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GoPro Crashes After Apple Gains Remote-Control Camera Patent

Shares of GoPro (GPOR) crashed after Apple (AAPL) was granted a patent for its remote-control camera system on Tuesday, making it TheStreet's Move of the Day. Apple was granted a patent for a camera system that can be controlled using a phone or watch. The sell-off of GoPro shares was due to investor concerns that Apple would create similar products. The company, which went public in June of 2014, has been trading at more than twice its IPO price of $24 a share. GoPro has been the dominant maker of wearable video cameras used by surfers and others. About half of the company's outstanding shares will become available on the market next month, when a lock-up expires on employees and other insiders' shares. TheStreet's Kurumi Fukushima reports from New York.