markets

Luke Kawa10/31/24

Shares of Peloton surge on strong earnings, new CEO

Two wheels good, four wheels better!

Shares of Peloton are spiking like my heart rate during a Denis Morton ride after the embattled fitness company reported better-than-expected earnings and also tapped Peter Stern, president of Ford Integrated Services, to be its next CEO.

Stern, the latest in a series of new CEOs during a year of high turnover atop Corporate America, has extensive history leading divisions that are right in Peloton’s wheelhouse: at Ford, his role had him leading digital and subscription services — marrying hardware, software, and services. Prior to that, he oversaw Apple TV, iCloud, and Apple News+.

Peloton’s adjusted earnings before interest, taxes, depreciation, and amortization were $115.8 million for the three months ending September 30, more than double what Wall Street had anticipated. While its outlook for next quarter’s revenues was shy of what analysts expected, a boost to its full-year earnings more than makes up for that in traders’ eyes. That’s proof its aggressive cost-cutting efforts — with operating expenses down 30% year on year — have borne fruit.

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Tasha Matsumoto

Stocks continue to climb on hopes of an end to the war

Stocks rallied and oil fell as traders digested comments from President Trump.

Sunset Bull

1970s Disco Ball Vibes

Matt Phillips3h

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SpaceX reportedly files confidentially for IPO

SpaceX confidentially filed its draft IPO paperwork with the Securities and Exchange Commission, Bloomberg reports, citing people familiar with the matter, the next step toward what is expected to be a blockbuster summer listing.

Elon Musk’s satellite and rocket company could raise around $75 billion in an IPO that would value it at more than $1.75 trillion — both records — though the exact amounts won’t be settled until it goes public, likely in June.

Another notable thing about this IPO: the portion of shares committed to individual investors is expected to be much higher than in traditional IPOs — per Reuters, up to 30%, versus the typical 10% — a move that could broaden retail participation in one of the most anticipated public offerings ever.

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Another notable thing about this IPO: the portion of shares committed to individual investors is expected to be much higher than in traditional IPOs — per Reuters, up to 30%, versus the typical 10% — a move that could broaden retail participation in one of the most anticipated public offerings ever.

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Matt Phillips6h

Energy stocks tumble after massive March

Energy and chemical stocks tumbled early Wednesday on growing expectations that the US participation in the Iran war is nearing an end, and West Texas Intermediate crude oil futures slipped back below $100 a barrel.

LyondellBasell, APA Corporation, Dow, Inc., CF Industries, and Marathon Petroleum — the S&P 500’s top 5 gainers last month — all sank.

Natural gas drillers EOG Resources, Devon Energy, Coterra Energy, and Diamondback Energy dropped, as did integrated oil giants Exxon and Chevron. Fuel refiners and marketers such as Phillips 66 and Valero also fell.

Don’t shed too many tears for these energy giants; the S&P 500 energy sector rose 10% in March and 37% in Q1 2026.

The Energy Select Sector SPDR Fund is coming off its second-best quarter on record relative to the SPDR S&P 500 ETF, based on data going back to 1999.

Max Knoblauch6h

Nio, Li Auto rise as Q1 delivery totals beat internal guidance

China’s EV startup trio — Nio, Li Auto, and XPeng — are all climbing on Wednesday, following the release of March and first-quarter delivery totals.

Nio delivered 83,465 vehicles in the three months that ended in March, up 99% from the same quarter a year ago and slightly beating the upper end of its guidance. Li Auto delivered 95,142 vehicles in the period, up 2.5% and ahead of its guidance range. The figure was bolstered by 12% growth in March deliveries.

XPeng, on the other hand, saw Q1 deliveries drop 33% year over year to 62,682 vehicles — the company’s first quarterly drop since 2023. Shares are still up as of 10 a.m. ET on Wednesday, as the automaker’s March deliveries were up 80% from February’s total.

BYD is down more than 2% on Wednesday, as the automaker posted its seventh consecutive month of sales declines. First-quarter sales fell 30% year over year, Reuters reported.

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