American consumers are officially over the pandemic. What other conclusion is there to draw from the news that Peloton Interactive Inc. is temporarily halting production of its bikes and treadmills, sending its shares tumbling as much as 27%?
Few benefited from the lockdown era as much as the New York-based home fitness company, with its shares soaring 434% in 2020. After all, there wasn’t much else to do but stay home and get some exercise. But the development of Covid-19 vaccines and therapeutics gave Americans hope that they could leave their homes again, even if it was just back to the office. Sure, it may have been just a few days a week, but that left less time to ride a $1,495 stationary bike along with others in a virtual class. So Peloton’s shares gave back some of those 2020 gains, dropping 76% in 2021.