Shares of Peloton Interactive (NASDAQ: PTON) were sliding after an initial pop in response to news of layoffs and the departure of CEO Barry McCarthy gave way to selling in the regular trading session.

As a result, the stock closed down 2.5%, recovering most of its losses after it bottomed out down 16% around 11 a.m. ET. The stock had opened up as much as 18% higher as it initially rallied on the announcement.

Image source: Peloton.

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Source Fool.com