NEW YORK (TheStreet) -- Samsung Electronics (SSNLF) edged lower Thursday, despite the company unveiling jumbo-sized smartphones to compete against Apple (AAPL) - Get Report and a digital payments service. Tesla Motors (TSLA) - Get Report jumped after announcing it plans to launch a $500 million secondary offering, of which its CEO plans to purchase a large swath of shares. GoPro (GPRO) - Get Report soared after receiving a favorable recommendation from an analyst and higher price target.
Samsung Electronics fell 1.2% to close at 1,140,000 Won, or $967.38.
Samsung's new phones will feature screens that span 5.7 inches diagonally and are designed to be lighter and sleeker than Samsung's Note 4, which has a similar sized screen, according to Associated Press. Apple's iPhone 6 Plus spans 5.5 inches.
In addition to the phones, Samsung also announced its Samsung Pay, a digital mobile payments service, according to a MarketWatchreport. The company plans to launch its Samsung Pay on Sept. 28 in the U.S., following its debut in South Korea on Aug. 20, according to the report.
Tesla Motors advanced 1.8% to close the session at $242.51.
The high-end electric vehicle maker plans to raise $500 million through a secondary offering of its stock, in which its CEO Elon Musk will purchase $20 million of those shares, according to a Reutersreport. Musk's purchase is viewed as a vote of confidence in the car maker's future, which some analysts have questioned after its recent earnings report and rate that it has been burning through its cash.
"This takes away the bear argument that Tesla doesn't have enough cash," Ben Kallo, a Robert W. Baird & Co. analyst toldBloomberg. "And having Elon buy on the deal, as he's done in the past, shows his confidence going forward. It takes uncertainty off the table, and you're seeing the stock trade up a bit today as a result."
With the $500 million, Tesla plans to invest it into its Model 3 efforts and gigafactory that it's building in Nevada, according to Reuters.
GoPro surged 4.6% to finish the day at $59.50.
The video-camera maker soared after Cowen initiated coverage with an outperform rating on the stock and a $76 price target.
In picking up coverage on the company, Cowen cited GoPro's potential to enlarge its customer base with users between 18 to 34 years old in the U.S. and overseas.
"We expect international sales to outgrow the U.S. over the forecast period, so we estimate 45% of a projected 46 million 2019 active users are in the U.S., or 20.8 million," said Cowen analyst Robert Stone, in a research report. In the second quarter, GoPro received more than 50% of its revenue from international markets.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.