Peloton’s stock falls toward 6th-straight loss after report of coming competition from Apple

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Shares of Peloton Interactive Inc. dropped 4.0% in premarket trading Thursday, putting them on track for a sixth-straight loss, amid concerns that the at-home fitness company could face competition from Apple Inc. Bloomberg reported, citing people with knowledge of the effort, that Apple was developing a new subscription for virtual fitness classes, which would rival the virtual classes offered by Peloton and Nike Inc. Shares of Nike slipped 0.2% ahead of the open, while Apple’s stock gained 0.4%. Peloton shares have more than doubled (up 126.6%) year to date through Wednesday, while Apple ‘s stock has rallied 53.9% and the Dow Jones Industrial Average has slipped 2.0%.
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