midday trade: The action camera maker is scheduled to report third-quarter results after the closing bell, with analysts expecting a fourth-straight quarter of losses and revenue declines, according to Market Watch. GoPro and Fitbit shares often trade in tandem. GoPro stock GPRO, -6.53% slumped 4.1% in midday trade, putting it on track for its lowest close since July 27. In fact, the correlation coefficient between the two stocks since Fitbit FIT, +2.35% went public on June 18, 2015 is a very high 0.886. And Fitbit stock was on course for its biggest-ever one-day percentage decline, as it plummeted 31% to a record low after the fitness band maker released results after Wednesday close. A correlation of 1.00 would mean the stocks are perfectly in sync.
(news.financializer.com). As
reported in the news.
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