Fitbit sprinted in Thursday’s stock debut after enjoying the largest technology IPO this year, signaling investor support even as the wearables field becomes more crowded with the Apple Watch and others. The maker of wearable health and fitness trackers rose 48% to 29.68 after trading as high as 31.90. Late Wednesday, Fitbit (FIT) raised $731.5 million, pricing 36.6 million shares at 20 each, above the upwardly revised expected
Uber, the ride-sharing company that upended the taxi business, is facing a huge change to its business model after the California Labor Commission ruled that a plaintiff driver is an employee. San Francisco-based Uber argued that its drivers, who can work whenever and wherever they please, are independent contractors. The company, valued at more than $40 billion in a recent round of financing, also contends that it’s merely a
Adobe Systems, which has been undergoing a major transition to the cloud, reported second-quarter earnings after the market close Tuesday that beat estimates, but its outlook fell short. The publishing software developer’s earnings per share minus items jumped 30% to 48 cents, beating the consensus estimate by 3 cents among analysts polled by Thomson Reuters. Revenue climbed 8.8% to $1.16 billion, matching the analysts’ consensus