Fitbit Shares Drop Over 6% After Four-day Rally

By Sue ChangMarketWatch Pulse

Shares of Fitbit Inc. snapped their four-day losing streak to drop more than 6% on Wednesday. The stock, which debuted last week, had climbed to a high of $40.45 during Tuesday's session, doubling from its initial public offering price of $20. The stock is down 6.2% to $35.53 in Wednesday's mid-morning trading. Analyst Trip Chowdhry at Global Equities Research said investors should sell out of Fitbit as its IPO signals the peak for the maker of wearable fitness-tracking devices. "Fundamental investors should take profits on FIT; this is the next BOX, the next BABA, the next GRPN, the next GPRO, the next ZYGA...Fundamentals [are] absent," he said in a note.

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