GoPro Inc.’s stock slumped 4.7% in morning trade Thursday, as the plunge in Fitbit Inc. shares may have spooked investors ahead of the action camera maker’s third-quarter results due after the close. Since Fitbit’s stock went public on June 18, 2015, the correlation coefficient between the stock and fellow gadget maker GoPro’s shares has been 0.89, according to an analysis of FactSet data, just below a perfect correlation of 1.00. Fitbit’s stock was tumbling 30% to $9.01, less than half its initial public offering price of $20. GoPro’s stock, which went public on June 26, 2014, was trading at $12.23, just above half its IPO price of $24. GoPro’s stock has lost 32% year to date, while Fitbit shares have plummeted 70% and the S&P 500 has gained 2.7%.
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