TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and Peloton’s continued slide.
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00:00 I'm Conway Giddens reporting from the New York Stock Exchange.
00:03 Here's what we're watching on the street today.
00:05 Stocks were in the green to close out today's session.
00:08 The Dow closed up over 300 points.
00:11 The Nasdaq rallied 1.5% and the S&P 500 closed nearly 1% higher.
00:16 This comes as investors continue to digest corporate earnings
00:20 while looking ahead to the all-important April jobs report due out on Friday.
00:24 Analysts are anticipating another strong month of job growth,
00:28 forecasting a gain of somewhere around 240,000 new jobs.
00:32 That is a slowdown from the 303,000 in March, but still good nonetheless.
00:37 Investors will be closely watching this report
00:39 to determine the health of the U.S. labor market.
00:42 In other news, Peloton is now searching for its third CEO in just over two years.
00:48 The company announced that current CEO Barry McCarthy will step down.
00:52 Fifteen percent of the company's workforce is heading out the door as well.
00:56 Peloton says the layoffs were necessary because it "simply had no other way
01:01 to bring its spending in line with its revenues."
01:04 The company released a statement saying "this restructuring will position Peloton
01:08 for sustained positive free cash flow while enabling the company to continue
01:12 to invest in software, hardware, and content innovation,
01:16 improvements to its member support experience,
01:18 and optimizations to marketing efforts to scale the business."
01:22 The restructuring plan comes on the heels of disappointing third-quarter results.
01:25 The fitness company missed Wall Street's expectations on both its top and bottom lines.
01:30 Peloton has suffered a dramatic fall from pandemic darling.
01:34 Revenues have declined for nine straight quarters.
01:37 It hasn't turned a net profit since December of 2020,
01:41 and the stock is at an all-time low.
01:43 Peloton doesn't seem optimistic going forward,
01:46 as it predicts a roughly 20 percent drop in app subscribers,
01:50 which comes out to about 150,000 users.
01:54 That'll do it for your daily briefing from the New York Stock Exchange.
01:57 I'm Conway Gittins with the Street.
01:59 Thanks for watching.
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