Advertisement
Canada markets closed
  • S&P/TSX

    22,167.03
    +59.95 (+0.27%)
     
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • DOW

    39,807.37
    +47.29 (+0.12%)
     
  • CAD/USD

    0.7384
    -0.0002 (-0.03%)
     
  • CRUDE OIL

    83.11
    -0.06 (-0.07%)
     
  • Bitcoin CAD

    95,205.21
    -1,509.38 (-1.56%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • GOLD FUTURES

    2,254.80
    +16.40 (+0.73%)
     
  • RUSSELL 2000

    2,124.55
    +10.20 (+0.48%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • NASDAQ

    16,379.46
    -20.06 (-0.12%)
     
  • VOLATILITY

    13.01
    0.00 (0.00%)
     
  • FTSE

    7,952.62
    +20.64 (+0.26%)
     
  • NIKKEI 225

    40,369.44
    +201.37 (+0.50%)
     
  • CAD/EUR

    0.6837
    -0.0006 (-0.09%)
     

Hot IPO Fitbit Hits High Before Q2 As Apple Cracks

Fitbit stock looks to have hit its stride ahead of its quarterly earnings report after the close on Wednesday, with shares sprinting to a new high in the stock market today. The fitness tracker maker is projected to grow earnings by 14% and sales by 180%. It's Fitbit's first quarterly report since going public on June 18. The recent IPO hit a new all-time high in big volume, clearing the 50 price level for the first time intraday. This young stock is showing considerable strength: it already has a Relative Strength rating of 98, meaning it's outperforming 98% of all stocks in IBD's database. It also has an IBD Composite Rating of 91. Shares have risen nearly 150% from their IPO price of 20. RBC Capital said in a note Monday that Fitbit can beat the Street's expectations, and thinks it shipped out 3.7 million trackers last quarter. Fitbit's top-tier model, the Surge, is what the company calls a "fitness super watch." It's priced about $100 cheaper than the lowest-tier Apple Watch Sport model. When Apple reported earnings earlier this month, it did not say how many Apple Watch units it sold, and that had a negative impact on the stock. Shares are trying to hold above their 200-day moving average as they work on a base with a 134.64 buy point. Apple is currently about 10% below that pivot.