10 things before the opening bell

Peloton bike

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1. Peloton is the latest reminder that the stay-at-home trend is losing steam. The company cut its 2022 sales forecast, as well as subscriber projections, sending shares tumbling as much as 36% on Friday. On an earnings call with analysts, Peloton said it had underestimated the impact the economic reopening would have on its business.

It's an all-too-familiar development for stay-at-home stocks, which were previously the darlings of the market as people were forced into lockdown. Chegg, which offers online tutoring, tumbled 50% last week after saying it was losing students. Streaming giant Roku and web-conferencing favorite Zoom have also seen their stocks suffer.

As for Peloton, it's now freezing hiring as it mulls how to tackle the home-exercise slowdown. Founder and CEO John Foley has tumbled out of the billionaire ranks - at least for now - amid the share sell-off.

But analysts on Wall Street remain relatively optimistic. There was a wave of price-target cuts on Friday, but forecasts are still bullish in the long term compared to current levels.


2. Tesla slips as Elon Musk weighs dumping 10% of his shares after a Twitter poll. US stocks are drifting as investors book profits following fresh record highs, while the total crypto market value hits $3 trillion for the first time. Check out how markets are moving here.

3. Morgan Stanley's stock-strategy team maintains a portfolio that's beaten the S&P 500 for 3 years. CIO Mike Wilson just revamped it to be more defensive against shrinking spending and economic growth. Here are the top 9 picks from the new list.

4. On the docket: PayPal, Softbank Corp., and AMC Entertainment, all reporting.

5. What's in the new infrastructure bill? The House passed the long-awaited $1 trillion bipartisan bill on Friday, which includes $550 billion to fund advancements in public transit, clean energy, electric vehicles, and roads and bridges. Here's a complete rundown of what's in it.

6. Billionaire investor Stanley Druckenmiller sounded the bubble alarm on meme stocks and crypto. Taking a short-term approach can prove disastrous for investors, he warned. Here's why he thinks the current bubble is far broader than the dot-com bubble.

7. JPMorgan said ethereum is a better bet than bitcoin as interest rates continue to rise. Ethereum is at the heart of both decentralized finance and the NFT market, the firm noted. Read why the firm expects bitcoin to fair worse when rates and yields rise.

8. A fake press release saying Kroger will accept bitcoin cash send the crypto soaring briefly on Friday. Kroger made a public statement denying the fraudulent report, and most gains were quickly erased. It's reminiscent of when Walmart had to say it didn't accept litecoin following a previous scam.

9. How retail investors with real-estate aspirations can acquire shares of properties with as little as $10. This is according to Ben Miller, the co-founder and CEO of Fundrise, a $1.7 billion real estate investment company. He also shares two assets within the industry that "have been and will continue to be highfliers."

10. 7 altcoins to buy. Technical analyst Adrian Zduńczyk says bitcoin's next big surge will be at $70,000, and that other cryptos will follow it higher. Here's his full list.


Compiled by Phil Rosen. Feedback? Email [email protected] or tweet @philrosenn.

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