Peloton Shares Surge On Late-Friday-Night 'Anonymous' Report Of 'Suitors' Including Amazon
After a week of utter chaos in the US equity markets, with unprecedented intraday swings in market caps of the largest companies in history, The Wall Street Journal decided that 1710ET was the perfect time to drop a report, sourcing 'a person familiar with the matter' that beleaguered bike-maker Peloton is drawing interest from multiple potential suitors including Amazon.
As WSJ reports, according to people familiar with the matter, Amazon has been speaking to advisers about a potential deal.
And in what can only be assumed is an effort to promote a bidding war for this cash-burning cow, the 'people familiar with the matter' also said that other potential suitors are circling (but that no deal is imminent and there may not be one at all).
Given the total lack of liquidity in markets - especially so at 1710ET on a Friday - PTON shares exploded over 30% higher in after-hours trading, erasing the losses triggered by a report in January from CNBC that the company faces layoffs and production halts.
Interesting that this 'source' would appear shortly after reports that an activist shareholder is calling for the CEO to be fired and the company to be sold.
Color us skeptical... how long until the AMZN denial....
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