Peloton's share price is expected to rebound about 0.23% Wednesday after falling 2% Tuesday after Apple named a launch date for its new Fitness+ on-demand workout service.
Apple's service which launches Monday is similar to what Peloton offers.
Peloton shares are expected to open Wednesday on the Nasdaq at $118.52. Peloton's stock dipped from a Monday close of $116.63 a share to a Tuesday opening of $115.16 per share. The price recovered and was trading higher at the close at $118.25 a share.
Apple announced a competing service back in September. During that time, the company said that the service will be compatible with data collected by its Apple Watch. Pricing was announced at just $9.99 per month or $79.99 per year.
Apple said its service will work with all Apple devices - including its iPhones, iPads and Apple TVs. On-demand workout videos will feature songs from Apple Music and the company said new videos will be added each week.
Peloton's service is a membership plan, which starts at $12.99 per month. Membership gets users livestreamed or prerecorded online classes such as cycling, running and yoga. Peloton offers an all-access membership program that costs $39 per month and requires users to purchase hardware.
Peloton chief executive officer John Foley said Apple's move is a "legitimization" of the relatively new industry. He said fitness content was here to stay.
"The biggest thing I will say is it's quite a legitimization of fitness content - to the extent the biggest company in the word, a $2 trillion company, is coming in and saying fitness content matters. It's meaningful enough for Apple," Foley said.
