GoPro (GPRO) shares dropped Tuesday, despite gains in the broader markets. The high-action camera manufacturer took a tumble as it faced steeper competition with its drone efforts. But other tech titans, such as, Cisco Systems (CSCO) and Intel (INTC) posted gains during the day.
GoPro edged lower after Da-Jiang Innovations (DJI) introduced its camera-touting Mavic Pro drone, a rival to GoPro's recent efforts with its own Karma camera drone.
For GoPro, DJI's drone may attract users looking for a smaller, lighter and less expensive drone than its Karma. The Mavic begins with a retail price of $749, while the Karma's starting price is $799. GoPro, however, may win over prospective customers over with its gimbal stabilizing device that allows pictures to be taken with a steady hand.
GoPro shares closed down 0.77% to end the day at $16.79.
Cisco Systems climbed higher after a report in Bloomberg surfaced that the networking giant is planning to boost production at its operations in Mexico and redesign its facilities there.
Over the next several years, Cisco plans to spend $4 billion to upgrade its factories and increase production of its hardware, such as servers and routers.
The networking giant's plan to boost its operations in Mexico comes at a time when the topic of keeping U.S. companies churning out products and services from the nation's shores, versus overseas, has entered the presidential debates.
Cisco's shares rose nearly 1.4% to close at $31.49.
Intel shares managed to rise with the broader markets, despite a less than favorable research note issued by Ciit. In its report, Citi pointed to Taiwan Semiconductor Manufacturing as having a one-year lead over Intel on its foundry techniques.
"It is premature for Intel to become a meaningful player to challenge Taiwan Semiconductor Manufacturing in the foundry business," according to the Citi note cited by Barron's.
This Citi assessment comes despite Intel's partnership arrangement with ARM Holdings (ARMH) to provide chip designers with foundry services. That move will allow Intel to add another revenue stream beyond its own chip designs.
Intel inched up nearly 1.5% to finish the session at $37.18
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.