Why Hertz Global Holdings, Navigator Holdings, and Alder Biopharmaceuticals Jumped Today
Thursday was another solid day for the stock market, and major benchmarks eased higher by small fractions of a percentage point. Continued optimism stemmed from a second day of favorable comments by Fed Chair Janet Yellen to Congress, and President Trump's visit with French President Emmanuel Macron also seemed to buoy investors' spirits. Individual stock news continued to play a vital role in driving interest as summer volume levels remained on the low side. Hertz Global Holdings (NYSE: HTZ), Navigator Holdings (NYSE: NVGS), and Alder Biopharmaceuticals (NASDAQ: ALDR) were among the best performers on the day. Below, we'll look more closely at these stocks to tell you why they did so well.
Shares of Hertz Global Holdings jumped 16% on favorable comments from stock analysts. Analysts at MKM Partners said that their pricing checks on the industry over the past month suggest that pricing trends have turned positive for the car rental business, reversing weaker trends from earlier in the year. Comments from the airline industry that travel demand in the U.S. is staying strong also bolstered shares of Hertz, because rental car demand and air travel volume are typically positively correlated. Many investors have been negative on Hertz because of adverse trends in the used-car resale market, which the rental car company relies on when it comes time to sell off aging vehicles in its fleet. If business conditions in the core rental area improve, it could spell a longer-term turnaround for Hertz and its peers.
Image source: Hertz.
Source: Fool.com
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