Closing Bell: Brown-Forman Jumps, Hertz Soars, SanDisk Tumbles

0:00Equity indices made by committees, that's the old way. The new way is Bloomberg Equity indices. Transparent indices built on data, not opinions. Discover evolved benchmarks for today's equity markets at Bloomberg.com slash equity index subscriptions. Bloomberg Audio Studios Podcasts, radio, news. This is the closing bell. On the stock movers report, the company's making moves at the close of US trading with Carol Maser, Tim Stenevek, Romain Bostic, and Katie Griefeld. All right, guys, let's get to some of the individual gainers if I may in the Thursday session. So let's get to it. Brown Foreman, definitely some outperformance there. Bottoms up everybody. 9.6% to the upside, per node, a re-shard. Hmm, I think I'm saying it. Nice. Close. Thanks, guys. Exploring a potential acquisition of Brown Foreman, the owner of Jack Daniels Whiskey

1:01as alcoholic drink companies look for ways to consolidate amid an industry downturn. Deliberations are ongoing. New certainty that they will result in a deal. But nonetheless, investors certainly got keen on that one. Hey, let's go on over to some of the car rental companies. Tim and I were just talking about it on RN. You saw Hertz Global up about 9.5%, excuse me, but 9.2% to the upside. It was budget, again, of about 13% in today's session. And this is what's happening. Travelers across the country looking at those lines, being on those lines, are looking for different options. And so they are seeing maybe that they rent a car rather than fly somewhere. Traffic to Hertz Global, their website jumped about 15% this week as customers look for ways around the congestion at US airports. The company's been promoting discounts, a last minute reservations, and one way rentals. So we did definitely see Hertz up today. We also saw Avis as well, up almost 13%.

2:03I got to tell you, Avis is up close to I think 50% in the month of March, putting it on track for its best months since October of 2022. So quite a run there. And one more for you. This was courtesy of my co-host, Tim Stanavek. I don't know if he uses it, but all theplex holdings. I do not. There you go. I do wash my hair. That's awesome. We're so happy about that. That's great. So we're going on a percentage basis. Keep in mind, it's about a $2 stock, $2.01, up 51% today. Henkel, agreeing to buy all theplex holdings, the haircare brand that developed a cult following its shampoo's and other treatments. Yeah. It's a $1.4 billion deal. Henkel's going to pay about $2.06 a share for all theplex, according to his statement today, that confirms our reporting. Do you like it? I used to use it. It was hot for a while. Yeah. And anymore. Then I feel like there were some nasty reports about it. But I thought the whole thing was that it would like glue together your split ends.

3:04Well, it's based in Santa Barbara. That's all Bailey and I need to know about it. I did like it for a while. I liked the color, the golden oil. Anyway. I think we're supposed to move on now. To some of the Decliners. I know you just added one. Pull up the board and see where we're starting. OK. Oh, look at that. Sandisk fell by 11% today. For me? I added one at the end as you were talking about it. What's it like? No one would complain about how there's nothing to choose from today. It was like the entire market for you. An embarrassment. It's true. It's true. I'm very lucky that we have such a great team in the control room that can. All right. Yeah. Thank you. So Sandisk fell today by more than 11%. And this after, well, Google publicized research on a new algorithm that could allow more efficient use of storage needed for AI development. So we saw a handful of names move lower on this news. Snap shares also under pressure today. The EU investigating Snap's social network to examine how it verifies users' ages, and tackles grooming and criminal activities that target underage users.

4:06Snap shares finishing just off their lows, but still down 10.7%. And here's a really interesting one. This is Miller, Noel DeMaker, and designer of office furniture fell today by 22%. Look at that light. I know. All day. Well, they reported earnings late yesterday. I think it was late yesterday if I'm correct. The company expects about a 125 basis point hit to growth related to the conflict in the Middle East, lost volume as well as higher transportation costs from the increase in oil prices. William Blair analysts say that's expected to weigh on EPS during the fourth quarter by about 10 cents. Look at this hit, down 22.4% today. Also, finally, because there was so much lower today, we do have to give a shout out to the Mag 7 stocks that ended up falling today, which was all seven of them, except for Apple, which was barely higher by one tenth of 1%. And that a platform fell by 8% just a day after that ruling or the jury, what the jury found in California.

5:07And then Nvidia was down more than 4% Tesla down more than 3.6% Katie. I don't know if that's a shout out or it's a poor one out, because that's another ugly line there. Let's talk about the bond market. Another sell-off, this time in fixed income, and you can see really it was across the curve. The two-year yield in particular higher by about 11 basis points. We did get another auction today, this time of seven-year notes. That also didn't exactly get a warm reception. So that's three auctions this week, two's, five's, and seven's that tailed. So certainly weak demand there. So this sell-off, I mean, it's cross-ass at the only thing that really rose was oil, which has been the dynamic for a while now. So let's get to some stories that defecate our attention. We have won about Netflix what they're doing. Haven't seen this in about a year, but they're raising subscription prices by as much as $2 a month. Standard streaming with ads up about $1 to $8.99 per month.

6:07That's the first time Tim and Justin year standard plan without ads rose by $2. And then you like to live with a premium plan, don't you? That's the one where you can watch multiple things at once, right? Yeah. Isn't that your world? Why would you want that? I think some people what they do is they like, I've heard they have different family members in different places. They use a source familiar, but not all the Netflix is really cracked down on this. First of you here? Netflix is really cracked down on this. Premium plan climbing $2 to $26.99. Adding to inflation, that's all I'm going to say. I'm paying more at the pump, and now I'm going to have to have my brother pay more on Netflix. Or whoever's Netflix you're using is going to have to pay more. Yeah, my family members. I pay for Apple Music, so that's all I bring to the table. I think they decided continuing investment, but didn't they just get like $2.8 billion in a breakup fee? Yeah, but they're going to stay are spending a lot of money on content. Yeah. Before we go, I do want to quickly bring our attention to another story on the Bloomberg terminal today getting a lot of eyeballs.

7:09And that is crypto is entering the mortgage market via basically crypto back mortgages, better home and finance, corporation, and Coinbase, or launching a product that links digital assets to down payments on Fannie Mae, eligible home loans. I'm really curious what the uptake looks like here. You can pledge your Bitcoin as collateral to buy a house at the market peak. I don't see anything that can go wrong, guys. I don't know about you. Yeah. It's just so you don't have to sell your crypto if you want to you want to huddle that crypto Bailey forever. It's total. It's an appreciating asset is what it is. So they don't sell it right away? No, you pledge it. Barrowers pledge Bitcoin and USDC stablecoin is collateral for a separate loan used to fund the down payment rather than selling those assets to raise cash. What could possibly go wrong? Anyway, but hey, we like disruption and innovation, so we'll keep an eye on that one.

8:09This stock movers report from Bloomberg Radio. Check back with us throughout the day for the latest roundup of companies making news on Wall Street. And for the latest market moving headlines, listen to Bloomberg Radio Live, catch us on YouTube, bloomberg.com, and on Apple CarPlay and Android Auto with the Bloomberg Business app. Indices built to someone else's specification? That's the old way. The new way is Bloomberg equity indices designed custom benchmarks and distribute them at speed. Discover evolved benchmarks for today's equity markets at bloomberg.com slash equity index licensing. If you follow markets, you know the value of long-term thinking. You plan, you diversify, you prepare for volatility. But in life, even the best strategies can't prevent every bad day, a fire, a loss, a disruption that demands immediate attention. When that happens, what matters isn't just what you planned, it's who shows up.

9:10That's where Cincinnati Insurance comes in. For more than 75 years, they've helped individuals and businesses navigate life's toughest moments with care, expertise, and personal attention. Together with independent agents, Cincinnati Insurance focuses on relationships, not transactions. Their approach is grounded in experience, follow through, and trust built over time. Bad days happen, and when they do, you deserve an insurance partner who understands risk, respects what you've built, and is ready to help you move forward. The Cincinnati Insurance companies, let them make your bad day better. Find an independent agent at CINFIN.com. With volley from ice shares, you get access to both monthly income and growth potential in one simple ETF. It's the best of both worlds. Discover Bali. Ice shares large-cap premium income active ETF. Ice shares. The market is yours. Visit www.iShares.com to view perspectives for investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.

10:14Risks include principal loss in the use of derivatives, which could increase risk and volatility. Monthly income is not guaranteed, prepared by BlackRock Investments LLC.