Fitbit Lower Despite Deal With NBA Team

Fitbit Inc FIT shares are trading lower by 12 cents (2.2 percent) at $5.15 in Tuesday's session.

Before the open, the company announced a multi-year deal with the Minnesota Timberwolves for patches marketing their products on the team apparel. Jerseys will include 'Official Wearable' and 'Official Sleep Tracker' patches.

Early in the session, Fitbit found resistance just above Monday's high ($5.16) at $5.20 and began to retreat. It has drifted lower and is attempting to find support just ahead of its all-time low from Friday ($4.99), which was flanked by a low at $5.00 on Monday.

At this time (11:35 a.m. EST), the low for the session stands at $5.02. If the stock closes under $5.06, it will post a new all-time closing low.