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Fitbit Stock Tanked and Apple’s to Blame

David Marino-Nachison

You could almost feel it coming: The more (AAPL) (AAPL) talked about health technology during Wednesday’s event — during which it discussed updates to both the Apple Watch and the iPhone — the more likely it was that (FIT) stock was due for a slide. Sure enough, it happened: The company’s shares finished Wednesday’s session recently off nearly 7%, while Apple’s were down roughly 1%. Last month, Fitbit announced its latest fitness tracker, the Charge 3, highlighting a number of heath-related features—as well as plans to keep developing more.