Fitbit's stock is tanking after it unveiled its new smartwatch

Fitbit shares are down more than 10% on Tuesday, following the unveiling of its new Blaze fitness watch at the Consumer Electronics Show in Las Vegas.

The new device is Fitbit’s closest answer to the Apple Watch, which was released in 2015 and which raised concerns that Fitbit could lose its early position in the market for wearable devices.

Fitbit described the Blaze as a fitness oriented watch, rather than an all-purpose watch like the Apple Watch. The Blaze can track the heart rate of its wearer, as well as calories burned, steps and sleep, but it does not support third-party apps as Apple’s Watch does.

That may explain some of Wall Street’s negative reaction.

Shares of Fitbit fell 11%, or $3.26, in mid day trading on Tuesday.

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