Shares of Peloton Interactive
PTON,
were halted midday Thursday after a report said the exercise-equipment maker was temporarily pausing production of its fitness products, including its popular bike and treadmill because of slumping demand.
Citing confidential internal documents, CNBC reports that the company is reducing its forecast for demand and cutting production, as it aims to control costs.
Shares of Peloton were down around 22% on Thursday and has been halted twice during the session, following the report.
This post was originally published on Market Watch
