No need to strap a fitness tracker on Fitbit investors to see how their hearts race at the possibility of a buyer for the company. Reports of interest from Alphabet sent shares up more than 30% on Monday.

A wearable tech company trying to ward off the existential threat of smartphones is not exactly a moonshot project for Alphabet, parent company of search engine Google. It may be looking at consumer devices to be a new source of revenue growth, but an investment in Fitbit appears to clash with an existing interest in smartphones, shown by the recent release of a new Pixel device and a $40m investment in smartwatch technology from Fossil...

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