FitBit is a pioneer in wearable technology. But the company has recently shifted its strategy amid competition from the Apple Watch, and as the wearable market has failed to really see mass adoption. Cheddar's Hope King and Brad Smith explore the company's performance using E*Trade's innovative platform.
Adult wearable technology users in the U.S. is expected to grow nearly 12 percent this year, according to eMarketer. In a survey conducted by Cheddar, 18 percent said they own a FitBit compared to 27 percent who've said they own an Apple Watch. 47 percent of those surveyed by Cheddar say they don't wear any wearable technology.
FitBit has had an up and down year, with shares ranging between $5 and $7 a share. Overall, shares are down 17 percent over the course of the past year. The company did introduce its first smartwatch in 2017, and is looking to directly compete against the Apple Watch at a similar price point. Shares also hit a 52-week high in December during the holiday shopping season.
FitBit reports fourth quarter earnings after the Closing Bell Monday. Analysts expect revenue of nearly $590 Million, and to break even in profit.
Tesla looked to claw back its losses Monday after Elon Musk settled a lawsuit with the SEC, agreeing to pay a $20 million fine and step down as chairman for at least three years.
Rafat Ali, the CEO of Skift, took his employees to Puerto Rico to see the destruction from Hurricane Maria firsthand, which became the inspiration for the Skift Foundation. He said the foundation supports destinations and small businesses in the hospitality and travel sector that need additional resources.
Relief for migraine suffers may, at long last, be imminent. With the FDA approving Eli Lilly's Emgality drug, Christi Shaw, president of Lilly Bio-Medicines, expounded on the drug's potential efficacy. The company has said it will offer the treatment to chronic migraine suffers with commercial insurance for free for a year.
Shares of the EV maker fell by more than 14 percent, their biggest one-day drop since January 2012. The sell-off was prompted by Thursday's fraud charges filed by the SEC against CEO Elon Musk.
Shares of Tesla dropped after hours Thursday after the Securities and Exchange Commission filed a [lawsuit] (https://www.scribd.com/document/389617044/SEC-vs-MUSK#from_embed) against CEO Elon Musk in federal court, alleging that the billionaire founder committed securities fraud when he tweeted about taking the company private with "funding secured" on Aug. 7. In the complaint, the SEC seeks to bar Musk from being an officer of a public company.
In the age of fake news and privacy concerns, people are asking if Big Tech needs more regulations, specifically from the federal government. John Chambers, former CEO and executive chairman of Cisco, said if Big Tech doesn't implement its own internal regulations, the government can ー and should ー step in.
Compound has raised $8 million in funding for its newest venture, money markets for Ethereum assets which allow investors to earn interest on their cryptocurrency. Robert Leshner, founder and CEO of Compound, said this is new technology for cryptocurrency lending markets.
Facebook announced its newest VR headset that will ship next year. "Oculus Quest" offers users the same virtual experience, but now users are able to move more freely while wearing the headset. Andrew Bosworth, VP of VR/AR at Facebook, said this is the next step in better connecting people around the world.
Sonny Perdue, U.S. Secretary of Agriculture, said American farmers understand the need for tariffs on Chinese imports, even if they might feel some short-term pain. After President Trump imposed tariffs on China, American farmers began to feel the effects. China is the largest importer of American soybeans and that revenue stream has now been cut off. The federal government pledged $12 billion as temporary relief for farmers affected by Trump's tariffs.
Bumped is a new app that tracks how much its users spend on products from publicly traded companies and rewards them with shares of those same companies' stock. David Nelsen, CEO and founder of Bumped, said in the world of consumer rewards, this is uncharted territory.
