Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Fitbit Inc FIT shares were trading sharply higher by $5 (15 percent) at $37.50 on Monday. It is on its way to posting a solid gain for the second session in a row, following a mixed showing on its first day of trading, when it ended the session near the lower end of the range at $29.68.
Investors came in early and often on Friday, rallying the issue from the open by taking it as high as $33.95, before falling back to settle at $32.95.
The catalyst for the sharp spike in today's session may be an article in Barron's by Tiernan Ray, mentioning the value in the company will be as a "M&A" fodder for Samsung or Microsoft.
After a higher open, it floated to $38.05 before pulling back under $38.
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