As companies struggle to find ways to take on the nationwide labor shortage, automation has become increasingly appealing.
Here's why stocks have come out of the gate with gusto to kick off the fourth quarter.
Shares of Peloton Interactive (NASDAQ: PTON) were falling 5% at 11:41 a.m. ET on Wednesday after soaring almost 19% yesterday on a deal with Hilton Worldwide Holdings to place fitness equipment in all of its hotels. While the decline today means the connected fitness equipment maker is still up 12% from Monday's close, Peloton has had a hard time retaining any of the previous rallies in its shares. Peloton is quickly trying to shore up sales, which plummeted in its fiscal fourth quarter, ended in June, dropping 28% year over year as subscriber growth slows, churn increases, and the number of fitness classes being taken by subscribers plunges.