Peloton Shares Rebound After Amazon Denies Echelon Partnership
- Amazon tells Echelon Fitness to stop selling Prime bike
- Echelon CEO says there was ‘miscommunication’ with Amazon
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Peloton Interactive Inc. shares rebounded Wednesday after Amazon.com Inc. said it’s not partnering with Echelon Fitness to sell a rival home fitness bike.
Earlier this week, Echelon Fitness unveiled an “Ex-Prime” bike for $500 that it said was developed in collaboration with Amazon. That was significantly less than Peloton’s machines that cost well over $1,000. The news pushed Peloton shares down as much as 6.7% early Tuesday before rebounding to close with a decline of less than 1%.