What: Shares of GoPro (GPRO 3.89%) rose more than 16% Wednesday following reports of an interesting new hire.
So what: According to technology news site The Information, longtime Apple (AAPL 2.32%) industrial design team member Danny Coster has left Cupertino to lead a new hardware design group at GoPro. More specifically, The Information states, GoPro CEO Nick Woodman confirmed the hire in an email to employees on Wednesday, saying Coster will begin serving as the company's vice president of design at the end of this month.
Now what: One man certainly doesn't make a company, but Coster's move from Apple's elite design team is admittedly surprising considering he began working there in the early 1990s. But while his insight could serve as an intriguing sign of what's to come for GoPro's future products -- including a long-awaited refresh of its HERO4 Camera line, as well as the impending launch of its Karma drone and new virtual reality equipment -- to me, this appears to be a knee-jerk reaction to (less than concrete) positive news in shares of a beaten-down stock.
With GoPro's painful holiday-quarter results still lingering, I think investors would be wise to keep their eyes fixed on its quarterly report later this month to determine if GoPro stock has indeed found a bottom.