Why Peloton Interactive Stock Dropped Today

Connected-fitness company Peloton Interactive (NASDAQ: PTON) is bringing in outsiders to evaluate its finances, and that's causing the stock to drop sharply today. As of 10 a.m. ET, Peloton stock is down almost 5% and down more than 80% from its all-time high last year.

According to CNBC, Peloton management is bringing in McKinsey & Co. to advise the company on its finances. Layoffs could be on the table. They will also reportedly look at cutting underperforming business units like the recently launched apparel division. And store closures are also a possibility.

Image source: Getty Images.

Source Fool.com