No umbrella to shield Ambarella Inc (NASDAQ:AMBA) from storm
The latest Fed meeting minutes revealed that the members had mixed opinions about the timing of the tapering of bond purchases. Andrew Wilkinson, the Miller Tabak chief economist said that the FOMC minutes suggest very clearly that the Federal department wants to keep everyone guessing about the exact timing of the tapering of its bond-buying spree. He added that to that extent, any divisions are an indication of the data-dependency of the Fed’s decisions to slowdown its purchase-pace.
Volatility all over
Many stocks exhibited volatility on Wednesday. They had plunged to fresh session-lows post minutes of the latest Federal meeting were announced but some managed to regain composure later in the day. However, this wasn’t the case with Ambarella Inc (NASDAQ:AMBA).
In Wednesday’s trading session AMBA stock shed 6.37%. The opening price of the shares was $16.08 which touched an intraday high of $16.12 and closed at $15.11. More than 1.44 million shares were traded in on Wednesday and the average volume of shares traded over 30 days was .942 million. The company has a market cap of $411.87 million. The AMBA stock dropped further below the 50-day line and eradicated gains from its breakout past which was a 16.10 buy-point from its cup base.
AMBA is a company that develops semiconductor processing-solutions for video. These enable HD video capture, display and sharing. It combined image and video processing with its processor-design capabilities, software and algorithms to provide an innovative technology platform. It also sells various solutions to the infrastructure and camera markets with close to 27M systems-on-chips shipped since its inception.
In the camera-market, the company’s solutions enable creation of video-content for the automotive aftermarket-cameras. Wearable sports cameras and security cameras. In addition it also provides solutions for digital still cameras, camcorders, pocket video cameras, tele-presence cameras and internet protocol.