The International Trade Commission (ITC) has favoured Fitbit, Inc. (NYSE:FIT) in the initial determination under ITC Investigation No. 337-TA-963.
According to the ITC, the company did not misappropriate any trade secrets of Jawbone. James Park, Fitbit CEO, is delighted about the ruling, upholding that the claims of Jawbone lack merit. Park believes that the allegations are just part of the competitor’s dirty tactics against Fitbit.
Collaboration with New York Road Runners
Last week, Fitbit revealed that it had entered into a two-year partnership agreement with New York (NY) Road Runners to provide runners with necessary data and guidance in preparation for the TCS NY City (NYC) Marathon.
Under the new partnership, Fitbit seeks to encourage and inspire runners with the help of its platforms. Tim Rosa, Fitbit Vice President (VP) of Global Marketing, reiterated that the company is committed to helping individuals from all walks of life attain their fitness goals.
Q2, H1 Financial Highlights
Fitbit has released its earnings report for the second quarter earlier this month. The company had a total of $586.50 million in revenue, which is up year-over-year from $400.40 million. It has also posted a net income of $6.30 million, which is down year-over-year from $17.70 million. This indicates diluted earnings per share (EPS) of $0.03, which is down year-over-year from $0.07.
For the first half of the fiscal year (FY) 2016, Fitbit had a total of $1.09 billion in revenue, which is up year-over-year from $737.20 million. During the six-month period, the company had a total of $17.40 million in net income, which is down year-over-year from $65.70 million. Year-to-date, this indicates a diluted EPS of $0.07, which is down year-over-year from $0.29.
Q3, FY 2016 Financial Guidance
Fitbit has also issued its guidance for the third quarter and the full-year. The company expects revenue of $490 million to $510 million and $2.50 billion to $2.60 million for the third quarter and the FY 2016, respectively. Meanwhile, diluted EPS for the third quarter and FY 2016 are expected to come between $0.17 and $0.19, and between $1.12 and $1.24, respectively.
HERITAGE PRINTING NPV (OTCMKTS:HAGE) Drops After Gaining $0.07 The Session Before
HERITAGE PRINTING NPV (OTCMKTS:HAGE) has once again declined, after having gained $0.07 during the August 23 trading session alone. Although the stock declined by just 0.77%, on August 24, it could indicate that HAGE might continue downhill. The company last made a press release on July 28, 2016, announcing that it had changed its name to Heritage Printing Technology Corp, from Heritage Action Crop.
The last month has seen an overall upward trend for the stock, with the stock gaining over $0.1 in terms of its share value. It should be noted here that HAGE has an average trade volume of 8,549 and a 52-week high of $3.5. Moreover, the August 23 session marked the first spike for the stock, since the filing of its 2Q2016 financial report. The company reported no cash, no revenues and a net loss that had grown almost four times, over the past year. As such, there are a number of red flags that surround HAGE and need to be considered, when trading.