Jarden Brief: Exercise bike maker Peloton slashes jobs, gets boost on market

Peloton, the exercise bike maker, has slashed jobs and boosted its market share.

US markets were mostly flat overnight. The Nasdaq was unchanged and the S&P 500 slid 0.4%. Energy sector was up on the back of continued oil price gains. Cruise liners managed to rally with Royal Caribbean Cruises climbing 4.3% and Norwegian Cruise Line Holdings up 3.0%. Exercise bike maker Peloton added 4% after cutting 500 jobs. Google revealed its new range of flagship Pixel phones and Pixel Watch.

Nikkei index was the only exception, adding 0.7%. Minutes from the European Central Bank meeting showed consensus for a 75 basis point rate uplift in September.

Oil is up 8 per cent since the start of the week. Bitcoin firmed another 0.7 per Cent to US$20,123. New Zealand Dollar dropped against most major currencies.

The ASX 200 closed flat yesterday. Energy stocks continued to climb following the OPEC+ decision. Whitehaven Coal was another key outperformer. Sports betting and i-gaming company Pointsbet finished up 6.4%. Queensland state government released its final report following a review of casino operator Star Entertainment Group. Fund manager Magellan Financial Group lost A$3.6 billion to fund outflows. Appen dropped by 11.7% after it downgraded its revenue and operating profit expectations.

Pushpay announced the acquisition of a new customer, the US Army Chaplain Corps. Pushpay climbed 3.6% yesterday and was the best performing stock in the NZX 50. Sky TV is rumoured to have won the broadcast rights to the next four Rugby World Cups.

Non-farm payroll data from the US is expected over the weekend. Monthly print measures the number of people currently employed in the U.S. and the unemployment rate.

Peloton has slashed jobs and is getting a boost on the market.

Jarden is advising Heartland Group Holdings Limited in its announced capital raise. The Jarden Brief is provided for general information purposes only. It is not to be relied upon as a basis for making any investment decision. Jardens Securities Limited is an NZX Firm.