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.
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