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☆ EV slump, Hertz fire sale take used Teslas to 'no haggle' $25,000 price
▼ + stars: | 2024-06-06 | by ( Bob Woods | ) www.cnbc.com time to read: +10 min

Also, some used EVs are eligible for up to $4,000 in federal tax credits , and several states offer tax credits or rebates. Although as with buying any used car — from manufacturers and independent dealers, online marketplaces or private owners — there are pros and cons. The Hertz Car Sales website "Shop EVs" button recently listed 1,475 of the 1,638 used EVs listed as "Hertz Certified." A March study by automotive research firm iSeeCars found that the average used car price was down 3.6% from last year, though used EV prices had plummeted 31.8%, equating to $14,418 in value. A follow-up question — "Can you tell me about 2022 Tesla Model 3s being sold by Hertz Car Sales?"

Persons: Hertz, —, iSeeCars, Elon, Karl Brauer, Brauer, Yossi Levi, Guy, Tesla, Carvana, Edmunds, ChatGPT, Hertz's, Matt Quinn, CarGurus, Eugene Park Organizations: Hertz, EV, Hertz Global Holdings, U.S, Bolts, Car, Hertz Tesla, Tesla, ChatGPT, Hertz Car Locations: U.S, Massachusetts, Colorado, Edmunds, CarGurus

☆ Thursday’s rapid fire: SharkNinja, Hertz Global, Levi Strauss, Conagra Brands and Block
▼ + stars: | 2024-04-04 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThursday’s rapid fire: SharkNinja, Hertz Global, Levi Strauss, Conagra Brands and BlockCNBC’s Jim Cramer on Thursday discussed the stocks of SharkNinja, Hertz Global, Levi Strauss, Conagra Brands and Block

Persons: Levi Strauss, Jim Cramer Organizations: Hertz, Conagra Brands

☆ Stocks making the biggest moves premarket: Levi Strauss, Intuitive Machines, Wayfair and more
▼ + stars: | 2024-04-04 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Hertz Global — The car rental stock slid nearly 5% following a downgrade to sell from neutral at Goldman Sachs. Wayfair — The home-focused e-commerce retailer rose nearly 5% following an Evercore ISI upgrade to outperform from in line. For the period, the retailer posted adjusted earnings of 26 cents per share on $1.56 billion in revenue. Conagra reported earnings of 69 cents per share on revenue of $3.03 billion, exceeding FactSet's estimates of 65 cents per share on revenue of $3.01 billion. Intuitive Machines — The space stock soared nearly 11% after Intuitive won a NASA contract for $30 million to build a lunar terrain vehicle.

Persons: Goldman Sachs, Lizzie Dove, Morgan Stanley, Wayfair, Levi Strauss —, Conagra, Lamb Weston, FactSet, — CNBC's Alex Haring, Sarah Min, Samantha Subin Organizations: Hertz, Goldman, Zeta Global, Zeta's, LSEG, NASA

☆ Stocks making the biggest moves midday: Lamb Weston, Levi Strauss, Wayfair and more
▼ + stars: | 2024-04-04 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

Zeta Global — The software stock added 13% after Morgan Stanley upgraded the software firm to an overweight rating from equal weight. Conagra Brands — The consumer packaged goods food company climbed 5% after exceeding analysts' estimates for its fiscal third-quarter earnings and revenue. Lamb Weston — Shares plunged 19% after the fries producer missed its third-quarter earnings and revenue. Lamb Weston posted third-quarter adjusted earnings of $1.20 per share, less than the $1.45 analysts polled by FactSet had expected. Solar stocks — Solar stocks rose higher during Thursday's session as the yield on the benchmark 10-year Treasury moved lower.

Persons: Goldman Sachs, Morgan Stanley, Wayfair, foresees, Levi Strauss, Conagra, FactSet . Lamb Weston —, Lamb Weston, FactSet, Grindr, Raymond James, Solventum, —, Alex Harring, Hakyung Kim Organizations: Hertz, Goldman, Investors, Zeta, Conagra, Alaska Air Group —, Boeing, Reuters, 3M, Treasury, Energy, SolarEdge Technologies Locations: Alaska

Tokyo’s Nikkei 225 index rose 0.7% to 40,003.60, while the dollar rose to 150.35 Japanese yen from 149.14 yen. Australia's S&P/ASX 200 added 0.4% to 7,703.20 after Australia’s central bank kept its benchmark interest rate steady at 4.35% for a third consecutive meeting. This week's highlight for Wall Street will likely be the Federal Reserve’s meeting on interest rates, which ends on Wednesday. The widespread expectation is for the central bank to hold its main interest rate steady at its highest level since 2001. But Fed officials will also give updated forecasts for where they see interest rates heading this year and in the long run.

Persons: Australia's, Tesla, Stephen Scherr, Wayne “ Gil ”, He’s, It's Organizations: Bank of Japan, Nikkei, Reserve Bank, Bank of England, Dow Jones, Nasdaq, Nvidia, Big Tech, Hertz Global Holdings, Cruise, Delta Air Lines, Boeing, Workers, New York Mercantile Exchange, Brent Locations: BANGKOK, Asia, Shanghai, Seoul, U.S, Oregon, San Francisco

☆ Jim Cramer shares his thoughts on 5 stocks including Tesla, Hertz and Super Micro
▼ + stars: | 2024-03-18 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +2 min

Tesla : Shares rose 5% after the electric vehicle maker announced plans to increase prices of its Model Y cars in April. Super Micro Computer : Shares fell more than 2% Monday, coinciding with the buzzy maker of artificial intelligence servers officially joining the S & P 500. Vertiv Holdings : Bank of America boosted its price target on Vertiv shares to $90 each from $80, citing more sustained revenue and earnings growth projections due to AI-related expansion in data centers overall. Vertiv makes electrical products used in data centers, among other areas. He noted the Club owns electrical equipment maker Eaton Corp. as a way to play the growth of data centers due to AI's power-intensive needs.

Persons: Jim Cramer's, It's, Jim Cramer, Stephen Scherr, Hertz, Morgan Stanley, Cramer, Eli Lilly, Vertiv Organizations: CNBC, Club, Hertz, PepsiCo, Pepsi, Novo Nordisk, Super, Vertiv Holdings, Bank of America, Eaton Corp

☆ Monday’s rapid fire: Tesla, Hertz Global, PepsiCo, Super Micro Computer and Vertiv
▼ + stars: | 2024-03-18 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMonday’s rapid fire: Tesla, Hertz Global, PepsiCo, Super Micro Computer and VertivCNBC’s Jim Cramer on Monday weighed in on market-moving headlines involving Tesla, PepsiCo, Super Micro Computer and more.

Persons: CNBC’s Jim Cramer Organizations: Hertz Global, PepsiCo, Super Micro, Super Micro Computer

☆ Morgan Stanley says M&A will rebound and these stocks have an 'elevated likelihood' of a takeover
▼ + stars: | 2024-03-05 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

Global mergers and acquisition activity will soar this year, and several names could benefit from the comeback, according to Morgan Stanley. The firm expects global M & A volume activity to rise by 50% this year compared to 2023. "We believe that a cyclical and structural rebound in M & A is coming," Morgan Stanley said in a note titled "Stocks with Elevated Likelihood of Receiving an Offer," which was released Monday. Morgan Stanley pointed out that 2021 to 2023 could have seen a drop of activity worth between $4 trillion and $11 trillion. Morgan Stanley said it has no information about M & A activity involving the companies.

Persons: Morgan Stanley, Morgan, Stephen Ju, Morgan Stanley's Organizations: Health, Sarepta Therapeutics, Tenet Healthcare, Analysts, BMO Capital Markets, UBS, Hertz Global Holdings Locations: Europe

☆ 8 more of our stocks report earnings next week. Here's what we want to see
▼ + stars: | 2024-02-03 | by ( Zev Fima | ) www.cnbc.com time to read: +13 min

The three major averages posted gains for the fourth week in row, lifted by strong quarterly earnings results for most of the Big Tech companies and a strong jobs report. A weaker ADP Employment report on Wednesday provided no read-through to the monster January jobs report Friday. Here's what we're keeping an eye on in the coming week: 1. Earnings: It's another big earnings week head for the portfolio, with 8 more of our companies reporting. Consistency is what we appreciate most from nat gas giant Linde , so we're hoping for another quarter of solid earnings growth Tuesday.

Persons: Estee Lauder, Eli Lilly, Mounjaro, Nelson Peltz, Estée Lauder, Tyson, CARR, Jacobs, Willis Towers Watson, Edwards, Walt Disney, Oscar Health, Philip Morris, Armour, BAX, BILL, Jim Cramer's, Jim Cramer, Jim, George Frey Organizations: Big Tech, Dow Jones Industrial, Nasdaq, PMI, Apple, Starbucks, Procter, Gamble, GE Healthcare, DuPont, Linde, Ford, General Motors, Trian Partners, Disney, ESPN, Wynn Resorts, Wynn, Vegas, Prix, Estée Lauder Companies, Caterpillar, McDonalds Corp, Allegiant Travel, Bowlero Corp, Tyson Foods, TSN, Air Products & Chemicals, IDEXX Laboratories, CNA Financial Corp, CNA, Timken Company, Graham Corporation, Mesa Laboratories, Sphere Entertainment, Loews Corp, Technologies, Vertex Pharmaceuticals, Semiconductors, Simon Property Group, Amkor Technology, FMC Corporation, FMC, BellRing Brands, Crown Holdings, ChampionX Corporation, Golub Capital BDC, Flexsteel Industries, Kilroy Realty Corp, Gladstone Capital Corp, Unibanco, S.A, Snack Foods Corp, Kimball Electronics, Skyline Corp, Cabot Corporation, Simpson Manufacturing Co, Varonis Systems, Co, GE HealthCare, Linde plc, LIN, Spotify Technology S.A, BP, Hertz Global Holdings, AeroSystems Holdings, Toyota Motor Corp, Cummins, CMI, Software Technologies, AGCO Corporation, Carrier Global Corporation, Lear Corp, CONSOL Energy, Centene Corporation, Gartner, Arcbest Corp, CTS Corporation, Energizer Holdings, Hamilton Lane Incorporated, KKR, Precision Drilling Corporation, Frontier Group Holdings, Waters Corp, Alfa Laval, Aramark Holdings Corp, FirstService Corporation, Garden Sports Corp, New Jersey Resources Corp, nVent Electric plc, PJT Partners, Resources, Sensata Technologies, Ford Motor Company, Enphase Energy, Grill, VF Corp, Edwards Lifesciences Corp, Gilead Sciences, Lumen Technologies, Cognizant Technology Solutions Corp, Weatherford International plc, Amcor plc, Arrowhead Pharmaceuticals, Advanced Energy Industries, Uber Technologies, CVS Health, Roblox Corporation, Ares Capital Corp, Bunge, XPO Logistics, Scotts Miracle, Gro Company, Berry Global, Flex LNG, Equinor ASA, Griffon Corporation, OneMain Holdings, Brookfield Asset Management, Emerson Electric Co, Hilton Worldwide Holdings, Reynolds Consumer Products, Silicon Laboratories, Brands, Sciences, CDW Corp, Fox Corporation, WYNN, PayPal, Arm Holdings plc, ARM, Axcelis Technologies, Mattel, Paycom, Annaly Capital Management, McKesson Corp, Health Corporation, O'Reilly Automotive, Allstate Corp, Fluence Energy, Power Systems, Digital Turbine, Blue Bird Corp, Everest Group, Omega HealthCare, Coty, COTY, ConocoPhillips, Cameco Corp, Philip Morris International, Spirit Airlines, Hershey Company, Lightspeed Commerce, Aurora Cannabis, Lincoln National Corp, P, Tenet Healthcare Corp, Asbury Automotive Group, Arrow Electronics, Baxter International, PetMed, Boyd Gaming Corp, FirstEnergy Corp, Motorola Solutions, Terex Corp, PepsiCo, Growth, AMC Networks, Owl, American Pipeline, TELUS International, Magna International, Newell Brands, Jim Cramer's Charitable, CNBC, Bloomberg, Getty Locations: U.S, China, Macau, Wynn Macau, Valvoline, VVV, ALFVY, Madison, New Jersey, Gilead, Ceridian, ORLY, Paycor, Aurora, Provo , Utah

Thursday's analyst calls featured an upgrade to a car rental stock and a big downgrade to an airline. The bank also hiked his price target on the tech giant to $225 per share, implying upside of 23%. — Pia Singh 5:36 a.m.: Citi downgrades Spirit Airlines to sell Citi is throwing in the towel on Spirit Airlines . Week to date, Spirit shares are down nearly 60%. Spirit shares were down more than 4% in the premarket.

Persons: Morgan Stanley, Hertz, Andrew Percoco, Percoco, — Pia Singh, Wamsi Mohan, Fred Imbert, Kirk Materne, Materne, Dan Dolev, Dolev, he's, CFRA, Kenneth Leon, Berkshire Hathaway, Leon, Ranjan Sharma, Sharma, bode, Adam Jonas, Jonas, Morgan, Stephen Trent, Trent Organizations: CNBC, flipside, Citi, Spirit Airlines, JetBlue, Bank of America, Apple Bank of America, Apple, Microsoft, ISI, Activision, Activision Blizzard, Mizuho, Fidelity National Information Services, Paramount Global, RedBird Capital, Warner Bros ., Comcast, Paramount's, Showtime, Paramount, JPMorgan, Grab Holdings, Hertz Global Holdings, Jan, Citi downgrades Spirit Airlines, Spirit, Airlines Locations: Berkshire, 1H24, Wednesday's

☆ Goldman Sachs gives 3 investment strategies for an expensive stock market
▼ + stars: | 2024-01-16 | by ( Sarah Min | ) www.cnbc.com time to read: +4 min

In fact, the S & P 500 is currently at about the same valuation Goldman Sachs expected it to end 2024. Weak pricing power Another trade is owning businesses with weak pricing power. "During periods of improving profitability, investors often reduce the scarcity premium assigned to strong pricing power stocks, and firms with less pricing power and more variable profit margins typically outperform." Some companies with weak pricing power include Freshpet , according to a Goldman Sachs stock screen. Own consumer staples Meanwhile, consumer staples are at an attractive valuation compared to utilities.

Persons: Goldman Sachs, David Kostin, Kostin, Russell, what's, TD Cowen, Roblox, D.R, Consumer Staples, Tyson Organizations: CNBC, Survey, WisdomTree, Hertz Global Holdings, Consumer, Utilities, Tyson Foods, Pilgrim's Locations: Horton , Texas

☆ Hertz pulls back on EV plans citing Tesla price cuts, high repair costs
▼ + stars: | 2023-10-26 | by ( Lora Kolodny | ) www.cnbc.com time to read: +5 min

Hertz also disclosed on Thursday that about 80% of the battery electric cars in its fleet are Teslas today. About 11% of Hertz's entire fleet is comprised of electric cars now. With around 50,000 electric cars in its fleet currently, that means Hertz has around 35,000 Teslas in its fleet now. That number is far shy of the 100,000 Tesla electric cars Hertz originally said it was ordering from Tesla by the end of 2022. Musk frequently says that electric cars require less maintenance than counterparts with internal combustion engines (including plug-in hybrid electrics).

Persons: Hertz, Stephen Scherr, Scherr, Tesla, Tom Brady, Elon Musk, Nikhil Naikal Organizations: Hertz, Hertz Global, GM, Twitter, CNBC Locations: EVs

☆ Cramer’s Stop Trading: Hertz Global
▼ + stars: | 2023-10-26 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCramer’s Stop Trading: Hertz GlobalCNBC’s Jim Cramer explains why he is keeping an eye on shares of Hertz Global.

Persons: Jim Cramer Organizations: Hertz, Hertz Global

☆ Goldman Sachs gives its playbook for which stocks to buy and sell in this latest rate spike
▼ + stars: | 2023-09-25 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Treasury yields jumped last week, with the 10-year Treasury hitting its highest yield since 2007. Long duration stocks, which have the bulk of their projected earnings and cash flow far off in the future, have started to underperform short duration stocks that are generating significant cash already. For investors looking for short duration stocks that have not yet started to outperform, shares of rental car company Hertz Global are down 20% month to date. Overall, the short duration stocks highlighted by Goldman have lower valuations and a stronger near-term earnings picture than the long-duration stocks. 50% of companies in the Long Duration basket are expected to post negative EPS in 2023, compared with 6% for Short Duration," Kostin said.

Persons: Goldman Sachs, David Kostin, Kostin, Goldman, — CNBC's Michael Bloom Organizations: Treasury, Sinclair, U.S . Steel, . Steel, Hertz Locations: LSEG .

☆ Retail investors flock to penny stocks WeWork, Amyris, Proterra
▼ + stars: | 2023-08-11 | by ( Medha Singh | ) www.reuters.com time to read: +3 min

The three penny stocks, up in the range of 40% to 120%, were the most actively traded U.S. shares at 10:45 a.m. Amyris (AMRS.O) and WeWork (WE.N) were the second and third most traded stocks by retail investors, respectively, while Proterra (PTRA.O) was twelfth on the list at 10 a.m. Some of the latest speculative bets on the penny stocks were pinned on hopes of a merger and acquisition or a turnaround for the struggling businesses. Another set of retail traders are looking to capitalize on the volatility, especially by squeezing bearish investors on highly shorted stocks. Last week retail traders had piled into shares of Tupperware Brands (TUP.N) and trucking firm Yellow (YELL.O).

Persons: Kate Munsch, Amyris, Proterra, WeWork, Lucas Mantle, AJ Bell, Russ Mould, Matthew Tuttle, Medha Singh, Shounak Dasgupta Organizations: REUTERS, U.S, Biotech, Vanda Research, Hertz, Tuttle Capital Management, Tupperware Brands, Thomson Locations: San Francisco , California, U.S, Bengaluru

☆ What we hope to see from 9 Club stocks out with earnings in the week ahead
▼ + stars: | 2023-07-22 | by ( Zev Fima | ) www.cnbc.com time to read: +14 min

Looking to next week, earnings season will ramp up — and though we'll get some important economic data, expect the corporate releases and management commentary on the post-game calls to be firmly in the driver's seat. Here are two important things to know for the week ahead. Quarterly earnings : As important as economic releases are, it's earnings that will garner the bulk of investors' attention. For those looking to review first-quarter performance ahead of these releases, keep our first-quarter earnings report card handy. Here's the full rundown of all the important domestic data in the week ahead.

Persons: Dow, we'll, we've, Lawrence Yun, Jerome Powell's, Sartorius, Sartorius preannounced, It's, management's, We'll, Tesla, Ford's, Sherwin, Williams, Archer, Clark, Lam, Edwards Lifesciences, Hewlett, Northrop, Dr Pepper, Davidson, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Nasdaq, Economic, National Association of Realtors, Nine, GE Healthcare, Microsoft, YouTube, Linde, LIN, Honeywell, Aerospace, Technologies, Ford, Procter & Gamble, Dynex, HBT, Hope Bancorp, NXP Semiconductors, Cadence Design Systems, Whirlpool, Logitech International, Liberty Global, Verizon Communications, General Motors, General Electric, GE, Spotify, Raytheon Technologies, Daniels, Midland, Albertsons Companies, ACI, Polaris Industries, Inc, Dow Chemical, DOW, Xerox, Texas Instruments, WM, Canadian National Railway Company, Chubb Corporation, Universal Health Services, Powell, Boeing, Hilton, Union Pacific, General Dynamics, Quest Diagnostics, Otis Worldwide, Grill, Lam Research, eBay, EBAY, Mattel, Hewlett Packard, L3Harris Technologies, Gross, Royal Caribbean Cruises, Southwest Airlines, Mastercard, Myers Squibb, Northrop Grumman, Hertz, Tractor Supply Company, HCA Healthcare, Boston, Hershey, Comcast, Harley, Norfolk Southern, Intel, Mobile, United States Steel Corp, KLA Corporation, Boston Beer Company, Nation Entertainment, Texas, Procter, Gamble, Exxon Mobil, Chevron, Charter Communications, AstraZeneca, Colgate, Palmolive, Newell Brands, Sanofi, Dwight, Jim Cramer's Charitable, CNBC, New York Stock Exchange, Getty Locations: U.S, Hollywood, Cleveland, Corning, Kimberly, Bristol, Norfolk

☆ Post-Covid, post-bankruptcy Hertz is all-in on electric, with big implications for the EV, auto and rideshare market
▼ + stars: | 2023-05-14 | by ( Tim Mullaney | ) www.cnbc.com time to read: +5 min

In this article HTZ Follow your favorite stocks CREATE FREE ACCOUNTTesla Model 3 electric vehicles at a Hertz neighborhood location. These deals began to roll out last year, after Hertz's first Teslas hit the road in 2021 and experiments with rental EVs extended back over the past decade. "At the end of [March], we had about 50,000 electric vehicles in our fleet, comprising approximately 10% of total cars," Scherr said. Hertz has also told analysts that the growing EV rideshare market can be a buffer against traditional quarterly peak to trough experienced in the leisure business. The benefits of using an EV begin with a $1 per ride credit to the driver for using an EV, Uber spokeswoman Alix Anfang said.

☆ Hertz results beat estimates on strong rental car demand
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

April 27 (Reuters) - Hertz Global Holdings Inc (HTZ.O) on Thursday beat analyst estimates for quarterly results as more people rented cars to commute to office and travel outstation, sending the company's shares up nearly 4% before the bell. Demand for rentals remains strong as more companies mandate work from office and people resume their travel plans after a long pandemic-induced hiatus. "Hertz reported better-than-expected results as they continue to benefit from strong consumer demand for travel and the ongoing recovery in business travel," said Tigress Financial Partners analyst Ivan Feinseth. The company posted an adjusted quarterly net income of 39 cents per share for the quarter ended March 31, compared with Refinitiv IBES estimates of 21 cents. It, however, struggled with costlier maintenance and labor charges to keep its fleet on the road.

☆ Rental car firm Hertz's finance chief Cheung to quit
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

March 27 (Reuters) - Rental car firm Hertz Global Holdings Inc (HTZ.O) said on Monday its Chief Financial Officer Kenny Cheung was leaving the company to pursue other opportunities. The company said Chief Accounting Officer Alexandra Brooks will serve as interim finance chief, effective April 1. Shares of the company, which operates the Hertz, Dollar and Thrifty vehicle rental brands, were up 1.3% before the bell. Cheung's departure comes at a time when Hertz's profitability has come under pressure in recent months due to higher car maintenance costs. Cheung will remain in the company until April 14, the company said, as it kicked starts a formal search process for a new CFO.

REUTERS/Mike Blake/File PhotoMarch 3 (Reuters) - Urban scooter company Lime sued Hertz Corp on Thursday alleging unfair competition and accusing the rental car giant of improperly hiring the startup's senior engineers. The loss of engineers has "significantly harmed" Lime, which provides short-term e-bike and scooter rentals in about 30 countries. Hertz Corp, which operates the Hertz, Dollar and Thrifty vehicle rental brands, is a subsidiary of Hertz Global Holdings Inc (HTZ.O). Cong, now at Hertz, did not immediately respond on Friday to a message seeking comment. A representative from Lime did not immediately respond to a message seeking comment.

☆ Hertz forecasts upbeat revenue after profit tops on strong rental car demand
▼ + stars: | 2023-02-07 | by ( Priyamvada C | ) www.reuters.com time to read: +2 min

Feb 7 (Reuters) - Hertz Global Holdings Inc (HTZ.O) said on Tuesday it expects revenue to rise sequentially in the second and third quarters of this year on the back of strong demand for rental cars in the face of economic worries. "I think they were more upbeat about the revenue trajectory than I expected," Northcoast Research Partners analyst John Healy said. Rising costs and supply shortages faced by automakers have made it more expensive for car buyers in an uncertain economy. Hertz, which operates the Hertz, Dollar and Thrifty vehicle rental brands, posted an adjusted profit of 50 cents per share, beating average analyst estimate of 46 cents, as per Refinitiv data. Hertz's fourth-quarter revenue rose 4% to $2.04 billion.

Bed Bath said it was planning to raise just over $1 billion through sales of preferred stock and warrants and from securities when the warrants are exercised. Bed Bath will receive a waiver on its recent bank default should the proposed offering succeed, the company said. Bed Bath & Beyond also appointed Holly Etlin, a bankruptcy expert, as interim chief financial officer. "It’s a similar situation in which a deeply financially distressed company is attempting to sell securities," said Lynn LoPucki, a professor at the University of Florida. Sources have told Reuters that Bed Bath & Beyond has lined up liquidators to close additional stores unless a last-minute buyer emerges.

☆ Hertz beats profit estimates on strong rental car demand
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

Feb 7 (Reuters) - Hertz Global Holdings Inc (HTZ.O) on Tuesday reported a better-than-expected quarterly profit, aided by strong demand for rental cars amid surging leisure travel and constrained production from automakers. Rising costs and supply shortages faced by automakers have also made it even more unaffordable for car buyers in an uncertain economy. "We look to our investments in electrification and technology to yield increasing operating leverage and improved returns," Hertz Chief Executive Stephen Scherr said in a statement. Hertz, which operates the Hertz, Dollar and Thrifty vehicle rental brands, posted an adjusted profit of 50 cents per share, ahead of the average analyst estimate of 46 cents, as per Refinitiv data. The company reported net income of $116 million for the quarter through December, compared with a loss of $710 million a year earlier.

☆ Hertz has fewer Teslas in its fleet than planned
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

Feb 7 (Reuters) - Hertz Global Holdings Inc's (HTZ.O) rental fleet has less than half the number of Tesla (TSLA.O) cars it planned to order in 2022, its regulatory filing showed on Tuesday. Hertz's fleet in the Americas peaked at 428,700 vehicles for the year ended Dec. 31, 2022, of which 11% were Tesla cars, the filing showed. Hertz's decision to bolster its fleet with Teslas had briefly helped the EV maker hit $1 trillion in market value in 2021. Hertz did not give details on why it has added fewer Teslas than it originally planned to order. The car rental service on Tuesday forecast upbeat revenue and profit for its second and third quarters as it expected a weak economy to boost demand for rental cars.

☆ Stocks making the biggest moves midday: Chegg, Hertz and Oak Street Health
▼ + stars: | 2023-02-07 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines in midday trading Tuesday. Oak Street Health — Shares surged more than 30% after the Wall Street Journal reported CVS Health was close to an agreement to buy the primary-care provider for $10.5 billion. Sweetgreen — Shares fell about 6% after Cowen downgraded the salad chain's stock to market perform from outperform, citing "deteriorating value perceptions." ZoomInfo — Shares of the software company fell 1.7% following the company's quarterly results for the latest period. Leggett & Platt — Shares fell 5% during midday trading after Leggett & Platt reported disappointing earnings after the market closed on Monday.

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