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GPRO

GoPro

$9.83

0.02 (0.20%)

10:33
11/30/16
11/30
10:33
11/30/16
10:33

GoPro rises after announcing plans to cut 15% of workforce amid sales decline

Shares of GoPro (GPRO) climbed after the company said it would cut about 15% of its workforce and close its entertainment division amid a continued sales decline. At the same time, GoPro said it experienced "solid" holiday demand in the U.S. for its HERO5 action camera. RESTRUCTURING: GoPro reported this morning that it will restructure its business, eliminating more than 200 full-time positions from its workforce as well as the cancellation of open positions, resulting in a total workforce reduction about 15%. The restructuring effort, which also includes the closure of GoPro's entertainment division and facilities reductions, will lower 2017 adjusted operating expenses to about $650M and allow GoPro achieve its goal of returning to adjusted profitability in 2017. GoPro expects to incur about $24M-$33M in restructuring charges, including $13M-$18M of cash expenditures from the workforce reduction and $11M-$15M of non-cash expenditures. Most of the charges are expected to be recognized in the fourth quarter. DEPARTURE OF PRESIDENT: GoPro also announced this morning that President Tony Bates, the former CEO of Skype and a Microsoft (MSFT) executive, will depart the company at the end of the year. HERO5: The company also announced that its camera unit sales for the Black Friday week were up over 35% year-over-year at U.S. retailers, adding that Thanksgiving through Cyber Monday sales of camera units at GoPro.com were up approximately 33% year-over-year. According to NPD Group, HERO5 Black has been the best-selling digital imaging device in the U.S. since its launch on October 2. WHAT'S NOTABLE: Earlier this month on its quarterly earnings conference call, GoPro CEO Nick Woodman said the company would cut $130M in operational expenditures in 2017. Woodman said this morning the company has "a lot of work to do to finish the quarter and our fiscal year," but noted that the HERO5 cameras "have been very well-received by critics and consumers alike." GoPro recently said it would recall 2,500 of its Karma drones due to power loss problems. GoPro's sales declined for the last four quarters, but it previously said it expects double digit year-over-year revenue growth in fiscal 2017. PRICE ACTION: GoPro is up over 4% in morning trading to $10.25, though shares are down about 43% year-to-date.

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GPRO GoPro
$9.83

0.02 (0.20%)

11/09/16
RAJA
11/09/16
DOWNGRADE
RAJA
Market Perform
GoPro downgraded to Market Perform from Outperform at Raymond James
11/09/16
11/09/16
DOWNGRADE

Market Perform
GoPro downgraded to Market Perform after drone recall at Raymond James
As previously reported, Raymond James downgraded GoPro to Market Perform from Outperform following the company's announcement of an immediate recall of the roughly 2,500 Karma drones purchased since launch on October 23.. Analyst Tavis McCourt is concerned about GoPro's brand image following a 12-18 month period of product management missteps and its ability to broaden its product portfolio into different areas. McCourt didn't make any changes to 2016 estimates but is less comfortable in potential upside and sustainability of growth in 2017 and beyond.
11/09/16
DOTC
11/09/16
DOWNGRADE
DOTC
Sell
GoPro downgraded to Sell from Neutral at Dougherty
Dougherty downgraded GoPro to Sell from Neutral and lowered its price target to $6 following the drone recall. The analyst is concerned about management's multiple operational stumbles, weak Hero 5 demand, and elevated valuation.
11/09/16
11/09/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. JPMorgan (JPM) downgraded to Neutral from Outperform at Baird with analyst David George noting the stock's outperformance and the higher re-rating of its valuation multiple. 2. GoPro (GPRO) downgraded to Neutral from Outperform at Wedbush, to Market Perform from Outperform at Raymond James, and to Sell from Neutral at Dougherty. 3. Universal Health (UHS) downgraded to Neutral from Buy at BofA/Merrill, to Neutral from Buy at Mizuho, and to Market Perform from Outperform at Avondale. 4. Globus Medical (GMED) downgraded to Market Perform from Outperform at JMP Securities, to Perform from Outperform at Oppenheimer, and to Market Perform from Outperform at William Blair. 5. Delphi (DLPH) and Magna (MGA) were downgraded to Underperform from Buy at BofA/Merrill while the firm downgraded Lear (LEA), American Axle (AXL), Adient (ADNT), and BorgWarner (BWA) to Underperform from Neutral. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

SQ

Square

$15.14

0.51 (3.49%)

15:20
02/22/17
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Options
Square options imply 11.9% move in share price post-earnings, above median historical move »

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TIME

Time Inc.

$19.10

-0.3 (-1.55%)

, MDP

Meredith

15:19
02/22/17
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15:19
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Periodicals
Time Inc only entertaining bids for entire company, NY Post says »

A breakup of Time Inc…

TIME

Time Inc.

$19.10

-0.3 (-1.55%)

MDP

Meredith

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  • 06

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$NSD

NASDAQ Market Internals

15:17
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NASDAQ Market Internals summary »

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$NYE

NYSE Market Internals

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CPB

Campbell Soup

$59.16

0.21 (0.36%)

, KMB

Kimberly-Clark

$135.98

1.34 (1.00%)

15:16
02/22/17
02/22
15:16
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15:16
Periodicals
Campbell Soup, Kimberly-Clark rumored as takeover targets, Kass says »

Doug Kass of TheStreet…

CPB

Campbell Soup

$59.16

0.21 (0.36%)

KMB

Kimberly-Clark

$135.98

1.34 (1.00%)

03/08/13
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AOLS

Aeolus Pharmaceuticals

$0.19

-0.006 (-3.06%)

15:14
02/22/17
02/22
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15:14
Hot Stocks
Aeolus Pharmaceuticals initiates Phase 1 study of AEOL 10150 »

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15:10
02/22/17
02/22
15:10
02/22/17
15:10
General news
Treasury Closing Summary: »

Treasury Closing Summary:…

SA

Seabridge Gold

$11.35

-0.2 (-1.73%)

15:07
02/22/17
02/22
15:07
02/22/17
15:07
Hot Stocks
Seabridge Gold completes sale of Castle-Blackrock claims to Columbus Gold »

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OCN

Ocwen

$5.33

-0.21 (-3.79%)

15:05
02/22/17
02/22
15:05
02/22/17
15:05
Options
Ocwen options imply 15.4% move in share price post-earnings, below median historical move »

Pre-earnings options…

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  • 22

    Feb

AJRD

Aerojet Rocketdyne

$19.17

-0.16 (-0.83%)

, LLL

L-3 Communications

$168.49

-0.31 (-0.18%)

15:02
02/22/17
02/22
15:02
02/22/17
15:02
Hot Stocks
Aerojet Rocketdyne to acquire Coleman Aerospace for $15M in cash »

Aerojet Rocketdyne (AJRD)…

AJRD

Aerojet Rocketdyne

$19.17

-0.16 (-0.83%)

LLL

L-3 Communications

$168.49

-0.31 (-0.18%)

03/08/13
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DO

Diamond Offshore

$16.84

-0.52 (-3.00%)

15:01
02/22/17
02/22
15:01
02/22/17
15:01
Options
Diamond Offshore draws opening call writing »

Diamond Offshore draws…

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VCRA

Vocera

$19.91

-0.035 (-0.18%)

14:59
02/22/17
02/22
14:59
02/22/17
14:59
Conference/Events
Vocera management to meet with William Blair »

Meeting to be held in…

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  • 23

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    Mar

PCTY

Paylocity

$36.86

0.59 (1.63%)

14:55
02/22/17
02/22
14:55
02/22/17
14:55
Conference/Events
Paylocity management to meet with William Blair »

Meeting to be held in…

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SCMP

Sucampo

$12.60

0.8 (6.78%)

, NILE

Blue Nile

14:55
02/22/17
02/22
14:55
02/22/17
14:55
Hot Stocks
Sucampo to replace Blue Nile in the S&P 600 as of February 23 open »

Sucampo Pharmaceuticals…

SCMP

Sucampo

$12.60

0.8 (6.78%)

NILE

Blue Nile

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  • 21

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BPT

BP Prudhoe Bay

$29.68

-0.8716 (-2.85%)

14:53
02/22/17
02/22
14:53
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14:53
Periodicals
BP Prudhoe Bay mentioned cautiously in a Seeking Alpha Pro article 

Reference Link

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TSLA

Tesla

$277.39

5.16 (1.90%)

, GM

General Motors

$37.83

0.02 (0.05%)

14:52
02/22/17
02/22
14:52
02/22/17
14:52
Earnings
On The Fly: What to watch in Tesla earnings report »

Tesla (TSLA) is scheduled…

TSLA

Tesla

$277.39

5.16 (1.90%)

GM

General Motors

$37.83

0.02 (0.05%)

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  • 22

    Feb

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    Feb

FIT

Fitbit

$5.81

-0.23 (-3.81%)

14:51
02/22/17
02/22
14:51
02/22/17
14:51
Options
Healthy volume in FitBit weekly options ahead of earnings later today »

Healthy volume in FitBit…

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  • 22

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TSLA

Tesla

$277.39

5.16 (1.90%)

14:50
02/22/17
02/22
14:50
02/22/17
14:50
Options
Tesla options imply 9.8% move in share price post-earnings, above median historical move »

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  • 22

    Feb

PM

Philip Morris

$104.33

-0.23 (-0.22%)

14:49
02/22/17
02/22
14:49
02/22/17
14:49
Earnings
Philip Morris raises FY17 EPS view to $4.80-$4.95 from $4.70-$4.85 »

Consensus $4.80. PMI is…

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PBPB

Potbelly

14:46
02/22/17
02/22
14:46
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14:46
Conference/Events
Potbelly management to meet with William Blair »

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  • 22

    Feb

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APA

Apache

$55.25

-0.64 (-1.15%)

, HRL

Hormel Foods

$37.21

-0.39 (-1.04%)

14:44
02/22/17
02/22
14:44
02/22/17
14:44
Earnings
Notable companies reporting before tomorrow's open »

Notable companies…

APA

Apache

$55.25

-0.64 (-1.15%)

HRL

Hormel Foods

$37.21

-0.39 (-1.04%)

KSS

Kohl's

$41.28

-0.5 (-1.20%)

PF

Pinnacle Foods

$54.75

-0.49 (-0.89%)

CHK

Chesapeake

$5.97

-0.11 (-1.81%)

CNK

Cinemark

$43.25

0.37 (0.86%)

AMCX

AMC Networks

$57.69

1.86 (3.33%)

W

Wayfair

$41.08

0.82 (2.04%)

SFM

Sprouts Farmers Markets

$19.32

0.2 (1.05%)

TREE

LendingTree

$113.60

0.65 (0.58%)

TXMD

TherapeuticsMD

$5.56

-0.03 (-0.54%)

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TSLA

Tesla

$277.39

5.16 (1.90%)

, HPQ

HP Inc.

$16.15

0.02 (0.12%)

14:44
02/22/17
02/22
14:44
02/22/17
14:44
Earnings
Notable companies reporting after market close »

Notable companies…

TSLA

Tesla

$277.39

5.16 (1.90%)

HPQ

HP Inc.

$16.15

0.02 (0.12%)

CTRP

Ctrip.com

$47.06

1.43 (3.13%)

ETE

Energy Transfer Equity

$18.90

-0.15 (-0.79%)

LB

Labarge

RRC

Range Resources

$30.27

-0.15 (-0.49%)

SQ

Square

$15.10

0.47 (3.21%)

RIG

Transocean

$13.23

-0.245 (-1.82%)

SLCA

U.S. Silica

$59.37

1.27 (2.19%)

JACK

Jack in the Box

$107.37

-0.09 (-0.08%)

CAKE

Cheesecake Factory

$60.67

-1.16 (-1.88%)

PLKI

Popeyes

$78.73

12.61 (19.07%)

FIT

Fitbit

$5.81

-0.23 (-3.81%)

ELGX

Endologix

$6.49

-0.27 (-3.99%)

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  • 17

    Apr

I

Intelsat

$4.48

-0.19 (-4.07%)

14:41
02/22/17
02/22
14:41
02/22/17
14:41
Options
Ambitious call buying in Intelsat as shares drop off 52-week highs »

Ambitious call buying in…

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  • 22

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TPIV

TapImmune

$4.30

-0.1 (-2.27%)

14:38
02/22/17
02/22
14:38
02/22/17
14:38
Periodicals
TapImmune cancer vaccine efforts highlighted in Fox News affliate report »

Fox News 13 of…

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LYB

LyondellBasell

$93.78

-0.74 (-0.78%)

14:36
02/22/17
02/22
14:36
02/22/17
14:36
Options
LyondellBasell put volume heavy and directionally bearish »

Bearish flow noted in…

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