With iWatch rumors barely a month old, Reuters reports Samsung (OTC:SSNLF) is working on a...

With iWatch rumors barely a month old, Reuters reports Samsung (OTC:SSNLF) is working on a "wearable digital device similar to a wristwatch." A source claims the device will perform many smartphone tasks, but doesn't elaborate. Last week, in tandem with the Galaxy S IV launch, Samsung introduced the S Band, a wristband accessory that counts calories and tracks steps. The product bears a strong resemblance to Nike's (NYSE:NKE) FuelBand. Update: Samsung confirms it's building a smart watch.