Daily's Pre-Market: Peloton, Amer Sports, Ferrari, Merck, and Meta.

Peloton shares plummet 20% as fitness company gives dismal outlook

Nearly two years into Barry McCarthy’s tenure as Peloton’s CEO, the company has made some progress in its turnaround plan, but still hasn’t managed to return to growth.
The fitness company, best known for its Bike, Tread and online fitness classes, delivered mixed results for its holiday quarter.
Peloton now expects sales growth by the end of the current fiscal year in June.

Amer Sports started trading on the NYSE at $13.40 per share after pricing its IPO at a discount.
The company raised $1.37 billion in its IPO at $13 a share, down from a previous range of $16 to $18 a share.
Amer runs some of the most recognizable brands in the athletic space, but its balance sheet is saddled with $2.1 billion in debt, and it didn’t post any profits between 2020 and September 2023.

Ferrari topped Wall Street’s top- and bottom-line earnings expectations for the fourth quarter to finish off a record year of profits.
Ferrari’s revenue last year increased 17% to 5.97 billion euros, or $6.46 billion, including an 11% increase in the fourth quarter.
The automaker reported a net profit of 1.26 billion euros, or $1.36 billion, for 2023, including 294 million euros, or $317.9 million, in the fourth quarter.

Merck reported fourth-quarter revenue and adjusted earnings that topped estimates as it saw strong demand for its blockbuster cancer drug Keytruda and HPV vaccine Gardasil.
The pharmaceutical giant posted a quarterly loss, however, due to previously announced charges associated with its cancer drug collaboration deal with Daiichi Sankyo.
The company also issued its full-year 2024 guidance, which was generally in line with Wall Street’s expectations.

Meta will pay a 50 cent dividend, its first ever, and has authorized a $50 billion share buyback.