Why Peloton Stock Raced Higher Thursday Morning Before Turning Lower
Shares of Peloton Interactive (NASDAQ: PTON) raced higher on Thursday, surging as much as 6%. By 10:58 a.m. ET, the stock had turned lower, down 1.2%.
The catalyst that sent the fitness company running higher before it stumbled was a report that the company plans to reduce its workforce yet again in a bid to stem its mounting losses.
Peloton plans to cut as many as 500 more jobs, which amounts to about 12% of its current employees, the latest step in the company's far-reaching turnaround efforts, according to a report in The Wall Street Journal. After the layoffs, the company will have roughly 3,800 worldwide staff, having reduced its workforce by more than half. This marks the fourth round of job cuts so far this year.
Source Fool.com
