The meme stock trade is having another moment.
(Bloomberg) -- With recession fears mounting—and inflation, the war in Ukraine and the lingering pandemic taking a toll—many tech companies are rethinking staffing needs. That’s included freezing hiring, rescinding offers and even laying off workers.Most Read from BloombergFBI Raid Focused on Material Trump Brought From White HouseChina Seizes on Pelosi Visit to Set ‘New Normal’ for TaiwanSan Francisco ‘Froth is Gone’ as Wealth Fades, Housing SlumpsWinners and Losers in Democrats’ Signature Tax
You would be correct if you guessed fitness equipment specialist Peloton Interactive (NASDAQ: PTON). Now, everyone loves a good comeback story, which could certainly happen for Peloton. Peloton rose to glory during the pandemic, when lockdowns closed gyms and stimulus checks gave consumers plenty of money to try out its Bike product.