Fitbit (FIT) Stock Plunging as Fossil Joins Smartwatch Industry
NEW YORK (TheStreet) -- Fitbit (FIT) - Get Report stock is falling by 12.25% to $27.80 on heavy trading volume on Friday morning, after watchmaker Fossil (FOSL) announced that it would start developing smartwatches.
Fitbit, based in San Francisco, specializes in health and fitness products, such as a wristband that helps users track their activity.
After the market close on Thursday, Fossil, which specializes in watches and jewelry, announced that it was buying Misfit, a San Francisco-based smartwatch company.
Misfit's smartwatches, which also can track health and activity, have lagged behind Fitbit's watches in overall wearable shipments, Fortune reports.
So far today, 8.2 million shares of Fitbit have traded, versus its 30-day average of 3.7 million shares.
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