Peloton Interactive Inc. and Netflix Inc. have emerged as the most-discussed stock on Reddit’s r/WallStreetBets forum as of early Friday.
What Happened: Exchange-traded fund SPDR S&P 500 ETF Trust is seeing the highest interest on the forum with 776 mentions as at press time, followed by connected fitness company Peloton with 657 mentions and streaming giant Netflix with 590 mentions, data from Quiver Quantitative showed.
Why It Matters: Peloton’s shares fell almost 24% in Thursday’s regular trading session.
The company is temporarily halting production of some of its connected fitness products such as the Peloton Bike and the Peloton Tread due to waning consumer demand, it was reported, citing CNBC. Peloton has dismissed the media reports,dubbing them as false rumors.
Netflix reported better-than-expected earnings for the fourth quarter, while revenue missed estimates.
The company shares tumbled in the after-hours trading session due to slowing subscriber growth and weak guidance for the first quarter.
Price Action: Peloton shares closed 23.9% lower in Thursday’s regular trading session at $24.22, but rose almost 9.2% in the after-hours session to $26.44.
Netflix shares closed 1.5% lower in the regular trading session at $508.25 and further fell 20.2% in the after-hours session to $405.50.
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