It appears wearable exercise devices are fads, unlike like FANG (FB, AMZN, NFLX, GOOGL) are. The company reported terrible third-quarter earnings on November 4. Revenue missed expectations and the company issued a weak fourth-quarter projection. Should bulls bail on Fitbit?Fitbit reported revenue growth in all geographic segments except Asia (the APAC region). U.S. sales grew a healthy 72 percent. In effect, Fitbit has a wonderful product, but the stock is not so. Short-sellers are crowding the bearish trade: short float is 39.13 percent.Fitbit’s stock is expensive. The lowered outlook removes the perception the company will grow at its historical rate. Next year’s EPS growth may drop to 20 percent, down from the triple digit growth this year. The stock is valued at a 24.5x PEG ratio.International growthTo meet expectations of significant growth, Fitbit must grow internationally. Management’s admission that it did not properly manage Flex 2’s supply chain hurt sales for the quarter.Fitbit not a GoProSpeaking of fad stocks, sales struggles for GoPro (GPRO) do not mirror that of Fitbit’s problems. GoPro has a limited addressable market. Drones and action cameras have a limited market. With wearable fitness devices, anyone is a potential customer. Fitbit’s management just needs to execute on its business plan. If it does, the stock will recover.