Fitbit gets investors’ hearts racing with first down day
Fitbit (FIT), the leading maker of wearable fitness trackers, on Wednesday suffered its first down day in trading since going public last week. San Francisco-based Fitbit saw its shares fall nearly 7% in early trading on the stock market today. In afternoon trading, Fitbit stock was down 6%, near 35.50. Fitbit went public on Thursday at 20 and reached an all-time high of 40.45 in intraday trading on Monday. It reached new closing highs in its first four days of trading. Global Equities Research analyst and Silicon Valley provocateur Trip Chowdhry reiterated his bearish views on Fitbit on Wednesday. He said Fitbit is another overhyped IPO destined to fall like Box (BOX), Alibaba (BABA), Groupon (GRPN), GoPro (GPRO) and Zynga (ZNGA). Chowdhry says Fitbit will face stiff competition from low-cost competitors as the category becomes a commodity. Fitbit’s devices are priced at $60 to $250. But Chinese…