- Go Pro going in drone business...new product for them...won't bet on that...
- Valuation still expensive
- no advantage for them in drone business, late entry...
- stock testing 200d MA, perfect timing to short...
- product will be availabke in h1 2016....so late....stock can lose 50% beofre that/....
(Bloomberg) -- GoPro Inc. rose to a four-month high after the maker of action cameras announced plans to develop drone and virtual-reality businesses.
The shares rose 7.7 percent to $57.35 at 9:39 a.m. in New York. The stock was down 16 percent for the year through Wednesday.
GoPro is developing a drone, which will be available in the first half of next year, Chief Executive Officer Nick Woodman said at the Code Conference in California on Wednesday. He declined to state pricing and and other specifics of the product.
The San Mateo, California-based company also is developing what it calls a Six-Camera Spherical Array, which will allow recording for video and pictures for virtual reality, Woodman said. It will be available in the second half of this year.
The product will use technology developed by Kolor, a startup that makes software for creating 360-degree videos or panoramas, which GoPro acquired in April.
