GoPro's Stock Rallies After PlayStation Channel Announced

GoPro Inc.'s stock climbed 1.5% in premarket trade Tuesday, after the wearable action camera company unveiled a new GoPro Channel has become available on PlayStation gaming systems. The new channel app will allow PS4 and PS3 owners to stream GoPro content on demand, as well as shop for GoPro products. ""We want GoPro content and programming to be easily accessible on every platform where our millions of fans spend time," said Jon Cohen, GoPro's director of distribution. The stock has tumbled 46% over the past three months, and 71% year to date, amid growing concerns over a lack of demand and growing competition.