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Sonos Shows Investor Skepticism for Consumer Tech

  • Shares climb after selling below marketed IPO price range
  • Speaker maker’s listing follows Fitbit, GoPro share declines
Bloomberg business news
Sonos CEO Says IPO Impacted by 'Tech Headwinds'

Selling consumers on cool tech gear is proving to be easier than convincing investors.

With its muted initial public offering, Sonos Inc. is the one learning the lesson this time. While the wireless speaker maker climbed 33 percent above its IPO price in its trading debut Thursday, shares barely broke through the range at which they’d been marketed by the company. Typically companies look to price the stock at or above the range and trade up further from there.