Meta Falls, Olaplex Surges, Car Rentals Soar

0:00Indices 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. Bloomberg Audio Studios Podcasts, radio, news The Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg data. I'm Tim Stenevek along with Carol Maser. Let's take a look at some stocks on the move today. We are joined by Bloomberg News. I almost said cross asset reporter. I saw it on your paper. She is not. I'm a credit reporter now. Bloomberg News Credit Reporter We can still do markets. Bloomberg News Credit Reporter Emily Grafeo. Congratulations on the new itch role. Thank you. Where do you want to start? Let's start with tech stocks. Don't mind us.

1:00It's been a long time. Yeah, it's end of the day. It's been a long time. You guys were just talking about how we saw the trade reverse in the stock market after hours. We have Trump pushing back the deadline for Iran to strike a deal with the US. We saw meta and a lot of tech stocks rallying in the post markets. So right now Meta, ticker NETA, is up about 3 tenths of 1% in after hours, but it was down about 8% in the regular trading session. It was an overall risk off day for tech stocks. There was really no place to hide in the equity market, and these mega caps were getting hit the most. Some say this was an area that people were going for safety, and now they're selling off, but it was a bit weird. There was some fundamental news, but it was not today. It was yesterday. We did that point earlier. Yeah. It was yesterday when the market was open, too. Right. So yesterday Meta and Alphabet as well, they were found liable in a social media addiction

2:02trial. This is just one of potentially many similar trials. For this one, they have to pay damages to a 20 year old woman who said that her addiction to social media caused her mental health struggles. We haven't really seen a lawsuit like this before and a result like this. So you could point to this as why the stock was down so much today, but overall very risk off for tech. Guess what, Meta? There's going to be more coming. Yeah. That's what we've heard from our legal team. Yeah. Right. The lawyers will be busy. Exactly. Right. Just the beginning. But yeah, it's kind of wacky. Tim uses this product all the time. What is it? Oh, the price. He does not. I don't know. I don't know. I know every time I breathe out, well, they have shampoo, they have other kind of hair products as well. Yeah. Yeah. Yeah. They have a hairspray or such. They were like, for a while, they were, I mean, there was non-stop talk and I didn't have a debut. Yeah. Back in 2021, I believe. Yeah. Right back then. Santa Barbara.

3:03Well, they had a big day today. The stock was up 51% ticker O L P X. It's not, um, it's not a Meg's cap stock. It's a $2. Right. And however, there was some real news to tie to this move. They are getting acquired, hankled our German company and joined into a definitive agreement to acquire 100% of O L P X at a premium of 55% to O L P X's last closing price. That's a pretty nice little freebie, a big pop. Yeah. All right. And let's get to, this is a story we've been talking about a lot today, but I'd love it. Tell us about the Cor rental guys. This really caught my eye. It proves how like, I don't know, markets, they just react to the news like you wouldn't expect this. Maybe you would. Avis ticker car, C-A-R, was up about 17% hertz HTZ was also up in the double digits today. And I guess traders thinking that with all of the airline, snafu's and long lines, people

4:05are going to be renting cars. So therefore, they want to buy car rental companies. We do have a story on the Bloomberg today pointing out that traffic to Hertz's website jumped about 15% this week as customers are looking for other ways to get to their destination. Yeah. I get it. But like, for a long term buy, maybe not, but for a trade short. But maybe they have a good quarter or something, right? Yeah. And you know, you're not going to do it if you're flying from New York to California. But if you know, you have a short, shorter trip, you know, like, okay, well, if it's going to take me five hours to get through security, each way, plus, you know, one and a half to our flight or whatever, seven hours, eight hours, I think I'm doing my wish for thinking that this is all going to end like tomorrow when I actually have to take a flight. But yeah, this might go on for a while. So I hope you're going to be here, of course, tonight. I need to be there like now. Okay. We'll let you go. Okay.

5:05Was it Avis too? I think it was up a lot this month or something like that. Oh, yeah. It's up like 43% this month. It has been on a tear time for cars. Okay. It's time for cars. I digress. Emily Grafay. Oh, she's Bloomberg News credit reporter for more conversations like this. Check out her news. Talk Movers podcast. Subscribe for five minute episodes on the biggest winners and losers in the stock market. Check out stock movers on Apple Spotify or anywhere you get your podcast. The stock movers report from Bloomberg Radio. Check back with us throughout the day for the latest round up 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. Equity indices made by committees. That's the old way. The new way is Bloomberg equity indices, transparent indices built on data, not opinions, discover

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