$HTZ

Sector Update: Consumer Stocks Rise Late Afternoon

Consumer stocks were higher late Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 1.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 1.5%.In corporate news, Honda (HMC), Nissan, and Mitsubishi Motors are in final talks to standardize electronic control units, or ECUs, for next-generation vehicles, Nikkei Asia reported. Honda shares added 0.8%.Total online spending for all US retailers hit $8.3 billion on the first day of Amazon's (AMZN) four-day Prime Day event, Bloomberg reported, citing data from Adobe (ADBE), which previously estimated $7.9 billion. Amazon shares gained 0.8%.Wendy's (WEN) shares jumped 24% after meme-stock traders rushed to buy the heavily shorted stock, multiple media outlets reported.Hertz Global (HTZ) said Wednesday in a regulatory filing that "current unexpected softness" in the market for used cars has caused it to realize losses on the sale of vehicles in May, which will adversely impact net depreciation per unit per month in Q2. Hertz shares tumbled 38%.

Sector Update: Consumer

Consumer stocks were higher late Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 1.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 1.7%.In corporate news, Hertz Global (HTZ) said Wednesday in a regulatory filing that "current unexpected softness" in the market for used cars has caused it to realize losses on the sale of vehicles in May, which will adversely impact net depreciation per unit per month in Q2. Hertz shares tumbled past 36%.

Top Midday Decliners

Toyo (TOYO) said Wednesday it entered into definitive agreements to sell roughly 4.6 million ordinary shares alongside matching purchase warrants in a registered direct offering.Shares sank 39%, following a surge in intraday trading volume to over 3.83 million from a daily average of over 392,000.Hertz Global (HTZ) said Wednesday in a regulatory filing that "current unexpected softness" in used cars led it to realize losses on vehicle sales in May, adversely impacting net depreciation per unit per month in Q2.Shares slumped 35% as intraday trading volume soared to about 51.2 million from a daily average of over 10.5 million.Cerebras Systems (CBRS) reported a narrower Q1 net loss late Tuesday but missed the average analyst estimate compiled by FactSet.Shares declined 17% as intraday trading volume jumped to over 15.8 million from a daily average of about 7.88 million.Price: $7.96, Change: $-4.97, Percent Change: -38.44%

Top Midday Stories: Wendy's Shares Soar on Reported Meme-Trader Frenzy; Broadcom, OpenAI Roll Out Jalapeno AI Chip

All three major US stock indexes rose around midday on Wednesday as oil prices fell and investors looked ahead to Micron Technology's (MU) earnings later in the day.President Donald Trump said on Truth Social that Wednesday's housing bill news conference and signing ceremony have been canceled until the SAVE America Act is passed.In company news, shares of Wendy's (WEN) surged as much as 42% as meme-stock traders rushed to buy the heavily shorted stock, multiple media outlets reported. The shares climbed 24% around midday.Broadcom (AVGO) and OpenAI unveiled Jalapeno, OpenAI's first intelligence Processor. Shares of Broadcom rose 1.5%.SpaceX (SPCX) said late Tuesday it priced its inaugural offering of $7 billion of 5.35% senior notes due 2031, $6 billion of 5.65% senior notes due 2033, $6 billion of 5.875% senior notes due 2036, $2.5 billion of 6.6% senior notes due 2046, and $3.6 billion of 6.65% senior notes due 2056. SpaceX shares rose 1.5%.Hertz Global Holdings (HTZ) said in a regulatory filing that "current unexpected softness" in the market for used cars has caused it to realize losses on the sale of vehicles in May, which will adversely impact net depreciation per unit per month in Q2. Separately, the company said it plans to offer $300 million in aggregate principal amount of exchangeable senior first-lien secured PIK Notes due 2030. Hertz shares tumbled 32%.Cerebras Systems (CBRS) reported a Q1 net loss late Tuesday of $0.22 per diluted share, narrowing from a loss of $0.46 a year earlier. Analysts surveyed by FactSet expected a loss of $0.16. Revenue rose to $193.4 million from $99.5 million, topping the consensus of $181.2 million. Still, the shares fell 16%.Price: $1044.90, Change: $-6.87, Percent Change: -0.65%

Hertz Warns of 'Softness' in Used Car Market

Hertz Global (HTZ) said Wednesday in a regulatory filing that "current unexpected softness" in the market for used cars has caused it to realize losses on the sale of vehicles in May, which will adversely impact net depreciation per unit per month in Q2.The company expects Q2 net DPU per month of about $300 and adjusted corporate EBITDA in the $50 million to $80 million range, which is "within margin expectations but towards the lower end of our second quarter range," according to the filing with the US Securities and Exchange Commission.Shares of Hertz fell more than 28% in Wednesday trading.Price: $3.62, Change: $-1.44, Percent Change: -28.38%

Hertz Car Sales Launches Digital Showroom on EBay

Hertz Global (HTZ) unit Hertz Car Sales said Tuesday it has expanded its digital retail presence with eBay (EBAY), bringing thousands of near-new vehicles to the online marketplace.Hertz will have its own car sales showroom on the platform, the company said.The move advances its strategy to make retail its primary sales channel, Hertz said.Price: $5.92, Change: $+0.11, Percent Change: +1.91%

Hertz Global Shares Rise After Oro Mobility, Uber Technologies Sign Two Fleet Maintenance Partnerships

Hertz Global (HTZ) shares were up 11% in Thursday trading after its affiliated operating company Oro Mobility and Uber Technologies (UBER) said they have signed two fleet partnerships related to operational and maintenance services across autonomous and driver-led operations.Financial details related to the collaboration were not disclosed.Under one of the partnerships, Oro Mobility will provide day-to-day vehicle asset management, including charging, maintenance, repairs, cleaning, and depot staffing for Uber's autonomous robotaxi program of Lucid (LCID) vehicles, the companies said.Oro Mobility will also offer strategic fleet services on the Uber platform, using vehicles operated by Oro-employed drivers, the companies said.Additionally, Oro is now active on the Uber platform in Los Angeles and San Francisco, with Northern New Jersey expected to launch this spring, according to the companies.Price: $6.25, Change: $+0.65, Percent Change: +11.61%

Northcoast Upgrades Hertz Global Holdings to Neutral From Sell

Hertz Global Holdings Inc (HTZ) has an average rating of underweight and mean price target of $4.43, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

Northcoast Research Downgrades Hertz Global to Sell From Neutral, $5 Price Target