Fitbit Getting Worked After Q1 Report

Fitibit Inc

share are trading lower by $2.55 or nearly 15 percent at $14.55 in Thursday's session. Despite an EPS beat of $0.08 and revenue beat of over $50M, the issue is under selling pressure. The reason being that investors are not convinced the earnings beat swill continue. After a lower open, it maangaed a brief pop to $15.20 before longs got run over. The ensuing decline took the issue all the way to $14.11 before staging a rebound. That low is just above its March 31 low at $13.82. The rebound rally came up short the $15 level, peaking at $14.89 and resuming its decline.