Peloton Interactive (NASDAQ: PTON) was a household name during the coronavirus pandemic. Consumers were lined up to buy the company's connected exercise equipment. But the company's fortunes have turned for the worse. Is there a chance that it could get back the old magic and turn shareholders into millionaires?

There's a saying on Wall Street about how dangerous it is to try to catch a falling knife. That saying speaks to investors that see a steeply falling stock price and think that, maybe, there's huge turnaround potential. Sometimes, there is. But usually a troubled company is just a troubled company. This is why most investors shouldn't try to invest in turnaround stocks.

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Source Fool.com