Peloton Soars After Stock Offering Attracts Major Investors
November 16, 2021
Peloton Interactive Inc. jumped as much as 15% after a $1 billion stock offering drew the interest of major investors, a sign Wall Street is ready to look past a grim forecast earlier this month.
The shares rose as high as $54.45, marking the biggest intraday gain since March. The stock had declined 45% since Peloton slashed its annual revenue forecast by up to $1 billion on Nov. 4. The company also lowered its projections for subscribers and profit margins, renewing concerns that the end of the pandemic would bring a prolonged slump. Yahoo Finance