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☆ 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.

☆ 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.

☆ Bed Bath & Beyond moves to raise $1 billion to avoid bankruptcy
▼ + stars: | 2023-02-06 | by ( ) edition.cnn.com time to read: +3 min

Bed Bath & Beyond said on Monday it was planning to raise some $1 billion through an offering of preferred stock and warrants in a last-ditch effort to stave off bankruptcy. Bed, Bath & Beyond held talks in recent days with an investment firm to underwrite a significant portion of the proposed offering, two people familiar with the matter said. 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. “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.

☆ Earnings and Fed Chair Powell will again drive markets in the week ahead
▼ + stars: | 2023-02-03 | by ( Patti Domm | In | ) www.cnbc.com time to read: +8 min

With few economic releases and the earnings season starting to wind down, an appearance by Federal Reserve Chairman Jerome Powell Tuesday could be among the newsiest events for markets in the week ahead. The Fed chair is speaking at the Economic Club of Washington D.C. at midday Tuesday. If he wanted to walk back anything, he could have done it then," said Art Hogan, chief market strategist at B. Riley. Economists said Friday's surprisingly strong jobs report should encourage the Fed to push forward with planned rate hikes. Earnings, earnings, earnings But there continues to be earnings news.

☆ Hertz Chairman Exits, CEO Stephen Scherr to Replace Him
▼ + stars: | 2023-01-18 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

The Hertz Global Holdings Inc. chairman who helped lead the company through its postbankruptcy reorganization is stepping down and will be replaced by Chief Executive Stephen Scherr . The rental-car outfit said Greg O’Hara , the founder and senior managing director of Certares Management LLC, is stepping down after 18 months at the helm of the board. His firm and Knighthead Capital Management LLC jointly won control of the then-bankrupt company in 2021.

☆ Bed Bath & Beyond brings meme stocks back in vogue to start 2023
▼ + stars: | 2023-01-13 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

Bed Bath & Beyond Inc is in talks with potential lenders and the discussions are also exploring potential takeover bids, Bloomberg reported on Thursday. The U.S. consumer price inflation report on Thursday bolstered growing belief that inflation has peaked, helping revive the rally in highly-shorted meme stocks after rising interest rates dimmed the appeal for speculative trading last year. "The rally in risk assets has carried meme stocks in its wake," said Jason Benowitz, senior portfolio manager at CI Roosevelt, adding that a sharp slide in stocks in the final month of 2022 and strong seasonality for January are also at play. Bed Bath & Beyond shares eased about 5% in pre-market trading on Friday. Bed Bath & Beyond market value over the past 12 monthsReporting by Medha Singh in Bengaluru; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

☆ Cramer's lighting round: Capital One is a tough stock to own going into a slowdown
▼ + stars: | 2023-01-03 | by ( Krystal Hur | ) www.cnbc.com time to read: 1 min

Loading chart...Capital One Financial Corp : "It will get through this, but it's always been a tough stock to own going into a slowdown." Loading chart...Rivian Automotive Inc : "I saw one yesterday. Loading chart...Hertz Global Holdings Inc : "I want to buy that stock for my Charitable Trust. With [CEO Stephen] Scherr in your corner, you can't miss." Loading chart...Standard Lithium Ltd : "We're going to take a real hard pass on that one."

☆ Hertz Probed by U.S. Agency Over Whether It Rented Unrepaired Recalled Vehicles
▼ + stars: | 2022-12-20 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

Hertz said it is reviewing requests from NHTSA following a filing by the agency. The National Highway Traffic Safety Administration is investigating whether Hertz Global Holdings Inc. rented out certain vehicles without having performed required recall repairs, according to a filing by the agency. NHTSA said it has information that indicates Hertz rented out vehicles with open recalls in violation of federal requirements. The regulator said the audit is looking into Ford Motor Co. Explorer and Nissan Motor Co. Altima vehicles that were owned by Hertz from 2018 to 2020. The agency said it is seeking additional information about the issue.

☆ Hertz Names First CMO Since 2020 Amid New Focus on Electric Vehicles
▼ + stars: | 2022-12-08 | by ( Patrick Coffee | ) www.wsj.com time to read: +4 min

Hertz Global Holdings Inc. named former GE Appliances marketer Wayne Davis as its new chief marketing officer, making him the first CMO at the car rental services company since 2020, a spokesman said. The company’s most recent chief marketing officer, Jodi Allen, died in 2020. Newsletter Sign-up WSJ | CMO Today CMO Today delivers the most important news of the day for media and marketing professionals. Electrification “speaks to mobility, and it speaks to making Hertz a brand for the future,” Mr. Davis said. Mr. Davis previously spent more than a decade at General Electric’s appliances division, which became GE Appliances after being acquired by Haier Smart Home Co. Ltd. in 2016.

☆ Hertz to Pay $168 Million to Settle False-Arrest Allegations
▼ + stars: | 2022-12-05 | by ( Will Feuer | Dean Seal | ) www.wsj.com time to read: 1 min

Hertz said it expects to recover a meaningful portion of the $168 million settlement amount from its insurance carriers. Hertz Global Holdings Inc. said it would pay about $168 million to settle 364 pending claims related to vehicle-theft reporting, some instances of which have allegedly led customers to face wrongful arrest for car theft. The hundreds of settlements resolve more than 95% of outstanding claims, Hertz said. The company said it doesn’t expect the settlement to have a material impact on its capital allocation plans for the balance of 2022 and 2023. The company also expects to recover a meaningful portion of the settlement amount from its insurance carriers.

Rental car giant Hertz Global Holdings announced Monday it would pay $168 million to settle 364 claims that it erroneously filed criminal reports against customers who did not return vehicles on time. In February, CBS News reported that Hertz was facing lawsuits from hundreds of customers who said they were falsely arrested for auto theft. Hertz Global Holdings also operates Dollar Rent A Car and Thrifty Car Rental, among others. Hertz said it believes it will recover some part of the settlement amount from its insurance carriers. It said the settlements resolve more than 95% of its pending theft reporting claims.

☆ Hertz CFO Sees Limited Impact From Rising Interest Rates on Company Finances
▼ + stars: | 2022-11-04 | by ( Nina Trentmann | ) www.wsj.com time to read: +6 min

Kenny Cheung, CFO of Hertz Photo: Hertz Global Holdings Inc.WSJ: How far is Hertz impacted by rising interest rates? If underlying interest rates move by 1%, it will impact our profit and loss [statement] by about $30 million net at current debt levels. On the variable portion of the ABS, we have an interest rate cap in place to manage our exposure to fluctuations in interest rates. WSJ: Does the rapid rise in interest rates lead to you managing working capital more efficiently? The Federal Reserve raised interest rates by another 0.75 percentage point to combat inflation, Chairman Jerome Powell said on Wednesday.

☆ Stocks could continue to break higher as Apple, big tech report earnings in week ahead
▼ + stars: | 2022-10-21 | by ( Patti Domm | In | ) www.cnbc.com time to read: +9 min

The three major averages closed higher Friday, with the S & P 500 adding 2.37% to close at 3,752.75. Stovall said the S & P 500 had six positive moves of 1% or more in the last 17 trading days, as of Friday. Earnings, earnings, earnings About 150 S & P 500 companies report earnings in the coming week. Technically speaking Scott Redler, partner with T3Live.com, said he is watching a formation in the S & P 500 that could be positive. His first target for the S & P 500 is 3,800.

☆ How GM plans to convince consumers to make the switch to electric vehicles
▼ + stars: | 2022-10-08 | by ( Kaitlin Balasaygun | ) www.cnbc.com time to read: +6 min

Scott Mlyn | CNBCWhen people think of electric vehicles, their minds typically jump to Tesla. GM plans to sell up to 175,000 electric vehicles to Hertz Global by 2027 – rentals are a key method to introduce more people to EVs without having to commit to a purchase. Over the years, GM has created other virtual showrooms like Chevy MyWay and Cadillac Live, but GM EV Live is the first EV-only showroom being offered by GM. Focus on all the in-car technology, not just EV technology GM is focused on advancing technology to create better and safer driving experiences along with sleeker models for EVs. Maintain core principles through EVs Wahl said one thing that has not changed is the underlying principles of marketing.

☆ Hertz ties up with BP for EV charger installations in North America
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterSignage is seen at Hertz rental car at John F. Kennedy International Airport in Queens, New York City, U.S., March 30, 2022. REUTERS/Andrew Kelly/File PhotoSept 27 (Reuters) - Hertz Global Holdings Inc (HTZ.O) said on Tuesday it has partnered with a unit of oil giant BP to install electric vehicle (EV) charging stations across North America to power its fleet of eco-friendly cars. It has laid out plans to have 3,000 charging stations in North America by the end of 2022. Register now for FREE unlimited access to Reuters.com RegisterAs per the deal, bp pulse will manage the EV charging hubs, which will be open to Hertz customers as well as the general public. Register now for FREE unlimited access to Reuters.com RegisterReporting by Priyamvada C in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Hertz, BP Partner on Electric-Vehicle Charging Stations
▼ + stars: | 2022-09-27 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

Car-rental company Hertz Global Holdings and energy firm BP PLC said they signed a deal to develop and manage a network of electric-vehicle charging stations across North America. BP Pulse, which is BP’s EV charging business, would power and manage Hertz’s charging infrastructure under the memorandum of understanding, the companies said. The charging infrastructure will be open to taxi and ride-sharing drivers, as well as the general public, the companies said.

☆ Hertz, BP to Provide Charging Stations for Electric Rental Cars
▼ + stars: | 2022-09-27 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

☆ Hertz, BP Partner to Bring EV Charging Stations Across North America
▼ + stars: | 2022-09-27 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

☆ Hertz Customers Allege False-Arrest Problem Continues After Bankruptcy
▼ + stars: | 2022-09-20 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

A lawsuit against Hertz alleges that some customers were held at gunpoint by police after the company incorrectly reported vehicles as stolen. A lawsuit by five Hertz Global Holdings customers has accused the rental giant of faulty inventory tracking that caused the drivers to face wrongful arrest for car theft. The lawsuit, filed in the Delaware Superior Court on Tuesday, said the five named customers were stopped in the past year by police and held at gunpoint for renting and driving vehicles that Hertz incorrectly reported as stolen.

☆ Hertz to Buy Up to 175,000 EVs From GM
▼ + stars: | 2022-09-20 | by ( Mike Colias | ) www.wsj.com time to read: 1 min

Hertz says it plans to offer GM’s electric models across its business lines, including leisure customers and business travelers. Hertz Global Holdings has agreed to buy up to 175,000 electric vehicles from General Motors over five years, the latest example of rental companies bulking up on EVs. The companies said Tuesday that Hertz would buy EVs from across GM’s four main brands in North America—Chevrolet, Buick, GMC and Cadillac. The first orders would be for Chevy Bolt EVs starting early next year, the companies said.

"It's an enormous first step," Carlisle said, adding that GM is in talks about similar deals with other rental car companies. read moreAutomakers have cut reliance on low-profit, bulk sales to rental car agencies as supply chain problems curtailed production. Carlisle said GM expects to deliver electric vehicles to Hertz at close to retail profit margins. The first GM electric vehicles to ship to Hertz will be Chevrolet Bolt models starting early next year, Carlisle said. GM expects Hertz to deploy many of its EVs in Los Angeles and San Francisco, helping to meet California electric vehicle quotas.

☆ GM to sell up to 175,000 electric vehicles to Hertz through 2027
▼ + stars: | 2022-09-20 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

General Motors has agreed to sell up to 175,000 electric vehicles to Hertz Global over the next five years, the companies announced Tuesday. The deal calls for GM to start supplying electric vehicles such as the Chevrolet Bolt EV and Bolt EUV to the rental car giant starting the first quarter of next year. GM is the latest automaker to strike such an agreement with Hertz following Tesla and Polestar, a Volvo-backed electric vehicle startup. Hertz has made increasing its fleet of electric vehicles a priority following its emergence from bankruptcy less than a year ago. Hertz aims to have a quarter of its fleet be electric by the end of 2024, while GM has announced plans to exclusively offer electric vehicles by 2035.

☆ Congressional stock report: Diet Coke-loving Debbie Dingell buys the competition, environmentalist Lois Frankel eyes oil, and Dan Crenshaw gets his move on
▼ + stars: | 2021-03-29 | by ( Dave Levinthal | ) www.businessinsider.com time to read: +6 min

Members of Congress regularly make stock trades and are required to disclose them. Here's Insider's compilation of the most recent stock trades lawmakers disclosed. Her stock sales include the American Express Company, Booz Allen Hamilton Holding Corporation, consumer credit reporting agency Equifax Inc., and oil company Hess Corporation. Dingell this month also sold up to $50,000 worth of stock in the parent company of department store Macy's. These disclosures, which include a range of information about members' income, assets, debt, and financial trades, were originally due May 17.

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