Peloton Reverses Gains After CEO Departure, Job Cuts

Peloton Interactive Inc (NASDAQ:PTON) reported disappointing fiscal third-quarter results before the open today. The company also announced it will cut 15% of its workforce -- roughly 400 jobs -- and that CEO Barry McCarthy is stepping down. PTON was up as much as 8.6% earlier, but has since pivoted sharply lower, down 7.1% at $2.99 at last glance. Peloton stock isn't too far removed from its April 25 record low of $2.91, and an executive today stated that the home fitness equipment name is still dealing wi ...