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Friday, March 5, 2021

Peloton spins out

At-home exercise bike maker Peloton Interactive’s shares suffered their worst loss in a month after a Trump Administration plan called for gyms to be among the first businesses allowed to end pandemic-related closures. New York-based Peloton sells stationary bikes that users also pay a subscription for to follow instructors as they lead workouts online. Under guidelines released Thursday by the White House, gyms are included
alongside movie theaters, restaurants and sports stadiums in the group allowed to eventually resume business under a so-called “Phase One” of reopening, as long as conditions on “strict physical distancing” are met. Earlier this month Peloton canceled all live classes until the end of April. Its shares had risen almost 90% since mid-March, with its at-home classes seen as an attractive alternative to gyms during government-mandated business closures.

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