Google has made an offer to acquire Fitbit, Reuters reported late Monday morning. Shares of the fitness-tracking device maker surged 19 percent on the report, leading the Nasdaq to briefly halt trading in the stock. Shares resumed trading just after midday, climbing more than 35 percent.
The offer price is not clear, according to Reuters, and it is unknown whether or not Fitbit is considering the offer.
Reuters reported last month that the wearable company, a darling of the consumer tech industry when it went public in 2015, was now looking to either get acquired or take itself private as it faces increased competition. Modern smartphones now come with much of the technology that Fitbit pioneered in its sleek, connected watches, not to mention the Apple Watch, which now owns about half of the global smartwatch market.
For Google parent Alphabet ($GOOGL), Fitbit would represent the company's first foray into wearables, where its main hardware competitors, Apple and Samsung, are duking it out for supremacy. Google has made its healthcare ambitions clear, last year poaching the CEO of the regional healthcare provider Geisinger.
Japan's Nippon steel is buying U.S. Steel for $14.9 billion.
Southwest Airlines will pay a $35 million fine as part of a settlement over a 2022 holiday season disaster that saw the airline cancel thousands of flights and leave millions of people stranded.
Cheddar News' Need2Know is brought to you by Securitize, which helps unlock broader access to alternative investments in private businesses, funds, and other alternative assets. The private credit boom is here and the Hamilton Lane Senior Credit Opportunities Fund has tripled in assets under management in just six months from November 2022 through April this year. Visit Securitize.io to learn more.
Stocks opened slightly higher after Monday's opening bell after several weeks of gains as the year closes out.
Big Business This Week is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.
Citi told most of its employees that they could work from home at the end of the month, according to CNBC.
Chobani paid $900 million to purchase ready-to-drink coffee maker La Colombe.
Kerri Quigley, founder of The Fashion Class, spoke with Cheddar News on how to make an ugly sweater on a budget.
With Christmas only 10 days away, some kids may notice that there's a lot of spending going on this holiday season. Dr. Regine Muradian, licensed clinical psychologist, joined Cheddar News to provide tips on how to teach kids the value of gifts and money.
It appears that people are cutting back on tipping with gratuity requests spreading far beyond bars and restaurants.
