Ambarella (AMBA) shares crashed in the stock market today, losing about a fifth of their value, in the wake of negative comments from a short seller. Citron Research said on Friday that the GoPro (GPRO) chip supplier’s share price is “ridiculous.” In IBD’s Leaderboard last week and the week before, we noted that the stock was showing signs of a climax run. On Monday the stock sliced its 10-day line in the biggest volume since its long advance.
In one of the busiest weeks for IPOs this year, 14 companies are planning to come public and raise about $2.5 billion in proceeds. Initial public offerings in June could hit 34, matching the highest total since 2000, according to Renaissance Capital, manager of the IPO exchange traded fund. This past week had seven IPOs, raising $2.3 billion in proceeds. The blockbuster was Fitbit (FIT), the maker of wearable health and fitness trackers.
Despite the rise of smartwatches like the Apple Watch, fitness bands such as those from Fitbit (FIT) will continue to remain a big part of the wearable device market, market research firm Tractica said Monday. Fitness trackers from Fitbit, Garmin (GRMN), Jawbone and others make up the largest share of the wearables market today but will slip to second place behind smartwatches by the end of this year, Tractica said. Over the next several years, smartwatches will make up 45% of wearables, followed by 30% for fitness trackers. Wearable cameras, such as the GoPro (GPRO) Hero action camera, will come in third with 15% of shipments, followed by smart clothing and body sensors (6%), augmented reality glasses (2%) and other wearables (2%), Tractica said. “Despite the rise of smartwatches as the leading wearables category, the total market is much more diverse than smartwatches,” Tractica said in a press release…