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3 Stocks to Watch on Thursday: GoPro Inc (GPRO), Bank of America Corp (BAC) and Jabil Circuit, Inc. (JBL)

GPRO rockets higher, BAC suffers as investors sell the rate-hike news and JBL moves on its latest earnings

GoPro Inc (NASDAQ:GPRO)

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U.S. stocks improved on Wednesday after the Federal Reserve hiked interest rates by 0.25%. The S&P 500 Index surged 0.8%, the Dow Jones Industrial Average wafted up 0.5% and the Nasdaq Composite gained 0.7%. In fact, just about everything rose — stocks, bonds, MLPs, BDCs and REITs, even commodities.

3 Stocks to Watch on Thursday: GoPro Inc (GPRO), Bank of America Corp (BAC) and Jabil Circuit, Inc. (JBL)Thus Bank of America Corp (NYSE:BAC) stood out as a rare loser yesterday, and it’s limping back into Thursday’s trade. Meanwhile, GoPro Inc (NASDAQ:GPRO) and Jabil Circuit, Inc. (NYSE:JBL) are worth a watch this morning after the pair of companies dished out headlines of their own.

Here’s what you should know heading into Thursday’s trade:

GoPro Inc (GPRO)

GPRO shares are up big Thursday morning after GoPro announced plans last night to reduce its workforce.

The action camera maker said it will eliminate nearly 300 jobs in its third set of cuts in roughly 15 months. GoPro is trying to lower spending by $200 million in 2017 in an effort to achieve profitability. The cuts will include some current GoPro workers, but also the elimination of a number of open positions.

That news came alongside the announcement that GoPro expects to hit the high end of its forecasts for Q1 revenue.

Stifel analyst Jim Duffy, who maintained a “hold” on GPRO stock, had a mixed view of the plan. On the one hand, he said he was “encouraged” by GPRO’s spending discipline, and approved of the company’s Q1 results. On the other hand, he admits GoPro could be cutting too deep.

GoPro is still reeling over a $373 million loss in 2016 stemmed in large part thanks to the delay of its Hero5 cameras and the recall of its Karma drone.

GPRO shares were shooting more than 10% higher in Thursday’s early trade.

Bank of America Corp (BAC)

So much for that.

BAC shares were up marginally in Thursday’s premarket action, following a Wednesday “sell the news” event in which financials reversed course after the Fed’s interest rate news.

Bank of America and Citigroup Inc (NYSE:C) were among a number of big financials that actually finished lower following the announcement, which was largely expected to encourage investors of the big banks, who theoretically should benefit from wider net interest margins.

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Article printed from InvestorPlace Media, http://investorplace.com/2017/03/3-stocks-to-watch-on-thursday-gopro-inc-gpro-bank-of-america-corp-bac-and-jabil-circuit-inc-jbl/.

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