Why Roku, Peloton, and Beyond Meat Fell Today
Shares of Roku (NASDAQ: ROKU), Peloton (NASDAQ: PTON), and Beyond Meat (NASDAQ: BYND) were all down more than the market today, each falling more than 5% by mid-day, before Roku recovered to a 3.2% loss, Peloton fell 6.2%, and Beyond Meat dropped by 3% as of 3:25 p.m. EDT.
There wasn't any material news out of these companies today. However, all are affected by general economic conditions. A slowing economy could slow down ad sales, which would affect Roku's revenue, as well as purchases of large-ticket discretionary items like a Peloton bike. Plant-based meat has traditionally been more expensive than traditional meat, although Beyond Meat is working to lower prices. Meanwhile, each of these companies is also seeing rising costs due to inflation.
Unfortunately, two factors were working against these consumer discretionary names on the macroeconomic front today.
Source Fool.com
