This Week in Tech: Apple, Amazon, GoPro and More

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Like Lending Club, Mercadolibre Inc (NASDAQ:MELI) shares also had a bad week, falling by 12% mainly due to eBay Inc (NASDAQ:EBAY)’s decision to sell the majority of its 20% stake in the Latin American e-commerce company. Given the huge size of the stake to be divested (up to 5.5 million shares + the underwriters option), many traders think the selling has created an overhang for the stock in the short-term. 21 funds that we track were long Mercadolibre Inc (NASDAQ:MELI) at the end of the second quarter, unchanged from the end of the first quarter.

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GoPro Inc (NASDAQ:GPRO) fell by 16% this week as a lack of positive catalysts coupled with negative sentiment weighed on the stock. Also hurting the sports camera maker’s shares was the news that the company has temporarily paused domestic shipments of the HERO5 to Amazon until either the end of October or early-November. Bearish analyst Erinn Murphy of Piper Jaffray doesn’t think GoPro’s management has factored the disruption into its previous guidance, which suggests that its earnings results for the affected period could miss the mark. Some analysts don’t think the pause is a big deal, however, as Paul Coster of JPMorgan estimates that it will cost GoPro around 30,000 Hero 5 sales, or under $10 million in revenue. 16 funds in our database had a long position in GoPro Inc (NASDAQ:GPRO) at the end of June.

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In contrast to previous weeks, Amazon.com, Inc. (NASDAQ:AMZN) shares ended the week 2% in the red. Although the sell-side is still a big fan (Youssef Squali of Cantor Fitzgerald raised his price target on Amazon’s stock to $1,000 from $835 on Wednesday), Amazon shares seem to be taking some time to consolidate a little bit before making their next move. According to Nasdaq.com, Amazon is expected to release its latest earnings results on October 27 after the market close. The number of funds tracked by Insider Monkey with holdings in Amazon.com, Inc. (NASDAQ:AMZN) rose by 12 during the second quarter to 145 at the end of June.

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Disclosure: None

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