Fitbit Drops As Wearables Maker Plans Further Stock Offering

BLOOMBERG - Nov 2 - The shares declined as much as 9.9% in late trading after closing at $40.80 in New York. The stock-sale announcement overshadowed Q3 earnings and revenue that beat analysts' estimates. Fitbit has proposed to sell 7M shares and certain stockholders are planning to sell 14M shares. The selling stockholders will also grant underwriters a 30-day option to purchase as much as 3.15M more shares. The proceeds from the company's share sale will go toward generating more capital, as well as research and development, sales and marketing.