PTON - Why Peloton Interactive Yandex and Karuna Therapeutics Jumped Today
The stock market got off to a slow start on Monday, but it managed to finish the session with modest gains for most major benchmarks. Concerns about whether the U.S. and China will find a near-term solution to their trade disputes held indexes back from bigger moves higher, but the overall mood among investors stayed positive despite those worries. Some companies had extremely good news that sent their share prices up sharply. Peloton Interactive (NASDAQ: PTON), Yandex (NASDAQ: YNDX), and Karuna Therapeutics (NASDAQ: KRTX) were among the top performers. Here's why they did so well.
Shares of Peloton Interactive rose 11%, extending their gains from last week and climbing above their September IPO price. Shareholders got a vote of confidence from billionaire investor George Soros last week, who reported in his quarterly filing with the U.S. Securities and Exchange Commission that he had added the interactive fitness equipment company's stock to his portfolio. Soros didn't take a huge position in Peloton, amounting to 1.575 million shares. Even at the new, higher price, with a value of less than $50 million, the holding won't make or break Soros' performance -- but it does show that the company has some support from a well-known investment icon.
Image source: Peloton Interactive.