They're gonna lay off 6% of the staff, founders will cut their salaries to $1. Jeez. Game over. http://www.cnbc.com/2017/01/30/fitb...job-cuts-disappointing-quarterly-results.html
I'm glad someone is. You know, a lot of young Millenials (investors) thought they were hip and took Cramer's bait and bought this thing all the way down. Tragic really. He's had some losers, but this one was the worst.
Does anyone where these things....I have seen them before....seemed a bit overpriced... Now with everyone releasing these fit bands the market is completely saturated.... Is the hype over and done with, I think so.
Guys, I mean...really? Who fell for that crap? It's a piece of plastic with wires and lights and especially after the apple watch fail and ongoing bad results reported by the company, there is no proof at all that they have a viable business. I understand the traders who where all over it during the IPO - Phase, but after the hype ended, who really believes in a turnaround of this POS? Stay away.
Seems like FIT is going the way of GPRO, which is my opinion can be summarized as follows for future reference. If you see a company going for an IPO and that company basically offers a single consumer electronic device, short the hell out of it. Because when all these other manufacturers see that the IPO company is doing well enough to go IPO in the first place, they are going to instantly get to work creating competing products that will likely be better and cheaper than the IPO company produces. And it's only a matter of time before these new products start chopping away at the market share of the IPO company, thus dragging the stock price down to nothing within a couple years.