By Connor Hart
Hertz stands to benefit from tariffs that will likely cause used car prices to rise, hedge-fund manager Bill Ackman said in an X post. The rental-car company owns a fleet of over 500,000 vehicles valued at approximately $12 billion, meaning a 10% increase in used car prices would equate to a $1.2 billion gain on its auto assets. Ackman-led Pershing Square Capital Management has amassed a nearly 20% stake in Hertz as a result of its CEO's bullish stance. Shares fall 5.7%, to $7.77, in after-hours trading.
Netflix logged a record profit in the first quarter and beat its forecasts for core metrics including revenue and operating margin. The streamer said it has been largely unscathed by recent economic concerns stemming from President Trump's trade policies. "Historically, in tougher economies, home entertainment value is really important to consumer households," co-CEO Ted Sarandos said on a call with analysts. Shares rise 3.1%, to $1,003, in postmarket trading.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
April 17, 2025 19:29 ET (23:29 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.