Market Movers: GoPro Plans Layoffs, Considers Selling Itself

GoPro Plans Layoffs

The Economy

Saudi Arabia Converts Aramco Into Joint-Stock Company Ahead of IPO

Saudi Arabia has converted national oil giant Aramco into a joint-stock company in preparation for an IPO later this year. The plan is to sell 5% of the company to reduce the nation’s dependence on oil. The IPO could be the biggest in history, raising $100 billion.

The Markets

U.S. Market Stays Flat After Last Week’s Rally

The U.S. stock market stayed flat on Monday following last week’s gains that saw the Dow, S&P and Nasdaq go up by 2.3%, 2.6% and 3.4% respectively. The market was stalled by losses in the healthcare and banking sectors.

GoPro Plans Layoffs, Considers Selling Itself

As part of its preliminary Q4 earnings announcement, GoPro Inc. (NASDAQ:GPRO) said on Monday morning that it plans to cut 20% of its workforce and exit the drone market. Later in the day, reports came out stating that the company is considering selling itself. Its stock plunged by 12.8% at market close.

Apple Releases New Software Update to Fix Chip Flaw

Apple Inc. (NASDAQ:AAPL) has released an updated operating system software to fix a microchip security flaw that affected almost all computer chips made in the last decade. Last week, Google (NASDAQ:GOOG) and other security researchers disclosed two major chip flaws, one called Meltdown affecting only Intel Corp. (NASDAQ:INTC) chips and one called Spectre, which the Apple update aims to solve that left computing devices vulnerable to hackers.

Top Active Stocks

Kohl’s Corp. (NYSE:KSS) jumped by 4.7% on Monday as the company posted impressive same-store sales numbers for the holiday season, up 6.9% compared with the same time last year. The department store operator has also raised its full-year profit outlook.

Amazon (NASDAQ:AMZN) shares went up by 1.4% to $1,246.87 after an Baird analyst raised the stock’s price target to $1,310 from $1,100.

Nvidia (NASDAQ:NVDA) shares went up by 3.1% to $222 following announcement that the company has secured a partnership with Volkswagen, Uber and Baidu to provide graphics chips for artificial intelligence in driverless cars.

Caterpillar Inc. (NYSE:CAT) shot up by 2.5% as the company received an upgrade from JP Morgan, citing that the tax reform could help the company’s construction business in North America.

Axovant Sciences (NASDAQ:AXON) plummeted by 55.25% as the company’s lead drug intepirdine failed a late-stage trial for treating dementia, prompting the drugmaker to terminate the program.

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In addition to writing financial content and analysis, Jackson has worked as a business journalist at Stockwatch and research analyst at various organizations. He obtained his MA Economics from Concordia University in Montreal and BA Economics from the University of British Columbia, with special emphasis on environmental and industrial economics.