The new Apple Watch may have just deflated Fitbit's stock
The new timepiece has some strong health features.
The Apple Watch Series 4 was unveiled on Wednesday.
Not everyone is happy about Apple's new watch.
Investors sent shares of Fitbit , which makes competing health trackers, almost 7 percent lower after the consumer electronics giant unveiled its latest Apple Watches on Wednesday. The stock drop suggests investors are concerned the features on the new smartwatches will entice consumers to Apple's products over Fitbit's.
Among the new features in the Apple Watch Series 4: the first consumer EKG test, a medical test used to detect heart disease. The EKG, also known as the ECG or electrocardiogram, checks the electrical activity of your heart. The Apple Watch EKG, which has been cleared by the Food and Drug Administration, works by passing a current through your chest after you touch the crown of the device. The watch can tell if your heart is beating normally or not, and you can share this information with your doctor.
The new watch series also has fall detection that can determine if you suddenly slip and can't get up from the floor. The device tracks sleep, physical activity and exercise as well.
In addition, Apple said WatchOS 5, which was unveiled at the WWDC event in June, will be available on Sept. 17.
"We deliver competitively-priced, high value, cross-platform smartwatches and that allows us to reach to a much broader segment of the population – especially with 80% of smartphone owners around the world using Android," a Fitbit spokesperson said in an email statement. "These product differentiators, combined with our more than 11 years of health and fitness leadership... position us for long-term success."
Apple didn't immediately respond to a request for comment.
Fitbit shares closed 6.9%, or 41 cents, lower at $5.53.
First published on Sept. 12, 2:31 p.m. PT.
Updates on Sept. 13, 7:21 a.m. PT: Adds Fitbit spokesperson statement.