Third Point (Dan Loeb) discloses updated portfolio positions in 13F filing

New AMZN OPCH FIS UBER TSM ICE positions, Exited CL NATI

Highlights from Q2 2023 filing as compared to Q1 2023:

• New positions in: AMZN (~4.1 mln shares), OPCH (~3.5 mln), FIS (~0.3 mln), UBER (~2.78 mln), TSM (~2.45 mln), ICE (~1.85 mln), ATVI (~1.65 mln), HZNP (~0.5 mln), NVDA (~0.5 mln), BKI (~0.46 mln)
• Increased positions in: BABA (to ~2.95 mln shares from ~1.33 mln shares), DEN (to ~1.68 mln from ~0.25 mln), VST (to ~3.32 mln from ~2.12 mln), J (to ~1.35 mln from ~0.19 mln), HTZ (to ~7.32 mln from ~6.35 mln), DD (to ~4.6 mln from ~4 mln), MSFT (to ~1.52 mln from ~1.05 mln) MU (to ~1.55 mln from ~1.2 mln), AMD (to ~1.2 mln from ~1 mln) IFF (to ~2.65 mln from ~2.55 mln)
• Maintained positions in: BBWI (~13.85 mln shares), AIG (~2.95 mln shares), FERG (~1.28 mln shares)
• Closed positions in: CL (from ~11.05 mln shares) NATI (from ~2 mln), NPWR (from ~1.5 mln), TECK (from ~1.15 mln), CTLT (from ~0.2 mln), HCNE (from ~0.99 mln), CRM (from ~0.8 mln), UNH (from ~0.34 mln)
• Decreased positions in: PCG (to ~54 mln shares from ~59.25 mln shares), GOOGL (to ~1.43 mln from ~4.75 mln), HCA (to ~0.6 mln from ~0.86 mln), EGGF (to ~0.95 mln from ~1.1 mln), DHR (to ~2.6 mln from ~2.75 mln)

Hertz Global (HTZ) reported earnings on Tue 7 Feb 23 (b/o)

• The company is making money and hasn’t sacrificed earnings or cash flow. In its latest quarter, Hertz reported earnings of 50 cents a share, above Wall Street’s expectations for 46 cents a share. Ebitda profit margins came in at 15% and free cash flow adjusted for fleet changes was $424 million in the quarter. Hertz generated about 6% Ebitda margins in 2018 and 2019, before the pandemic forced the company to restructure in 2021.

** charts after earnings **

 

On the company’s fourth-quarter earnings call Tuesday, CFO Kenny Cheung said that Tesla (TSLA) vehicles currently make up roughly 10% of its fleet. Hertz (HTZ) has about 480,000 vehicles, which means their Tesla vehicle count comes out to about 48,000.

In October 2021, Hertz announced it would order 100,000 Tesla vehicles in total. At the current rate, it has been adding approximately 12,000 Tesla vehicles each quarter since the announcement.

The penetration of electric vehicles in the rental company’s fleet is higher than broader EV penetration in the U.S. About 810,000 all-battery electric cars were sold last year, representing a little less than 6% of all light-vehicle sales. And there are roughly 250 million light vehicles on the road today. One tenth of that number is 25 million, or about 12 times the number of EVs currently in operation.

Those numbers show that EV penetration can still go higher. Hertz thinks so too: CEO Stephen Scherr says 25% of the Hertz fleet will be electric by 2024. Hertz also has plans to buy EVs from General Motors (GM) and Polestar Automotive (PSNY). 

Earnings this week : Feb 6 - 10, 23 (wk 6)

Monday (Feb 6)

• Morning:  AMG CNA CMI ENR IDXX NBIX ON TKR TSN
• Afternoon: ATVI ACM AOSL BRBR CHGG CINF DIOD FN KMT KFRC LEG NOV PINS POWI RMBS SPG SSD SKY SWKS SAVE TTWO UDR VRNS ZI

Tuesday (Feb 7)

• Morning: ADNT AGCO ARMK ARCC BP BV CG CARR CTLT CNC CTS DCPH DD FISV IT GPK HAE HAIN HLNE HTZ INCY J KKR LIN MAC MBUU MSGS NVT OMF PINC RCL SCSC SPR TDG VVV XYL
• Afternoon:  AMCR AIZ ATO BKH CSL CMG CNO CCK DEI EGP EHC ENPH ESS EEFT EXEL FMC FTNT FRSH HRB PEAK HIW HMN ICHR ILMN INSP JKHY RAMP LUMN MODN NCR NEWR OMC PAYC PRU QGEN RRR RXO SIMO SSNC TENB VFC VRTX VSAT VOYA WERN WU YUMC ZWS

Wednesday (Feb 8)

• Morning:  BDC BXMT BG CPRI CDW CRNC CME COHR COTY CRTO CVS D ETN EPC EMR FOXA GPRE INGR NYT PAG PFGC PERI RDWR REYN RITM SITC TRMB UBER VSH YUM
• Afternoon:  ME AEIS AFRM AB NLY APP ASGN AVB ACLS AZEK CDAY CXW DHT APPS ENS NVST EFX EQH EQC ESE RE FRT FR FLT FLNC FORM FWRD ULCC GT HI HPP PI IFF FROG LNC MAT MMS MGM MC MOH MPWR ORLY PTEN PYCR PDM PPC PAA QNST RDN RPD REXR HOOD SON SONO STE STC SLF THC TTMI TWO DIS WTS XPO

Thursday (Feb 9)

• Morning: ABBV APO MT ARES AZN BAX BWA BRKR CCJ CGC CSII CIGI CYBR DBD DUK ESMT FAF GTES HLT HIMX HII NSIT NSP IPG ITT K KIM LITE MAS MDU MSGE NNN PATK PEP PM PDS RL SPGI SEE SSTK SWI TPR TTGT TU TPX TRI WMG WEX WTW
• Afternoon:  AYX BE BHF CBT CC NET ROAD OFC CRSR COUR CUZ DXCM DOCS EQR EXPE FLO G KN LGF.A LYFT MTD MHK MSI NWSA ONTO OSCR PYPL PECO PRO QLYS RBC REG SPSC STEP TEX MODG VTR VRSN YELL YELP

Friday (Feb 10)  

• Morning:  ENB ESNT FTS GPN IQV MGA COOP NWL PRLB SXT SPB SLVM WPC

This week's biggest % winners & losers: June 1 - 5, 20 (wk 23)

This week's biggest % gainers/losers The following are this week's top percentage gainers and losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).

This week's top % gainers

• Industrials: HTZ (2.57 +157%), AAL (18.59 +77.05%)
• Consumer Discretionary: TUP (6.49 +100.93%), HMHC (2.75 +79.74%)
• Energy: OAS (1.26 +173.56%), QEP (1.78 +108.53%), CPE (1.38 +106.37%), PVAC (16.99 +93.51%), CHK (24.8 +90.62%), RIG (2.5 +87.97%), OIS (7.57 +78.54%), NBR (65.62 +77.06%)

This week's top % losers

• Healthcare: EVH (6.19 -30.29%), OSUR (10.34 -28.92%), TBIO (14.87 -28.23%), INO (11.93 -19.12%), FLDM (3.64 -16.51%), QTNT (6.56 -15.79%), ATRA (9.74 -15.3%), RETA (126.3 -13.09%), FATE (28.21 -13.01%), QURE (58.87 -12.34%), QDEL (153.64 -12.21%), ABEO (2.92 -11.78%), ALLO (42.63 -11.48%), COLL (19.68 -10.75%)
• Information Technology: SMAR (44.54 -22.75%), EVBG (123.89 -15.29%), MDB (197.98 -14.7%), IPHI (111.72 -11.1%)
• Consumer Staples: PPC (18.46 -10.69%)

Long trade : Hertz (HTZ) +70% (6/20)

This week's biggest % winners & losers: May 25 - 29, 20 (wk 22)

This week's biggest % gainers/losers The following are this week's top percentage gainers and losers, categorized by sectors (over $300 mln market cap and 100K average daily volume)

This week's top % gainers

• Healthcare: ADAP (11.07 +91.85%), SLP (50.67 +29.52%)
• Materials: SID (1.89 +28.57%)
• Industrials: TGI (7.49 +34.95%), FLY (8.28 +34.2%), CAR (21.53 +28.77%)
• Consumer Discretionary: PRTY (1.29 +93.49%), ASNA (1.67 +34.68%), LOVE (18.31 +32.59%), MIK (3.86 +31.74%)
• Information Technology: STNE (31.68 +29.52%)
• Energy: SMLP (1.31 +50.57%), NBR (37.06 +41.67%), HLX (3.36 +30.23%)
• Utilities: SBS (10.03 +28.26%)

This week's top % losers

• Healthcare: MGNX (19.24 -24.16%), ATRA (11.5 -22.35%), IOVA (32.09 -21.73%), IRWD (9.73 -18.71%), BCRX (4.5 -17.52%), NTLA (17.51 -16.58%), MNK (2.82 -16.32%), ALLK (65 -15.1%), TGTX (18.65 -14.61%)
• Materials: NG (9.56 -17.37%)
• Industrials: HTZ (1.00 -64.79%)
• Financials: FG (8.34 -21.1%), SUPV (1.97 -18.6%), BMA (17.16 -17.5%), GGAL (8.01 -15.77%)
• Energy: GLOP (4.39 -15.25%)

Hertz Global (HTZ) files for bankruptcy due to coronavirus crisis

• The New York Stock Exchange initiated proceedings to delist Hertz Global Holdings Inc (NYSE: HTZ) on Tuesday following the car rental chain's bankruptcy filing.   

 

Hertz Global announces it and certain of its US and Canadian subsidiaries have filed voluntary petitions for reorganization under Chapter 11 in the US Bankruptcy Court for the District of Delaware 

The impact of COVID-19 on travel demand was sudden and dramatic, causing an abrupt decline in the company's revenue and future bookings. Hertz took immediate actions to prioritize the health and safety of employees and customers, eliminate all non-essential spending and preserve liquidity. However, uncertainty remains as to when revenue will return and when the used-car market will fully re-open for sales, which necessitated today's action. The financial reorganization will provide Hertz a path toward a more robust financial structure that best positions the company for the future as it navigates what could be a prolonged travel and overall global economic recovery.

Hertz's principal international operating regions including Europe, Australia and New Zealand are not included in today's U.S. Chapter 11 proceedings. In addition, Hertz's franchised locations, which are not owned by the company, also are not included in the Chapter 11 proceedings.

As of the filing date, the company had more than $1 billion in cash on hand to support its ongoing operations. Depending upon the length of the COVID-19 induced crisis and its impact on revenue, the company may seek access to additional cash, including through new borrowings, as the reorganization progresses.

Hertz was on a strong upward financial trajectory prior to the COVID-19 pandemic, including ten consecutive quarters of year-over-year revenue growth and nine quarters of year-over-year adjusted corporate EBITDA improvement. In January and February 2020, the company increased global revenue 6% and 8% year over year, respectively, driven by higher U.S. car rental revenue. In addition, the company was recognized as No. #1 in customer satisfaction by J.D. Power and as one of the World's Most Ethical Companies by Ethisphere.

This week's biggest % winners & losers : Nov 5 - 9, 18 (wk 45)

The following are this week's top 20 percentage gainers and top 20 percentage losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).

This week's top 20 % gainers

• Healthcare: INOV (11.51 +22.58%)
• Industrials: HTZ (19.41 +31.59%)
• Consumer Discretionary: LTRPA (18.75 +23.84%), ETSY (52.01 +21.41%), ODP (3.25 +21.27%)
• Information Technology: CALX (10.26 +38.27%), FNSR (21.79 +30.56%), RUBI (4.36 +28.24%), TWLO (92.23 +24.1%), CYOU (18.06 +23.53%), ARRS (30.72 +22.63%), NOVT (75.32 +21.41%)
• Energy: SD (11.06 +24.27%)
• Consumer Staples: REV (28.61 +29.57%)

This week's top 20 % losers

• Healthcare: MDXG (2.8 -56.25%), NTRA (16.8 -24.8%)
• Materials: KOP (19.8 -30.06%)
• Industrials: NNBR (7.79 -38.26%)
• Consumer Discretionary: ADNT (21.52 -33.27%), SUP (7.29 -25.69%), CTRP (26.13 -25.28%)
• Information Technology: CNDT (13.04 -31.55%), UEPS (4.84 -30.86%)
• Financials: OCN (2.83 -25.53%)
• Consumer Staples: STKL (5.24 -26.82%)

Hertz Global (HTZ) reported earnings on Thur 8 Nov 2018 (a/h)

** charts before earnings **

 

** charts after earnings **

 

Hertz Global beats by $0.37, beats on revs 

• Reports Q3 (Sep) earnings of $2.14 per share, excluding non-recurring items, $0.37 better than the S&P Capital IQ Consensus of $1.77; revenues rose 7.2% year/year to $2.76 bln vs the $2.68 bln S&P Capital IQ Consensus.
• Total U.S. RAC revenues increased 10% versus the prior-year quarter as a result of volume and pricing both on and off airport. Volume increased 7% and Total RPD increased 3%. The Company achieved a 5% increase in Time and Mileage pricing and a 30 basis point improvement in Utilization. Excluding rentals to transportation network company drivers ("TNC"), revenues increased 8%; comprised of a 4% volume increase and a 3% increase in Total RPD.

Hertz Global (HTZ) reported earnings on Tue 27 Feb 18 (a/h)

** charts after earnings **

 

Hertz Global misses by $0.18, beats on revs 

• Reports Q4 (Dec) loss of $0.77 per share, excluding non-recurring items, $0.18 worse than the Capital IQ Consensus of ($0.59); revenues rose 4.1% year/year to $2.09 bln vs the $2.06 bln Capital IQ Consensus.
• Strategic investments:
  • 2018 expenses will continue to be elevated as the Company remains committed to its U.S. operating turnaround initiatives. The elevated expense level will be targeted toward new marketing campaigns, ongoing field process improvements, an upgraded model-year 2018 fleet and the deployment of several redesigned technology platforms. The benefits from its U.S. turnaround program are expected to accelerate in 2019
• Tax reform:
  • The enactment of U.S. tax reform resulted in the Company recording an estimated net benefit of $679 million, resulting from the remeasured valuation of its net deferred tax liabilities. It does not anticipate a liability from the one-time charge on accumulated foreign earnings. Due to the lower corporate tax rate in 2018, the Company's effective tax rate now is estimated to be between 23% and 26% on results in future years

Hertz Global (HTZ) reported earnings on Tue 8 Aug 2017 (a/h)

** charts after earnings **

 

Hertz Global misses by $0.39, reports revs in-line

• Reports Q2 (Jun) loss of $0.63 per share, $0.39 worse than the Capital IQ Consensus of ($0.24); revenues fell 2.0% year/year to $2.22 bln vs the $2.22 bln Capital IQ Consensus.
• Transaction days decreased 3% y/y to 36,233
• Total RPD decreased 2% y/y to $41.26.
• Adjusted Corporate EBITDA for 2Q17 was $35 million, compared to $184 million in the same period last year.
• Outlook: "In the U.S. rental car segment, the company is encouraged by preliminary third quarter 2017 total revenue per day trends. In July, total revenue per day is expected to have increased by approximately 3% compared with July 2016. July transaction days are estimated to have declined by about 4% as the company targets higher-quality revenue. With only approximately 55% of reservations booked, August is less clear, but early indications suggest trends similar to July. September is expected to be seasonally weaker, but the company will continue to focus on fleet capacity discipline and revenue quality."

This week's biggest % winners & losers: July 10 - 14, 17 (wk 28)

The following are this week's top 20 percentage gainers and top 20 percentage losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).

This week's top 20 % gainers

• Healthcare: ARNA (24.28 +26.13%), TRVN (2.78 +23.01%), FOLD (12.84 +22.99%), HRTX (15.45 +20.23%)
• Materials: NAK (1.49 +18.25%)
• Industrials: HTZ (15.22 +30.31%), GNK (10.91 +20.42%)
• Consumer Discretionary: MYCC (17.1 +30.53%), LILAK (26.03 +19.62%), LILA(26.11 +17.09%)
• Information Technology: AAOI (84.2 +25.11%), BZUN (29.5 +17.44%), SPWR(10.12, +15.79%),  KEM (16.07 +15.78%)
• Energy: HK (6.78 +61.43%), PES (2.5 +35.14%), NVGS (10.75 +25.73%), FMSA(3.74 +16.15%), REN (32.7 +16%)
• Utilities: NRG (23.24 +43.1%)

This week's top 20 % losers

• Healthcare: RVNC (23.45 -14.1%), TBPH (37.11 -12.81%), GEN (1.5 -9.64%), COLL (12.23 -8.94%), LMAT (29.14 -8.91%)
• Industrials: MSM (73.66 -17.27%)
• Consumer Discretionary: ANF (8.89 -26.89%), BNED (7.76 -24.14%), HOV (2.45 -14.93%), BGFV (11.5 -9.09%), FRGI (18.25 -7.83%)
• Information Technology: ATEN (6.92 -14.46%), CYBR (42.68 -13.43%), HLIT (4.68 -12.62%), COMM (35.13 -7.92%), ACIA (39 -7.74%)
• Consumer Staples: SFS (7.75 -8.82%)
• Telecommunication Services: CNSL (17.96 -13.28%), CBB (17.35 -10.34%)

Long trade : HTZ +30% (7/17)

• 7/7:   23, 75, 97
• vol. 4.6 M

  

Hertz Global (HTZ) reported earnings on Mon 8 May 2017 (a/h)

** charts before earnings **

  

** charts after earnings **

• 2 months later

Hertz Global misses by $0.77, misses on revs :

• Reports Q1 (Mar) loss of $1.61 per share, excluding non-recurring items, $0.77 worse than the Capital IQ Consensus of ($0.84); revenues fell 3.4% year/year to $1.92 bln vs the $1.94 bln Capital IQ Consensus.
• U.S. Segment
  • Total U.S. RAC revenues were $1.4 billion in the first quarter 2017, a decrease of 4%, versus the same period last year.
  • Pricing, as measured by Total RPD, decreased by 3% in the quarter, impacted by an unfavorable customer mix, which the Company is currently addressing as part of its long-term improvement plan.
  • First quarter 2017 Adjusted Corporate EBITDA for U.S. RAC was a negative $104 million, a $130 million decline versus the same period last year.
• International
  • The Company's International RAC segment revenues were $411 million in first quarter 2017, a decrease of 5% from the first quarter 2016. The decline in the International RAC revenues reflect a tougher year-over-year comparison due to the additional Leap day in 2016, the Easter shift to second quarter in 2017, as well as the termination of certain contracts in the third quarter of 2016. First quarter 2017 Adjusted Corporate EBITDA for International RAC was $3 million.

HTZ — is it a buy?

• #23

• Dropped another 50% in the next few months:

Hertz Global (HTZ) reported earnings on Mon 7 Nov 2016 (a/h)

** charts before earnings **

  

** charts after earnings **

  

Shares of Hertz Global Holdings Inc. HTZ tanked nearly 31% in the after-hours trading session on Nov 7 as the company’s third-quarter 2016 earnings and sales lagged expectations. Further, a lowered full-year 2016 outlook due to persistent weakness in the company’s car rental business led to the slump in the stock price.

Quarterly adjusted earnings plunged 21% year over year to $1.58 a share and substantially missed the Zacks Consensus Estimate of $2.81. Results were hurt by lower-than-expected rental volumes as well as higher operating and administrative expenses. Further, a substantial depreciation adjustment for its rental vehicles in third-quarter contributed to the decline.

On a reported basis, Hertz Global posted earnings per share of 49 cents compared with $2.60 per share earned in the prior-year quarter.

Outlook

The company anticipates fourth-quarter 2016 results to bear similar impacts as the third quarter, particularly higher depreciation rate adjustments on vehicle due to lower residual values. Hertz Global has lowered its outlook for full year 2016. Further, it expects the weak trends in its car rental business to continue throughout 2016, thus impacting results.

The company remains on track to reach its cost reduction target of $350 million for 2016, despite the lag in the third quarter due to timing issues.

For 2016, the company now expects adjusted corporate EBITDA in the range of $575–$625 million compared with the previous guidance of $850–$950 million.