Wednesday’s Headlines: Peloton Hits 1 Million Subscribers
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Moving Down ⬇️
1. It seems that in times of economic uncertainty, people turn to luxury at-home bicycle equipment, as shown with Peloton’s filing on Tuesday that boasted 1 million Connected Fitness subscribers. Shares in the exercise equipment-maker jumped 7.9% off the back of the news, and sits just short of all-time highs. Shares in Peloton are up 60% over the past three months compared to the S&P 500’s 13% decline. Read the full story here.
2. Shares in Warren Buffett-backed StoneCo fell 12.3% on Tuesday after the company reportedly dismissed 20% — 1,300 staff — of its workforce. Despite StoneCo’s share price rising 18% in the past month, the coronavirus has taken its toll on the Brazillian payments sector, resulting in ‘the PayPal of South America’s’ actions. CEO Thiago Piau insisted that painful measures have to be taken to ensure the firm's long-term future, and the move will bring security to the company. Read more here.
3. Uber seems to be looking for more inventive ways of diversifying its losses, as the ride-sharing company reportedly made a takeover offer for GrubHub, the far-from-profitable food delivery business. Uber stock did manage to rise 2.4% on the news, while GrubHub closed out up 29% on Tuesday. If Uber and Grubhub were to combine, it would bring together two of the largest food delivery companies and increase competition with other businesses like DoorDash and Postmates. Get the complete report here.