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Fitbit stock falls after reviews for Ionic smartwatch

Shares of Fitbit Inc. closed down nearly 5% Tuesday after a swath of reviews of its new Ionic smartwatch, many of which said it likely could not compete with Apple Inc.’s new watch.

Announced in August, the long-awaited smartwatch was aimed to be a challenger to Apple’s AAPL, +0.04% line of watches, including a new cellular-connected smartwatch detailed this month. Priced at $299, the Ionic is $30 cheaper than Apple’s new Series 3 model without cellular, and $100 cheaper than the connected version. Long known for its fitness-focused devices, Fitbit FIT, -4.88% has high hopes for the new Ionic, betting that certain features would help propel it to a must-have gadget.

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