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GoPro Spikes on Drone Plans, Amazon Tumbles on Food Expansion

NEW YORK ( TheStreet) -- GoPro (GPRO - Get Report) jumped after announcing plans to build a camera-equipped drone and also design a camera ball for virtual reality images. Amazon.com (AMZN - Get Report) slipped on reports the e-commerce giant is eyeing an expansion of its private label grocery offering. Twitter (TWTR - Get Report) rose on comments made by its CEO at the Re/Code conference. Google (GOOGL - Get Report) stayed flat despite a plethora of announcements at its developer Google I/0 conference.

GoPro spiked 6.6% to close at $56.81, on a day when the broader markets fell.

The high-adventure video camera maker soared after CEO Nick Woodman announced the company is planning to build the hardware to create a camera-equipped drone, or "quadcopter." The company plans to team up with other manufacturers to supply the software and cameras for the drone.

Additionally, GoPro also announced plans to develop a six-camera attachment called the Six-Camera Spherical Array that will provide a 360-degree video image. These images will be used when consumers are engaged in virtual reality simulations.

Users will combine the videos with Google's technology, according to a Reuters report. Additionally, GoPro's virtual-reality camera will work with Microsoft's (MSFT) HoldLens, headset maker Oculus Rift, smartphones and PCs.


Amazon.com fell 1.1% to finish the session at $426.57.

A report in the Wall Street Journal stated Amazon is gearing up to expand its line of private-label groceries and household items. The report noted Amazon.com has approached such large private-label food makers as TreeHouse Foods (THS), as well as other private-label food manufacturers. 

Amazon.com's plans to make a bigger dent in groceries follows the move of more traditional brick-and-mortar retailers that have also been expanding into groceries over the years, including Target (TGT) and Wal-Mart Stores (WMT).


Twitter climbed 1.2% to end the day at $36.83.

During Re/code's Code Conference, the organization's co-founder, Kara Swisher, asked Twitter CEO Dick Costolo a direct question that has been on the minds of industry observers, according to a report"Are you going to have your job by the end of the year?" 

Costolo apparently took it in stride and responded that he and Twitter's board are aligned on the company's strategy and how it needs to be accomplished, according to the report, which quoted Costolo as adding, "I don't worry about whether I'll be there at the end of the year."

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Google remained flat down, closing at $554.18. 

Its shares remained at a standstill despite issuing a number of announcements at its developer conference Google I/0.

Among Google's announcements included plans to compete head on with Apple's (AAPL) Apple Pay. Google unveiled its Android Pay, which will work at more than 700,000 retail locations, according to a report in Fortune

Google also introduced its next mobile operating system, which currently goes by Android M, according to the report. Google expects to have its new Android OS ready to go in the third quarter.

Also, Google has its virtual reality arrangement with GoPro, which will use Google's new virtual reality video platform, Jump, that it debuted at its I/0 conference.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.

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SYM TRADE IT LAST %CHG
AMZN $617.43 1.70%
GOOGL $733.17 0.31%
GPRO $15.27 -5.70%
TWTR $19.64 -1.70%
AAPL $98.53 1.62%

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