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Max Knoblauch2h

Hertz and Avis Budget appear to be benefiting as travelers balk at airport wait times

As the Department of Homeland Security shutdown drags on, resulting in some excruciating airport wait times, rental car companies Avis and Hertz are seeing a boost.

Both companies are up more than 10% on Thursday, continuing a weeklong trend of trading momentum. From market close on March 20 to midday Thursday, Avis shares are up about 44%, while Hertz shares are up 24%.

Would-be flyers may be pivoting from sky to highway, even as gas prices climb. According to TravelPulse, search traffic for Hertz is up 15% in recent days.

The TSA is experiencing the longest wait times in its 24-year history, officials have said. Airfares rising as jet fuel prices remain elevated is likely adding to travelers’ decision.

Hertz Reports Spike in Car Rental Searches as US Airports Deal With Long TSA Lines

Hertz Reports Spike in Car Rental Searches as US Airports Deal With Long TSA Lines

Would-be flyers may be pivoting from sky to highway, even as gas prices climb. According to TravelPulse, search traffic for Hertz is up 15% in recent days.

The TSA is experiencing the longest wait times in its 24-year history, officials have said. Airfares rising as jet fuel prices remain elevated is likely adding to travelers’ decision.

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Saleah Blancaflor3h

US gas prices increase $1 in 1 month as markets expect $4 per gallon in coming days

As gas demand remains on the rise in the midst of spring break season and crude oil prices rise as hopes the Iran war will draw down decrease, gas prices have steadily risen.

According to the American Automobile Association, the national average price for a gallon of regular gas is up $0.10 from the previous week and up $1 since last month. AAA reports that there was a steep rise from $2.98 on February 26 to $3.98 as of March 26.

AAA said that average gas prices could hit $4 per gallon in the next few days, which would mark the first time since August 2022 that they’ve hit that level.

According to the Energy Information Administration, demand for gas rose last week from 8.72 million barrels per day to 8.92 million. The data also shows that domestic gas supply fell from 244 million barrels to 241.4 million. Meanwhile, gas production grew last week, averaging 9.7 million barrels per day.

Prediction markets show traders pricing in a 61% chance the price of gas could surpass $4 by the end of the month. As AAA projects that gas prices could continue to rise in the next few weeks, markets also imply there’s a 42% and 40% chance gas could finish roughly around $4.02 or $4.04 per gallon, respectively, by March 31.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

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National gas prices increase one dollar in one month

AAA Fuel Prices

AAA said that average gas prices could hit $4 per gallon in the next few days, which would mark the first time since August 2022 that they’ve hit that level.

According to the Energy Information Administration, demand for gas rose last week from 8.72 million barrels per day to 8.92 million. The data also shows that domestic gas supply fell from 244 million barrels to 241.4 million. Meanwhile, gas production grew last week, averaging 9.7 million barrels per day.

Prediction markets show traders pricing in a 61% chance the price of gas could surpass $4 by the end of the month. As AAA projects that gas prices could continue to rise in the next few weeks, markets also imply there’s a 42% and 40% chance gas could finish roughly around $4.02 or $4.04 per gallon, respectively, by March 31.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

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Max Knoblauch4h

Ethanol players climb following the Trump administration’s move to waive summer gas regulations

Ethanol-exposed companies are climbing on Thursday, following the Trump administration’s move yesterday to waive summertime limitations on the sale of E15 gas, a blend of fuel containing 15% ethanol.

Sale of the higher-ethanol blend is limited in about half of the US over the summer months to lessen smog. Including this year, those limitations have been waived for five summers in a row. According to Axios reporting, E15 typically costs about $0.10 to $0.40 less per gallon while delivering slightly lower fuel economy.

Ethanol companies are climbing on the decision, with Rex American Resources up more than 5%, Green Plains up 3%, and Gevo up about 2%. Rex and Gevo also closed higher on Wednesday.

US Gasoline Prices Oil Iran

Stocks fall as oil prices rise

Sometimes there’s only one story in the markets. This is one of those times.

Matt Phillips5h

markets

Super Micro drops on shareholder lawsuit alleging securities fraud around China chip smuggling

Super Micro Computer fell more than 4.5% at one point in premarket trading Thursday on news that shareholders are suing the company, alleging securities fraud after its cofounder and two others were charged with illegally smuggling chips to China.

The lawsuit follows a US criminal indictment that was unsealed last week and accuses the company’s cofounder, sales manager, and a contractor of illegally diverting $2.5 billion worth of AI servers containing Nvidia chips to China, in violation of US export controls. The initial news sent the stock plunging 33% in a single day, wiping out billions in market cap.

While the company wasn’t named as a defendant in the Department of Justice indictment, it announced its cofounder’s resignation and stated that it’s been “cooperating fully with the government’s investigation and will continue to do so.”

According to the complaint filed in San Francisco federal court and viewed by Reuters, shareholders allege the company inflated its stock by overstating its business outlook, while concealing its significant reliance on China sales and “material weakness” in its compliance with export control regulations.

Super Micro sued by shareholders over China-related criminal case against co-founder, others

The lawsuit follows a US criminal indictment that was unsealed last week and accuses the company’s cofounder, sales manager, and a contractor of illegally diverting $2.5 billion worth of AI servers containing Nvidia chips to China, in violation of US export controls. The initial news sent the stock plunging 33% in a single day, wiping out billions in market cap.

While the company wasn’t named as a defendant in the Department of Justice indictment, it announced its cofounder’s resignation and stated that it’s been “cooperating fully with the government’s investigation and will continue to do so.”

According to the complaint filed in San Francisco federal court and viewed by Reuters, shareholders allege the company inflated its stock by overstating its business outlook, while concealing its significant reliance on China sales and “material weakness” in its compliance with export control regulations.

Stocks rise amid optimism around US peace plan for Iran

Gains in technology supported the broader market rally.

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