GoPro (GPRO) tumbled in midday trading Wednesday after its largest semiconductor supplier Ambarella (AMBA) shared a disappointing third-quarter outlook. The company expects revenue to fall given the product launch of competing cameras from Xiaomi. An early rally deflated by the middle of the session as investors digested a range of data from private payrolls to factory activity and as crude oil prices tumbled. The S&P 500 teetered on the edge of correction territory. Crude slid after President Barack Obama received support from Senator Barbara Mikulski for an Iranian nuclear deal. The 34th vote of support means the deal will not be killed in Congress. This means the easing of Iranian sanctions, allowing for even more oil on an already oversupplied market.
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