Market is too optimistic about a post-coronavirus world: Stephen Roach

spike

One of the world’s leading authorities on Asia is worried Wall Street is miscalculating China’s efforts to reopen its economy.

While it’s going relatively smoothly on the supply side, Yale University senior fellow Stephen Roach warns the demand side is struggling, and that’s a bad sign for the U.S. economy as it begins reopening.

“Chinese consumers remain fearful of going out in public, shopping, going to movies and enjoying activities that put them in close proximity with their neighbors,” the former Morgan Stanley Asia chairman told CNBC’s “Trading Nation” on Wednesday. “Consumer behavior is not all that dissimilar in populations

Read More

Spirit Airlines, Etsy, Paypal and more

spike

Spirit Airlines aircraft seen at Los Angeles International Airport.

Alex Tai | SOPA Images | LightRocket via Getty Images

Check out the companies making headlines after the bell.

Lyft — The rideshare company’s stock soared 15% in extended trading after Lyft reported first-quarter earnings. The company reported 21.2 million active riders in the first quarter, a 3% year-over-year improvement despite travel restrictions implemented during the Covid-19 pandemic. Lyft also said it had a loss of $1.31 per share on revenue of $956 million, while analysts expected a narrower loss of 62 cents per share on revenue of $893 million,

Read More

Peloton gets lockdown boost as home workouts drive exercise bike sales

spike

(Reuters) – Peloton Interactive Inc (PTON.O) raised its forecast for full-year revenue on Wednesday as “stay at home” orders led to a surge in sales of the company’s exercise bikes and fitness subscriptions, sending its shares up 5%.

A Peloton logo is seen after the ringing of the opening bell for the company’s IPO at the Nasdaq Market site in New York City, New York, U.S., September 26, 2019. REUTERS/Shannon Stapleton

The strong results validated heightened expectations after analysts hailed Peloton, known for its $2,200 exercise bikes, as one of the few companies to benefit from prolonged lockdowns

Read More

Peloton raises revenue forecast as people turn to home workouts in lockdowns

spike

A Peloton logo is seen after the ringing of the opening bell for the company’s IPO at the Nasdaq Market site in New York City, New York, U.S., September 26, 2019. REUTERS/Shannon Stapleton

(Reuters) – Peloton Interactive Inc (PTON.O) raised its forecast for full-year revenue on Wednesday as “stay at home” orders encouraged more people to buy the company’s exercise bikes and fitness subscriptions plans.

The strong results validated heightened expectations around the company after analysts hailed Peloton, known for its $2,200 exercise bikes, as one of the few companies to benefit from prolonged lockdowns and a shift

Read More