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Don't buy Peloton shares -portfolio manager

"I would not buy on it (Peloton stock). The stock has broken all major support. In addition, it is actually now trading below its IPO price," said Watts.

Peloton Interactive's chief executive said on Thursday the company was reviewing the size of its workforce and "resetting" production levels, following a report earlier in the day that it was temporarily halting production of connected fitness bikes and treadmills after a significant drop in demand.

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