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.
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. This week we highlight Paramount, Maersk, Starbucks, Uber, Lyft and Beyond Meat.
With Donald Trump due on the witness stand next week, testimony from his adult sons in his civil business fraud trial wrapped up Friday with Eric Trump saying he relied completely on accountants and lawyers to assure the accuracy of financial documents key to the case.
DraftKings reported better-than-expected revenue in the third quarter.
Wallet Hub released a list of the 10 states with the highest median monthly student loan payments.
Oil and gas giant BP will purchase electric vehicle chargers from Tesla for $100 million.
Reports say olive oil prices have jumped 75% since January of 2021.
The big three car companies for GM and Stellantis have agreed to pay striking workers as they spend time on the picket line, according to The Wall Street Journal.
Elon Musk is making a big prediction about artificial intelligence and the jobs market.
Open enrollment season is here and the stress of picking the right plan for you could sometimes get overwhelming. Rosalyn Glenn, financial advisor with Prudential, joined Cheddar News to discuss what to know and understand about selecting your benefits to cover your medical needs and conditions, if any.
Learning about money is a skill that should be learned at an early age. OneMain Financial is now offering a financial course called 'Credit Worthy' across several high schools across the country, along with some scholarships. Doug Shulman, CEO of OneMain Financial, joined Cheddar News to discuss the importance of learning and understanding credit. "Over half of high school students graduate without knowing the basics about credit," Schulman said. "It really helps establish a great foundation to being an independent adult, to have a healthy and happy life, and some financial security is part of that."
