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Re: eastunder post# 9327

Tuesday, 08/23/2016 1:55:51 PM

Tuesday, August 23, 2016 1:55:51 PM

Post# of 15434
Fitbit, Garmin, GoPro Get Lift From Best Buy's Q2 Earnings Report

http://www.investors.com/news/technology/click/fitbit-garmin-gopro-get-lift-from-best-buys-q2-earnings-report/

PATRICK SEITZ
12:12 PM ET

Wearable device makers Fitbit (FIT), Garmin (GRMN) and GoPro (GPRO) saw their shares rise on Tuesday after consumer electronics retailer Best Buy (BBY) reported better-than-expected fiscal Q2 sales.

Best Buy management pointed to wearables as one of the company's growth segments, sparking a surprise increase in same-store sales in the quarter ended July 30.

Fitbit, which makes wearable fitness trackers, saw its shares rise more than 4%, near 15, in early afternoon trading on the stock market today.

Garmin, which makes GPS devices along with wearable activity trackers and sports watches, saw its stock climb 1.6%, near 54, intraday.

GoPro, which makes wearable action cameras, saw its shares also rise more than 3%, below 16, intraday.

Best Buy shares shot up nearly 19% in early afternoon trading.

Fitbit, Garmin and GoPro are gearing up for the holiday shopping season. Health and fitness devices are expected to remain hot categories this Christmas. Fitbit is widely expected to release several new devices this fall. Meanwhile, GoPro is scheduled to release its Hero 5 camera and Karma flying-camera drone this holiday season.

Other companies chasing the hot wearables category include watchmaker Fossil Group (FOSL) and Apple (AAPL), which sell smartwatches. Apple is rumored to be releasing its second-generation Apple Watch this fall.

Fossil rose 1.7% intraday while Apple climbed fractionally.

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