Peloton CEO John Foley told Axios on Thursday that he isn't too concerned about how the connected fitness company's share price has fallen sharply in its first day of post-IPO trading.
"I'm following it like everyone else, but trying not to take it too personally or getting too discouraged after a couple hours of sideways trading. Obviously, we'd rather have it going the other way, but I don't think it's a reflection on our fundamentals or the excitement of investors who came in. This is a long journey."
Lumber mills in the U.S. have been a casualty of President Trump's trade war with China, as a significant dip in demand has pushed hardwood lumber prices down, the Wall Street Journal reports.
Why it matters: Chinese buyers were critical for lumber after the 2008 financial crisis, as American construction and furniture production dropped. Now, Beijing's retaliatory tariffs on as much as 25% of lumber and wood imports are draining the U.S. industry.
Peloton Interactive last night raised $1.16 billion in its IPO, giving it an initial market cap of around $8.1 billion.
Why it matters: It's a much-needed IPO win for both New York's tech startup market and lead banker J.P. Morgan, both of which were reeling from WeWork's spontaneous combustion.
It's still early days in a possible impeachment process, but "it would be complacent to think that the impeachment process just adds another ring to the circus," cross-asset strategists at JPMorgan warn in a note to clients.
What they're saying: They point out 4 important variables about the expected impeachment drama in Washington:
Apprenticeship programs are no longer just for plumbers and electricians. They are an increasingly popular way to groom workers for technical roles.
Why it matters: A number of metro areas (and suburbs) are leveraging their community colleges to create a pipeline of workers in tandem with wooing companies to set up shop there. Apprenticeships are more frequently part of those efforts.
Cities and companies need the same thing: skilled workers.
Driving the news: The metro areas that are more likely to benefit from a skilled workforce have populations that are less inclined to get additional education, per the Strada-Gallup Education Consumer Survey.
The suburbs are becoming cool again — as long as they resemble inner city downtowns.
What's happening: As millennials settle down, have kids and look for cheaper houses and good schools, they're migrating out to the suburbs — and creating a different type of live-work-play district that developers are calling "hipsturbia."
The average cost of family health insurance offered by companies climbed 5% this year, exceeding $20,000 for the first time, according to the newest annual survey of employer health benefits from the Kaiser Family Foundation.
When someone makes the inevitable WeWork movie, consider it a remake of the end of Quentin Tarantino's 1992 film Reservoir Dogs. Almost all of the major characters die. The exception is Mr. Pink, who seems to escape, but then we hear police sirens and his fate is left ambiguous.
Driving the news: Founder and CEO Adam Neumann was fired on Tuesday in a boardroom coup that he enabled by recently changing governance terms.
The stock market was also stung by a weak U.S. consumer confidence report from the Conference Board on Tuesday.
By the numbers: The index fell to 125.1 in September from a downwardly revised 134.2 in August. That was the biggest drop in 9 months, and the most the index has missed versus economists' expectations since 2010, according to Reuters.
Stocks have steadily risen over the course of September, with the S&P edging up by around 3% month to date, while safe-haven U.S. Treasury prices have fallen, pushing yields higher, in a sign of investors' increasing appetite for risk.
Why it matters: The pickup in stock buying so far this month has been a major reversal of the trend seen in markets for most of the year. Capital flows had largely been going into bonds and money market funds and out of stocks.
Bullish stock traders have taken just about every opportunity to buy U.S. equities after positive news about developments in the U.S.-China trade war this year, but both the S&P 500 and Nasdaq had their worst day in a month on Tuesday as obstacles to that deal mounted.
What's happening: Stocks reversed earlier gains after President Trump addressed the UN and accused China of failing to keep its promises and engaging in predatory practices that had cost millions of jobs in the U.S. and other countries.
Vox Media, the D.C.-based digital media company that's home to several popular internet brands, like Polygon, Eater, SB Nation and others, agreed to acquire New York Media, the parent company to New York Magazine, on Tuesday in an all-stock transaction. Deal terms were not disclosed.
Why it matters: New York Media has been in the hands of a private family trust for years. Its sale underscores a growing trend of media companies consolidating either for stability, survival or growth.
