Why Fitbit's Stock Is Skyrocketing Today

Shares of Fitbit (NYSE: FIT) are soaring on Monday, following reports that Google parent Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) is kicking the activity tracker maker's tires for a possible buyout. Fitbit's stock jumped as much as 41.3% before retreating slightly to a gain of 29% at 1:50 p.m. EDT.

Reuters says that Alphabet has made an offer for Fitbit, citing anonymous insiders. The report comes with the usual caveats, as Reuters' sources noted that the negotiations may not result in a completed deal. Neither Fitbit nor Alphabet has commented on this report yet, and Reuters didn't name a price tag.

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