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Aug. 2 will be exactly one year since I last covered wearables company Fitbit (FIT), at which time I stated it was just treading water. With the firm unable to grow its top line and losses leading to cash burn, I just didn't see how the name was able to compete in a very crowded space. On Thursday, shares hit a new low after the Q2 earnings report, so my suggestion today is management take this opportunity to salvage what's left.