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TARA LACHAPELLE: Peloton stock surges as fitness company peddles shares

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The darling of lockdown workouts might need to slipstream a tech innovator

A Peloton exercise bike is shown in this file photo. Picture: ADAM GLANZMAN / BLOOMBERG

That’s not usually how it goes with stock sales. The more logical sequence of events is: stock rallies, company offers shares, price falls. However, in a market highly susceptible to speculation and blind faith, some Peloton shareholders are betting that the stock has become so beaten down that it effectively puts the company in play. The share offering — often interpreted as a desperate measure — is like waving a for-sale sign to prospective buyers, including perhaps Apple.

Normally a $1bn share offering would erode market value, but visions of a takeover are dancing in investors’ heads. Picture: BLOOMBERG

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