Fitbit's shares plunged following the announcement of its first colour smartwatch at the CES tech show.
The San Francisco-based company's stock fell more than 18%.
That suggests investors were disappointed with its decision to take on more capable Android and Apple-powered watches by selling its own device at a cheaper price.
Huawei, Misfit and Withings were among other big brands to unveil new wearables at the Las Vegas show.
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