GoPro's Stock Surges After Upbeat Comments From Chip Supplier

GoPro Inc.'s stock shot up 3.4% in premarket trade Friday, after a key chip supplier was upbeat about the outlook for the wearable sports camera market. Ambarella Inc. Chief Financial Officer George Laplante said in a conference call with analysts late Thursday, that although the wearable market remains a headwind through the first half of the year, "we're expecting the wearable market to return to somewhat normal levels in the second half," according to a transcript provided by FactSet. Ambarella's stock shot up 9.5% premarket, after the company reported late Thursday better-than-expected fiscal first-quarter profit and sales. GoPro's stock was down 40% year to date through Thursday, but has run up 22% since closing at a record low of $8.80 on May 18.