It seems that Fitbit (FIT) has received a fake buyout offer. On Thursday, shares were trading south of $8.50, just a dime-per-share above its 52-week lows of $8.32. Suddenly, shares rocketed higher above $9 on news that ABM Capital had filed a takeover offer of $12.50 per share with SEC.
Question marks quickly arose over the offer - the first being that no one had ever heard of ABM Capital, based out of China - and the stock quickly retreated and gave up some of its gains.
Fast-forward to Friday though and heading into the close, the stock is forging ahead to new two-day highs near $9.25 per share, up more than 4% on Friday alone and marking 10% gains over the past three days.
That news comes despite the fact that Fitbit itself has said that it hasn't received any communication from ABM Capital or any other firm regarding a buyout. Other fishy reports have been noted about ABM since the offer was filed.
Despite all this, the stock has still been climbing higher for the past day and a half. Perhaps it's on optimism that a buyout from another company or firm could materialize with the stock near all-time lows.
Shares of Fitbit closed at $9.22 Friday, up 4.1%.
Amazon (AMZN) will have to issue refunds for purchases made without permission by children through its mobile application. A judge ruled that Amazon would have to set up a "year-long process to reimburse parents," according to Reuters, but rejected the idea the company should have to pay out a one-time $26.5 million lump sum.