By Christiana Sciaudone
Investing.com -- Beyonce sprinkled her magic fairy dust on Peloton (NASDAQ:PTON), helping shares recover from a 20% dip.
Peloton and Beyonce announced a long-term deal with the songstress, bringing shares back from the red to trade up 6%.
The exercise bike maker tanked on Monday after Pfizer (NYSE:PFE)'s announced that its Covid-19 vaccine candidate is 90% effective, and markets celebrated the real possibility that we will finally be unleashed from lockdown. While Peloton did report strong results last week, it is facing challenges in keeping up with demand.
Beyonce and Peloton have created a series of themed workout experiences to help extend Homecoming season at Historically Black Colleges and Universities. Peloton members, of which there are more than 3.6 million, will have access to classes across multiple categories, including indoor cycling, running, strength, bootcamp, yoga and meditation.
As part of the partnership, Beyonce and Peloton will gift two-year Peloton Digital memberships to students at 10 of the schools. The classes will be available for use with or without a Peloton bike. Peloton will also pursue long-term recruiting partnerships at both the internship and undergraduate levels at the schools.
In the coming months, Beyonce will continue to work closely with Peloton on class curation across all workout disciplines.