Why Shares Of Affirm Dipped On Thursday

Affirm Holdings AFRM shares are trading lower following a CNBC report indicating the company's partner Peloton Interactive PTON has suspended production of connected fitness products.

Affirm is a financing partner for Peloton and the report sent shares of the stock roughly 5% lower at one point in Thursday's session. 

CNBC, citing internal documents, reported Peloton plans to pause Bike production for two months and does not anticipate producing Tread+ units in 2022 as consumer demand wanes. 

Peloton's stock saw a surge in 2020 amid the COVID-19 pandemic, which boosted demand for at-home fitness platforms. The stock has continued to pull back over the past year. 

At the time of publication, Affirm shares were trading 2.43% lower at $62.74. 

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: MoversTrading Ideaswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!