Why Peloton Interactive Stock Was Soaring Today
Shares of Peloton Interactive (NASDAQ: PTON) were up 16% as of 11:40 a.m. ET on Tuesday after the company announced an "industry-first" partnership with Hilton Hotels that will bring Peloton Bikes to all 5,400 Hilton-branded hotels in the U.S.
Also driving the stock higher today were lower interest rates in the bond market. Higher bond yields have made stocks trading at high valuations look more expensive, which has weighed on Peloton's stock price. Year to date, Peloton shares are down 77%.
Peloton has made several announcements over the last month following the departure of co-founders John Foley and Hisao Kushi on Sept. 12. The new Peloton Row was announced on Sept. 20, which will officially start shipping to customers in December. The company also announced a partnership with Dick's Sporting Goods to give more people firsthand experience with Peloton's connected fitness products.
Source Fool.com
