NEW YORK (TheStreet) -- Ambarella (AMBA) was jumping Friday as the semiconductor processing developer said
it's working with Google (GOOG) to create a new generation of wearable cameras for the Helpouts live video instructional service. Ambarella shares were gaining 13% to $28.24.
The two companies will debut reference designs for the new wearable cameras at the Consumer Electronics Show in Las Vegas in January 2014. Ambarella's press release says the wearable cameras will have a small form factor to allow for "complete mobility during a Helpouts session." The camera would be capable of streaming and recording HD video simultaneously.
It's not clear how Google will contribute to the project. The Internet search leader is making wearable cameras for its Google Glass project. Google was adding 1.2% to $1,099.35 to extend its 2013 advance to 55%.
TheStreet Ratings team rates AMBARELLA INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate AMBARELLA INC (AMBA) a HOLD. The primary factors that have impacted our rating are mixed ? some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its notable return on equity, robust revenue growth and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we find that the company's profit margins have been poor overall."