The bad news flywheel continues to be spinning in warp speed at Peloton (PTON).
Shares of Peloton crashed 22% to $26 on Thursday after a CNBC report that the struggling fitness company would temporarily halt production of its bikes and treadmills due to sluggish consumer demand. Shares fell below the company’s September 2019 IPO price of $29.
The company will reportedly stop producing its bikes for two months and treadmills for six weeks.
A Peloton spokeswoman didn’t return Yahoo…
Source link
