Markets
markets
Max Knoblauch

Hertz looks to bring in more cash selling used cars on Amazon

Rental car giant Hertz announced it will begin selling some of its more than 540,000 used vehicles on Amazon.

The program will start in four cities (Dallas, Houston, Los Angeles, and Seattle) before eventually expanding to 45 US locations.

Hertz, which has posted seven consecutive quarterly losses, has been on the hunt for profit-boosting strategies as of late. It’s also rolled out controversial AI damage scanners at several US airport locations that, according to some customers, charge hefty fines for minuscule scratches and dents.

Hertz shares surged more than 10% in premarket trading. Used car sellers like Carvana and CarMax are slumping on the news.

Hertz is selling its used cars on Amazon

Hertz is selling its used cars on Amazon

Hertz, which has posted seven consecutive quarterly losses, has been on the hunt for profit-boosting strategies as of late. It’s also rolled out controversial AI damage scanners at several US airport locations that, according to some customers, charge hefty fines for minuscule scratches and dents.

Hertz shares surged more than 10% in premarket trading. Used car sellers like Carvana and CarMax are slumping on the news.

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markets
Max Knoblauch

Archer surges on speculation that Tesla’s announcement has something to do with them

Shares of air taxi maker Archer Aviation rose more than 16% on Monday afternoon amid speculation that the company is somehow involved in an October 7 announcement Tesla has been teasing.

The latest speculation appears to revolve around the inclusion of a Tesla Optimus robot and vehicle alongside Archer’s Midnight air taxi in a video Archer posted on X last week. On Sunday, the Tesla X account uploaded a video featuring its logo on a spinning wheel or propeller, leading some to further connect tomorrow’s announcement to the EVTOL industry.

Archer is prone to big swings — the stock has closed up or down 10% 29 times in the past twelve months. Monday’s move propelled the stock to its highest level since July. Archer rival Joby Aviation was also up more than 6% on the day.

markets
J. Edward Moreno

CDC signs off on narrower Covid shot recommendation

Moderna slipped after the US Centers for Disease Control and Prevention announced on Monday that it is adopting a narrower recommendation for when COVID-19 booster shots are appropriate.

The CDC’s recommendation aligns with what its advisory committee voted for last month, which was for a healthcare provider to sign off on each individual immunization. While that is much narrower than the broad backing of the shot, it’s less draconian than some investors previously priced in.

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Moderna rises after RFK Jr. vaccine panel’s less-draconian-than-expected Covid recommendation

Moderna rises after RFK Jr. vaccine panel’s less-draconian-than-expected Covid recommendation
markets
Max Knoblauch

Sony shares climb to their highest level in 25 years as Abenomics supporter Sanae Takaichi is likely to become Japanese PM

Shares of Sony rose 4% on Monday, sending the stock up to levels it last reached in March of 2000.

The move was even more impressive in its home listing, where the stock outperformed with a 4.75% jump on Japan’s Nikkei 225 that propelled that index to a record high on Monday.

Boosting the market was the victory of Shinzo Abe protege Sanae Takaichi in a race to lead Japan’s ruling political party, setting the lawmaker up to become the country’s first female prime minister. Takaichi, a hard-line conservative who claims Margaret Thatcher as a personal hero, advocates for “Abenomics”: higher spending and tax cuts. Takaichi previously described the Bank of Japan’s recent interest rate hikes as “stupid.”

Claire Yubin Oh
Don’t have a cow
4h
In bad news for protein-hungry Americans, beef is more expensive than ever

Meat-packing giants, meanwhile, are benefiting from beefier prices.

Black and White Cow illustration
markets
Nia Warfield

Klarna ticks higher as Wall Street rolls out coverage on the “buy now, pay later” giant

Shares of Klarna jumped as much as 6.5% Monday morning in early trading after a wave of analysts initiated coverage on the “buy now, pay later” giant, as the so-called post-IPO “quiet period” came to an end.

The Stockholm-based fintech company, which competes with Affirm and Afterpay, has 111 million active users and partnerships with over 790,000 merchants worldwide. Analysts highlighted Klarna’s rapid US growth, improving profitability, and ongoing BNPL adoption as reasons for optimism.

Here’s where analysts netted out:

  • Bank of America — Rating: Buy | Price target: $58

  • Citigroup — Rating: Buy | Price target: $58

  • Deutsche Bank — Rating: Buy | Price target: $48

  • BNP Paribas — Rating: Neutral | Price target: $46

  • UBS — Rating: Buy | Price target: $48

  • Goldman Sachs — Rating: Buy | Price target: $55

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