What's Going On With Peloton Stock Wednesday?

Peloton Interactive Inc PTON shares are seeing increased attention Wednesday on what appears to be continued momentum following the company’s content distribution deal with Google’s Fitbit.

What Happened: Peloton announced a multi-year content distribution partnership with Alphabet Inc GOOG Tuesday afternoon to offer a wide portfolio of Peloton classes to Fitbit Premium users, starting in early September.

Peloton shares were up nearly 9% in premarket trading Wednesday before pulling back.

Under the new partnership, Fitbit Premium members will gain access to classes across more than 10 Peloton modalities. A select group of Peloton classes will also be available to Fitbit users without a Premium subscription. New content will be added to the app incrementally, and Peloton members will receive special offers for the Google Pixel Watch and Fitbit Charge 6 devices.

"We’re thrilled to bring Peloton’s classes and world-class Instructors to Fitbit users, and continue to establish Peloton as a one-stop shop for all types of fitness content," said Greg Hybl, senior vice president and general manager of Peloton for Business.

"Together we share a commitment to make health and wellness more accessible and ensure even more people can reach their fitness goals."

Peloton is due to report fiscal fourth-quarter financial results before the market open on Aug. 22. The company is expected to report a loss of 17 cents per share and revenue of $630.482 million, according to estimates from Benzinga Pro.

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PTON Price Action: Peloton shares had given up all of their gains by publication time. The stock was down 3.64% at $2.91 at last check Wednesday, per Benzinga Pro.

Photo: nyker from Shutterstock.