Peloton stock drops after 'And Just Like That' character's shocking post-workout death
S E E D E D C O N T E N T
SPOILER ALERT: This article discusses a major plot development in the first episode of "And Just Like That," the "Sex and the City" revival series now streaming on HBO Max.
Shares of Peloton, the fitness equipment company, fell 11.3% Thursday — tumbling to a 19-month low — after a key character in HBO Max's "Sex and the City" revival, "And Just Like That," was shown dying of a heart attack after a 45-minute workout on one of the company's exercise bikes.
The stock continued its slide Friday, down more than 5% in midmorning trading.
According to Peloton, the company had approved the show's use of the bike as well as the appearance of "Allegra," a fictional instructor played by real-life Peloton cycling instructor Jess King. However, Peloton did not know that "And Just Like That," which premiered Dec. 9, would show [SPOILER ALERT] Mr. Big, played by Chris Noth, collapsing and then dying after a Peloton workout. Mr. Big was the on-again-off-again love interest of protagonist Carrie Bradshaw (Sarah Jessica Parker). "And just like that — Big died," Carrie says in the scene.
In response, Peloton pointed to Mr. Big's unhealthy lifestyle choices as the likely cause of his demise — rather than the fact that his death was precipitated by his use of the company's exercise bike. Prior to hopping on the Peloton bike, Big is seen puffing on a cigar.
"I'm sure 'SATC' fans, like me, are saddened by the news that Mr. Big dies of a heart attack," cardiologist Dr. Suzanne Steinbaum, a member of Peloton's health and wellness advisory group, said in a statement released by the company. "Mr. Big lived what many would call an extravagant lifestyle — including cocktails, cigars, and big steaks — and was at serious risk as he had a previous cardiac event in season 6. These lifestyle choices and perhaps even his family history, which often is a significant factor, were the likely cause of his death. Riding his Peloton Bike may have even helped delay his cardiac event."
In a research note to clients, BMO Capital Markets analysts called out the "And Just Like That" scene, writing, "Although unlikely to impact sales, it does question whether [Peloton] is losing degrees of control over its storytelling, perhaps its greatest achievement to date."
Peloton was among the "stay-at-home" stocks that experienced a surge during COVID lockdowns, as people stopped going to gyms. Part of the pressure on Peloton's shares stems from expectations that consumers will be spending less money on home-exercise products and services once coronavirus cases subside.
On Friday, Credit Suisse analyst Kaumil Gajrawala downgraded the stock from "outperform" to "neutral" and cut his 12-month price target on the stock from $112 to $50 per share. In a research note, the analyst cited headwinds for Peloton related to "Higher mobility, a shift in consumer spending, and the return of in-person fitness" after the company experienced "a breakneck" fiscal 2021.
Peloton last broke into the cultural zeitgeist to this extent two years ago, when a holiday ad that many perceived as sexist and elitist was widely satirized on social media.
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The public is often uber-superficial and emotional. The stock market reflects the anticipated public reaction.
What a monstrously stupid reason to sell stock. Shit like this is why I hate the market.
And don’t go crapping on my lifestyle.
The wife and I love our bike.
How many people watch that stupid show.
My guess would be not enough for stocks to tumble.
I always thought stationary bikes were stupid anyway.
Get a real one....
It's too cold and wet or snowy part of the year here to ride a bike. Not to mention, there are very few bike lanes. I considered riding one to work for a while. but the road there has no shoulder, and there are livestock trucks and dumbasses driving it.
Yes, definitely do not bike unless there is a lane; it is just too easy to hit a cyclist.
My cycling is done on trails. I avoid bike lanes and will go out of my way to not get on a road. I have mapped out a 25 mile course around my home that is almost exclusively safe, not redundant, and —also importantly— not inconveniencing the drivers.
We have some mountain roads that are pretty popular with cyclists, but there have been complaints from drivers about safety. There are quite a few blind turns where a car could catch up to an unseen cyclist pretty quickly.
Also, some of my neighbors have dogs that aren't friendly.
Yeah, I wonder about some cyclists. It is as if they think they are safe relying upon the awareness of many drivers of 3000lb+ vehicles with momentum.
I was pissed off at a cycling group I caught up to one day heading home. I was in a hurry for some reason, and they parked at an intersection to discuss where they were meeting for their ride the following week. I had my windows down, and could hear the conversation. They stayed there several minutes, blocking the road at a busy intersection.
About 150 yards back, there was an empty parking lot they could have used. Instead, they blocked traffic and risked injury to themselves from drivers who might not have seen them sitting in the intersection until too late.
Reminds me of Jim Fixx. He was a long distance runner who touted the benefits of such. He was 54 when he died of a heart attack while running in 1984. He had a pre-existing heart condition that he knew about, but still insisted on running. Never stopped anyone from running, but it is a reminder that exercise can help your health, but it is no guarantee of living longer.