THE AMERICA ONE NEWS
May 31, 2025  |  
0
 | Remer,MN
Sponsor:  QWIKET 
Sponsor:  QWIKET 
Sponsor:  QWIKET: Elevate your fantasy game! Interactive Sports Knowledge.
Sponsor:  QWIKET: Elevate your fantasy game! Interactive Sports Knowledge and Reasoning Support for Fantasy Sports and Betting Enthusiasts.
back  
topic
Forbes
Forbes
23 Aug 2023


Peloton and AMC each notched double-digit stock losses Wednesday, sending both the at-home fitness firm and movie theater chain to their lowest share prices on record as the pandemic era-risers erased their once-meteoric gains.

YE Business Winners Losers

It's been a brutal stretch for Peloton investors.

Copyright 2019 The Associated Press. All rights reserved

Peloton stock nosedived 30% in early trading after the company reported a loss in subscribers, yet another staggering quarterly loss, this time $242 million, and, probably most importantly, a projection for current-quarter sales to come in about 9% below consensus analyst estimates, per FactSet data.

Its $4.90 share price Wednesday is by far an all-time low, 97% below Peloton’s peak of $167 in January 2021.

Peloton’s market capitalization is now below $2 billion, a far cry from its roughly $50 billion valuation two years ago when optimism abounded about the exercise bike heavyweight’s ability to convert its massive subscriber base into profits.

Meanwhile, AMC stock tanked 24% early Wednesday to below $2 as investors fled ahead of the company’s reverse stock split Friday.

Shares of AMC are now 97% below its June 2021 high of about $63 when the company rode a social media-driven short squeeze to a nearly 3,000% gain, becoming the face of that year’s “meme stock” movement.

“There could be significant upside to our financial performance later this year, or none at all,” Peloton CEO Barry McCarthy wrote in a letter to shareholders accompanying the earnings release about the companies’ various growth measures, such as its newly unveiled “Peloton for Business” initiative aimed at corporations.

Like Peloton, other stocks that enjoyed rapid rises in 2020 and 2021 thanks to consumer preferences during lockdown have similarly come back down to earth. Video meeting firm Zoom, online stock brokerage Robinhood, e-records company Docusign and cryptocurrency exchange Coinbase are all down 75% or more from their respective 2020 and 2021 peaks. Perhaps more predictably, AMC’s meme stock peers have also cratered. GameStop is down 80% from January 2021, while Bed Bath & Beyond shares crashed from a 2021 high of $44 to essentially $0 after the company declared bankruptcy this April.