Tuesday’s Headlines: Peloton’s Got Game
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Nautilus (NLS) +5.4%
Wix (WIX) +5.3%
Stitch Fix (SFIX) +4.6%
iRobot (IRBT) +4.3%
Moving Down ⬇️
Mastercard (MA) -5.6%
Planet Fitness (PLNT) -5.4%
Texas Roadhouse (TXRH) -5.2%
Bumble (BMBL) -5.1%
Match Group (MTCH) -4.9%
1. Determined to move on from its product recall scandal last month, Peloton (PTON) is launching a brand new feature: gaming. The treadmill and fitness bike maker is preparing to launch its first in-app video game, ‘Lanebreak’. This will be opened up for a members-only beta later this year ahead of its full 2022 launch and involves riders changing up their cadence and resistance levels to meet various goals and score rewards. The move could open up a new avenue of revenue for Peloton as it attracts new types of subscribers, diversified subscription possibilities, and more. Read the official press release here.
2. While Peloton’s stock price rises, the overall market is in a downward spiral, with the Dow suffering its worst drop since October yesterday. While the Dow Jones Industrial Index (DIA) and Nasdaq fell 2.1% and 1.1% respectively, the benchmark S&P 500 (VOO) slid 1.6%, led by heavy losses in its Big Tech members. Much of this investor fear appears to be founded in the growing virus cases as well as unease around economic growth, which is expected to slow down in the coming years as the world recovers from the crippling debt nations are left with in COVID’s wake. Read more here.
3. One particular family of businesses in the MyWallSt shortlist took a beating yesterday: dating stocks. It wasn’t an ideal start to life for our newest addition Bumble (BMBL), or MyWallSt oldie Match Group (MTCH), which both fell 5.1% and 4.9% respectively. The fall comes as investors grow nervous over rising COVID-19 cases across the U.S. and Europe. With the U.S. averaging 26,000 new cases a day, predominantly of the Delta variant, dating will be taking a back seat once more should restrictions come back. However, both of these companies have made great strides in adapting to the pandemic dating scene over the past year, which should become evident in their respective earnings reports this month. Read more here.
There are 2 companies on the MyWallSt shortlist that will report earnings today:
Get this week’s full earnings calendar here.