More Stocks Tank to 52-week Lows
Another day, another crap day on the market with stocks falling like rocks. Today noteable mentions of good companies hitting 52-week lows include Bed Bath & Beyond (BBBY), Denny's (DENN), and the once hot Fitbit Inc (FIT).
Fitbit (FIT) shares fell to $20.25 today before recovering to $21.50. The company dissapointed the Street on Tuesday and shares fell off the cliff. FIT shares have fallen 28% since Tuesday. Since summer FIT shares have been cut in half.
Fitbit shares have tanked even more than the rest of the huge market decline since the start of the year because of a class action lawsuit against the company. The lawsuit claims that the heart rates reported by the devices are inaccurate. In a statement to Ars Technica, a Fitbit spokesperson explained that Fitbit devices were not intended to be scientific or medical devices. The company stands by its heart rate technology, according to the spokesperson, and believes that the lawsuit has no merit.
Needless to say this could be a great entry point for those who have watched FIT since it's IPO last June.
In other 52-week low news DENN hit $9.15 and BBBY hit $46.37 a share.
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