Good day . . .
We’re here to help you prepare for the week that Peloton has an update on its treadmill safety issues and we’ll better read about how hot the economy really is. Also check out this week’s Crain Special, which is about how New York is becoming a “car city”.
Dead and Company complete a New York area swing with a concert at the Bethel Center for the Arts on Long Island. These psychedelic Road Warriors, consisting of Grateful Dead guitarist Bob Weir, the band’s two drummers and a supporting line-up, still hold the seats 26 years after Jerry Garcia’s death. According to Pollstar, the band has grossed more than $ 200 million in concert revenue since 2015, including $ 35 million in 2019. What a long, strange, and profitable journey it has been.
Movado Group reports profit. New Yorkers wear watches to make a statement because most don’t have big houses to show off or drive fancy cars, at least until recently. Swiss watchmakers report that demand for their expensive timepieces is strong, but it’s more difficult for mass-market brands like Movado. After all, nobody needs a watch to tell the time anymore.
26th of August
Peloton Interactive reports revenue. The star of the home fitness business has been on hold since April when federal consumer safety regulators warned the public not to stop using their treadmills after a child was pulled under one and died. The company fought the government for a few weeks but then gave way, and both sides are reportedly debating solutions. If Peloton has good news on that front, its stock could rise again. If not, don’t.
The US Bureau of Economic Analysis publishes revised gross domestic product figures for the second quarter. Usually this report is a snoozer, but this week it will be closely watched for signs of the economy overheating. The first estimate was that GDP rose 6.5% in the second quarter, but when more complete data shows the number was even higher, inflation freaks will be terribly upset