This week, Peloton Interactive cheered investors up with an interesting announcement; Hershey shares renewed their all-time high; Snowflake issued a quarterly report, and Occidental Petroleum shared its plans to build a CO2-capturing plant. Let's discuss the news in detail.

Peloton to sell its products on Amazon

Peloton Interactive shares are growing thanks to an agreement with Amazon

On Wednesday 24 August, Peloton Interactive – a company selling sports equipment and accessory for home use and subscriptions to online training courses – surprised market participants with some unexpected news.

The company announced that it planned to sell its exercise bikes and sports accessories on Amazon. As you know, Peloton Interactive used to sell its goods solely via its own sales channels.

Analysts say that such cooperation might help Peloton increase sales volumes, attract new clients, reduce spending on goods delivery and customer service, and improve its reputation thanks to the weight and popularity of Amazon.

Following this news, the shares of Peloton Interactive Inc. (NASDAQ:PTON) surged 20.07% to $13.46. However, this positive consequence did not last long: the next trading session already closed with a decline of 18.2% at $11.01.

Hershey shares renewed their all-time high

Hershey stock renewed its all-time high

On 24 August, the stock of American confectionary company Hershey Co. (NYSE:HSY), one of the world’s largest representatives of the sector, set a 52-week record, renewing its all-time high. Over that trading day, the stock quotes reached $234.52.

Hershey’s stock keeps going positive after publishing a strong financial report for the previous quarter, which indicated that the forecasts for this year were improved.  As you know, quarterly earnings and profits of the company have been exceeding experts' forecasts for eight quarters in a row.

Snowflake report: earnings increased 83%

Snowflake stock grew after the quarterly report

On Wednesday, the results of Q2 financial 2023 were published by Snowflake Inc., a company specialising in cloud technologies and data storage.

Snowflake earnings in May-June, compared to the statistics of the same months last year, increased 83% to $497.3 million; net loss grew 17.4% to $222.8 million, and loss per share increased 9.4% to $0.7. The overall number of clients increased by 36%, and the number of large clients who spent more than $1 million on the company’s services rose by 112%.

The results of the previous quarter sent the shares of Snowflake Inc. (NYSE:SNOW) up 23.07% to $196.28. Note that the quotes have been growing for three trading sessions in a row, acquiring 29.5% over this period.

Occidental Petroleum shares keep growing

The good news is pushing Occidental Petroleum shares up

Since Monday, the shares of American oil company Occidental Petroleum Corporation (NYSE:OXY) recorded a 4.5% growth, reaching $74.48. Analysts suggest that this is attributed to last week's good news.

As you remember, on Friday 19 August, the US Federal Energy Regulatory Commission (FERC) approved the application of Warren Buffett’s company Berkshire Hathaway Inc. for buying a controlling stake in Occidental Petroleum Corporation.

Moreover, this week, it became known that Occidental Petroleum, together with its subsidiary 1PointFive, planned to start building a large carbon-capture plant and safe storage at the end of 2022. This will clear the way for the corporation towards zero emission.

Summing up

Peloton Interactive, the company producing equipment for training at home, announced its plans to launch sales on Amazon; the stock reacted with a 20% growth.

This week, the shares of confectionary company Hershey reached $234.5, renewing an all-time high and setting a 52-week record.

The supplier of cloud technology of data storage and processing, Snowflake, published its results for May-June this year, demonstrating a serious increase in earnings. This information made the shares of the company grow by 23%.

The news that the FERC approved the application of Berkshire Hathaway for bringing its stake in Occidental Petroleum to 50% impacted the oil company's stock positively.

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Server is the guru of searching for market insights. Since 2019 he writes about everything that might be useful to the investor, focusing on the stock market and its assets.