Peloton raced to the public markets Thursday after pricing its shares at $29, which was the high end of the previously anticipated range. It was a disappointing first day, as the stock tumbled more than 11% and closed at $25.76 per share at the end of Thursday’s session. Peloton’s tepid opening made it the third worst trading debut in 10 years in the U.S.
Peloton management said that while the market response to the company’s IPO was disappointing, CEO John Foley alluded to the interesting time for markets as of late. He noted that there was some anxiety putting on markets on edge.
Meanwhile, chipmaker Micron shares fell 5% in after-hours trade despite reporting a beat on the top and bottom lines for its fiscal fourth quarter. The stock took a hit after Micron’s first quarter gross margin forecast missed analysts’ estimates.
Despite the fact that most semiconductor companies have been caught in the crosshairs of the more than yearlong U.S.-China trade war, Micron and the rest of the industry has managed to outperform the broader market this year.
Excluding the after-hours stock action on Thursday, Micron shares rallied 52% this year, while the ETF tracking semiconductor stocks, SMH, jumped 38% and the S&P 500 (^GSPC) rose 20% in the same time period.
On the economist data front, investors can expect the following releases:
Personal Income, August (0.4% expected, 0.1% in July); Durable Goods Orders, August preliminary (-1.2% expected, 2.0% in July); Personal Spending, August (0.3% expected, 0.6% in July); Durables excluding Transportation, August preliminary (0.3% expected, -0.4% in July); University of Michigan Sentiment, September final (92.1 expected, 92.0 prior)
Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung.
More from Heidi: