday night, Fed Chair Janet Yellen said during a speech at UMass Amherst that the central bank remains inclined to hike rates this year. Yellen's remarks were incrementally hawkish, but welcomed by the market, since they helped clarify the message the Fed delivered a week ago... In the U.S., Markit's flash manufacturing purchasing manager's index was flat at 53.0 in September, which was slightly better than the expectation for it to dip to 52.8. Durable goods orders for August declined 2.0%, versus expectations for a drop of 2.3%. When transportation items were removed, the core reading was breakeven, versus expectations for a rise of 0.1%. The third estimate of second quarter GDP showed the economy grew 3.9% quarter-over-quarter, versus expectations for the GDP growth estimate to stay at 3.7%. Personal consumption in Q2 is now believed to have grown 3.6%, up from the prior estimate of 3.1%. The final University of Michigan consumer sentiment reading for September came in at 87.2, which was down from August's 91.9 but above the expected 86.2 reading... The Asian Development Bank cut its growth forecast for the region, citing a weaker outlook for China and India and a delayed recovery in the world's advanced economies. The bank now sees the Chinese economy growing 6.8% this year and 6.7% next year, down from its previous forecasts of 7.2% and 7%, respectively. Markit's flash manufacturing PMI for China fell to 47.0 in September from 47.3 last month. Meanwhile, Japanese Prime Minister Shinzo Abe unveiled new economic targets, including a goal for a 20% increase in the target size of the Japanese economy to 600T yen, though he gave no timeframe for achieving this aspiration... In Europe, Markit's composite PMI for the eurozone came in at 53.9 in the first look for September, down from 54.3 in August and below expectations for a reading of 54.1. COMPANY NEWS: Biotech stocks declined after privately-held Turing Pharmaceuticals made headlines by enacting a 5,000% price increase on its treatment for toxoplasmosis, reigniting a debate around drug prices that previously embroiled costly Hepatitis C drugs including AbbVie's (ABBV) Viekira Pak and Gilead's (GILD) Sovaldi and Harvoni. Presidential candidate Hillary Clinton sent the debate to center stage by criticizing the "outrageous" prices of specialty drugs and laying out a plan to tackle "price gouging" in the specialty drug market. The NASDAQ Biotechnology index fell roughly xxx% for the week amid the attention paid to Turing's drug and Clinton's response... Volkswagen (VLKAY) shares trading in New York fell sharply to begin the week and ended the week far from where they'd been last Friday before the EPA said it found manipulations that violate U.S. environmental standards while testing certain of the automaker's diesel cars. The EPA said Volkswagen may face civil penalties of $37,500 for each vehicle not in compliance with federal clean air rules, which could total as much as $18B, according to Reuters. In the wake of the scandal, Chief Executive Officer Martin Winterkorn resigned, with the company's supervisory board subsequently praising the decision and selecting Matthias Mueller, the former head of Porsche (POAHY), as Winterkorn's successor as the company's new CEO... Caterpillar (CAT) shares dropped after the heavy machinery maker announced plans for job cuts and lowered its revenue guidance for this year and next. Caterpillar said that it would lay off 4,000-5,000 of its employees between now and the end of 2016 and could lay off up to 10,000 employees by 2018. Caterpillar cut its fiscal year 2015 revenue forecast by $1B and said its sees its fiscal year 2016 revenue to be 5% below this year, adding that it expects revenue declines in all three large segments next year... Online and mobile deal provider Groupon (GRPN) said it plans to cut 1,100 jobs relating primarily to the company's international operations... Nike jumped after the athletic gear giant reported better than expected earnings and futures orders, prompting numerous price target hikes and at least one upgrade at Street research firms. Among other companies reporting earnings this week, BlackBerry (BBRY), ConAgra (CAG), Carnival (CCL), and CarMax (KMX) fell immediately following their quarterly reports... Apple (AAPL), which has previously been reported to be working on an electric car via its "Project Titan," is speeding up those efforts and setting 2019 as a target to ship its first vehicle, according to The Wall Street Journal... Against the backdrop of China's President Xi Jinping visiting the U.S., Boeing (BA) announced deals to sell 300 planes to three Chinese companies and set up an aircraft factory in in the Asian nation, while Cisco (CSCO) announced a partnership with Chinese server maker Inspur Group... Lloyd Blankfein, Goldman Sachs (GS) Chairman and CEO, disclosed that he was diagnosed with lymphoma. "Fortunately, my form of lymphoma is highly curable and my doctors' and my own expectation is that I will be cured," Blankfein stated in an open letter that was shared by the bank... GoPro (GPRO) finished the week about xxx% lower after Barron's contended in a feature article last weekend that the company's stock could plunge another 30% to $25 as Apple, Sony (SNE) and others pressure the company's "one-hit wonder" products... On the M&A front, Atmel (ATML) agreed to be acquired by German chipmaker Dialog Semiconductor in a deal valued at roughly $4.6B and Starwood Waypoint (SWAY) announced a stock-for-stock merger agreement with Colony American Homes. INDEXES: The Dow lost about 0.43% to close at 16,314.67, the S&P 500 fell about 1.35% to close at 1,931.34, and the Nasdaq declined about 2.89% to close at 4,686.50.
September 24, 2015
06:32 EDTGPRO360-degree video should boost GoPro sales, says JPMorgan
JPMorgan analyst Paul Coster believes GoPro (GPRO) has first-mover advantage in the creation of high-quality, low-cost 360-degree content after being named the exclusive spherical content provider for Facebook's (FB) News Feed. Coster is "still reeling from the experience" of riding yesterday via Facebook with Ronnie Renner across the dunes of Idaho. The launch of 360-degree content on Facebook's News Feed should spur sales of GoPro's hardware and give momentum to the company's media and entertainment initiatives, Coster tells investors in a research note. The analyst keeps an Overweight rating on the action camera maker with a $75 price target. The stock closed yesterday down 67c to $32.64.
September 23, 2015
13:10 EDTGPROGoPro launches 360-degree videos on Facebook
GoPro (GPRO) announces it is bringing "immersive, spherical videos" to Facebook's (FB) News Feed. Beginning today, people on Facebook can experience GoPro 360-degree video directly through their web browser or Android mobile device, the action camera maker said in a press release. In the coming weeks, GoPro will launch additional 360-degree content on Facebook, it added. Shares of the action camera maker are up 10c to $33.41 in afternoon trading.
09:10 EDTGPROGoPro price target lowered to $60 from $76 at Cowen
Cowen lowered its Go Pro price target to $60 from $76, stating that the slower than expected start for the HERO4 Session now look well discounted. The firm also believes competitive concerns are overblown. Cowen reiterated its Outperform rating on GoPro shares.

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