Shares of Fitbit Inc. declined on Tuesday after Microsoft Corp. unveiled Microsoft Band 2, its own wearable fitness device. Microsoft Band comes with an optical heart rate monitor, a GPS, and a calorie counter. It also checks sleep quality and keeps tracks of floors climbed, Microsoft said. The $2,495 device will be available at stores on Oct. 30. The news weighed on Fitbit’s stock with shares down 4.6% to $36.42 while Microsoft shares rose 0.5% to $46.87.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News