Closing Bell: Hertz Shares Jump, Guess Goes Private, Target Drops

On this episode of Stock Movers:

Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Scarlet Fu, Tim Stenovec and Emily Graffeo.

- Hertz (HTZ) shares climbed today after reports that the car-rental company will start selling pre-owned cars on Amazon Autos.

- Guess (GES) is going private in a $1.4 billion deal with Authentic Brands Group LLC in partnership with co-founders Maurice and Paul Marciano and Chief Executive Officer Carlos Alberini. Shareholders will get $16.75 a share in cash, a 26% premium to the stock’s closing price on Tuesday. The deal’s valuation includes debt, the company said in a statement. Guess management will continue to run the business and own the operating company, the company said, while Authentic Brands will acquire a majority stake in Guess’s intellectual property. Shares of Guess rallied on the news.

- Target (TGT) shares fell after incoming CEO Michael Fiddelke said the big-box retailer is facing adversity and called on employees to go the extra mile to end a lengthy sales slump. “There are no shortage of critics out there today,” Fiddelke said in an internal meeting on Wednesday shortly after he was announced as the company’s next leader. “The way to prove those critics wrong is with action that leads to results.” The retailer has faced calls for deeper changes amid persistently weak results and a loss of market share since the end of the Covid-19 pandemic. Recent challenges have included an unpopular pullback from diversity initiatives, out-of-stocks on store shelves and inventory missteps.

See omnystudio.com/listener for privacy information.