Hertz soars after Bill Ackman discloses stake

Rental car company Hertz jumped more than 20% after Bill Ackman’s investment firm Perishing Square announced a roughly 4% stake in the company.

Perishing Square bought 12.71 million shares of Hertz, valued at $46.5 million, according to regulatory filings submitted Wednesday. Even Avis, a Hertz competitor, rose 5% premarket on the news.

Hertz and other rental car companies rose after President Trump initially announced tariffs on the auto sector, threatening to raise car prices in the US. Trump has since dialed back those tariffs and suggested giving automakers some tariff relief.

Hertz stock has been slammed recently, having lost more than 80% of its value in the past five years. The company emerged from bankruptcy in 2021.

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General Fusion CEO Greg Twinney spoke with Sherwood News from the Nasdaq during the stock’s first day of trading.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

Job growth was 57,000. Analysts foresaw job growth of 113,000; prediction markets were more optimistic, looking for job growth above 125,000 but below 150,000.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

Meta CEO Mark Zuckerberg visits U.S. Capitol for Senate meetings

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