Peloton stock rose 5% as company set to join video game business

6:13 PM July 20, 2021

Despite recent declines in the stock markets, Peloton (PTON.US) shares are one of the top performers due to two statements issued by the company. Yesterday the fitness products maker told CNBC that it is preparing to enter the video game industry as the company wants to diversify its content for users. The first product will be an in-app video game called Lanebreak and involves riders changing up their cadence and resistance levels to meet various goals and score rewards. Players will control their own avatars and move them along tracks that face obstacles throughout. The game should be officially launched in early 2022.

During today's session Peloton stock surged more than 5% after the company announced it would provide UnitedHealth Group (UNH.US) 's nearly 4 million of fully insured members 12-month access to its live and on-demand fitness classes at no additional cost. Launched last month, Peloton’s corporate wellness program brings the company's products to businesses and organizations operating in the U.S., the U.K., Canada, and Germany. To keep the momentum going, Peloton is expanding into international markets, including Australia.

Peloton (PTON.US) stock rose sharply yesterday despite broad market sell-off and upward move is continuing today. Price broke above 200 SMA (red line) and is currently testing local resistance at $125.70 which coincides with 50%  Fibonacci retracement of the last downward wave. Source: xStation5

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