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Lyft and Peloton Rally, Defying the Mantle of 2019’s Least-Loved Debuts

Jeran Wittenstein

(Bloomberg) -- Some of the least-loved stocks to make their debuts this year are rallying on Monday as the S&P 500 Index hovers in record territory.

Fitness company Peloton Interactive Inc. gained 11% to a record high, closing above its IPO price of $29 for the first time. At its low last month, the stock was down 27% from its September IPO price, after falling amid concerns over its path to profitability.

Lyft Inc. rose 4.2%, to its highest in almost two months, after picking up corporate clients in a deal with rival Juno, which is closing its New York-based operations. While the stock has fallen 38% from its March initial public offering, the share have added 10% since Sept. 30, on track for its first quarterly gain.

Slack Technologies Inc., down about 40% from a record set on its first day of trading in June, held onto a gain of 1.1% on Monday. Shares of the workplace-collaboration software company are on a record winning streak after advancing for five consecutive days. Pagerduty Inc., meanwhile, traded above its initial offering price for the first time since October but is still down more than 50% from a June record.

To contact the reporter on this story: Jeran Wittenstein in San Francisco at jwittenstei1@bloomberg.net

To contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Courtney Dentch

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