By Rex Crum, MarketWatch Digital-camera maker rises after plans
for secondary stock offering
SAN FRANCISCO (MarketWatch) -- Tech stocks put in a strong
performance Tuesday, with GoPro Inc. among the advancers even after
the digital-camera maker and several big shareholders filed to sell
more than 10 million shares of the company's stock.
Maintaining their recent upward trajectory, GoPro shares (GPRO)
were up 4% at $84.73 after Chief Executive Officer Nick Woodman
said in a filing with the Securities and Exchange Commission that
he plans to sell 4.08 million shares, worth $332.4 million, in the
secondary offering. Woodman and other GoPro shareholders, including
funds managed by Riverwood Capital, are slated to sell a total of
9.07 million shares. GoPro itself plans on selling 1.29 million
shares in an offering that would raise more than $877 million based
on GoPro's current trading price.
Ambarella Inc. (AMBA), which supplies video-capturing and
processing chips for GoPro cameras, was also flexing its muscle, as
its shares rose more than 5% to $51.40.
Among leading tech stocks, gains came from Apple Inc. (AAPL),
Amazon.com Inc. (AMZN), Netflix Inc. (NFLX) and Google Inc.
(GOOGL).
The tech-heavy Nasdaq Composite Index (RIXF) rose 25 points, or
0.5%, to 4,696, while the Philadelphia Semiconductor Index (SOX)
was up by more than 1%.
RELATED: Apple Pay, in-person deals to drive mobile payment
growth(Apple Pay, in-person deals to drive mobile payment growth
http://www.marketwatch.com/storyno-meta-for-guid.)
RELATED: Amazon keeps cutting consumer goods prices(Amazon keeps
cutting consumer goods prices
http://www.marketwatch.com/storyno-meta-for-guid.)
RELATED: Chill puts U.S., and stocks, in a deep freeze(Chill
puts U:S:, and stocks, in a deep freeze
http://www.marketwatch.com/storyno-meta-for-guid.)
Subscribe to WSJ: http://online.wsj.com?mod=djnwires