Peloton Extends Drop as Amazon Debuts Rival Fitness Service
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Peloton Interactive Inc. extended declines on Tuesday following news that Amazon.com Inc. is launching a service called Halo Fitness to rival offerings from Peloton and Apple Inc.
The stock dropped as much as 5.5% on Tuesday, but it pared some of the decline to close down 4.6% and at the lowest level in more than four months. Peloton was already trading lower ahead of the news, participating in a broad selloff of technology stocks spurred by rising bond yields. Apple fell 2.4% on Tuesday while Amazon slid 2.6%.