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Luke Kawa

IonQ’s purchase of Vector Atomic will support efforts to grow its sales to governments, says Needham & Company

IonQ announced plans to acquire quantum sensor company Vector Atomic in an all-stock deal worth approximately $400 million. The purchase is expected to close in Q4.

“This acquisition marks a significant acceleration and expansion opportunity for IonQ as we continue to lead the commercialization of quantum technologies,” Niccolo de Masi, chairman and CEO of IonQ, said in a press release. “Integrating Vector Atomic’s sensing capabilities across our compute, networking, and space portfolios will advance our mission to provide scalable, commercial-grade quantum solutions for our customers today. The addition of Vector Atomic’s 29 pending and issued patents to IonQ’s formidable patent portfolio, and its talented team of scientists and engineers will help us reach our quantum technology goals.”

Needham analyst N. Quinn Bolton, who has a “buy” rating and $80 price target on IonQ, highlighted that Vector Atomic’s more than $200 million in government contracts and projects would help support the company’s growth in this area.

“Vector Atomic’s field-validated offerings, which include high-performance clocks, synchronization hardware, gravimeters, and inertial sensors, strengthen IonQ’s position as the only quantum company integrating computing, networking, and sensing within a single platform,” he wrote. “Vector Atomic’s portfolio of products has been designed to support mission-critical federal and national security applications.”

This deal comes on the heels of the closing of its acquisition of Oxford Ionics and its Analyst Day event, which served as a catalyst for IonQ and the broader quantum space.

Today, on the other hand, IonQ is not the top performer in the industry: that distinction goes to D-Wave Quantum, which is benefiting from a wave of bullish options bets.

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Matt Phillips

Nasdaq Composite enters correction territory, joining small-cap Russell 2000

The Nasdaq Composite closed down 10.9% from its high of 24,019.99 — reached during intraday trading on October 29 — putting the tech-heavy benchmark conclusively into a “correction.”

A correction is Wall Street’s term of art for a sell-off that’s graver than a garden-variety slump, but not quite as dire as a bear market. (A bear market commences when prices are down 20% from a peak.)

While the proximate cause in the Nasdaq turndown seems to be the war — the Composite is down more than 5% since the start of the conflict on February 28 — it’s worth noting that the index had been stalled out for three months prior to that.

At least Nasdaq investors aren’t alone: the small-cap Russell 2000 slipped into a correction last Friday. The S&P 500 has held up better, relatively speaking, though it, too, is down more than 7% from its intraday high of 7,002.28, which it touched on January 28.

Bear on Back Feet

Markets sell off as Mideast conflict shows no sign of ending

The S&P 500, Nasdaq 100, and Russell 2000 all fell while oil rose.

Toby Bochan11h
markets
Max Knoblauch

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 Blancaflor

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 Knoblauch

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.

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