Stocks to Watch: Hertz Global, Landsea Homes, GigaCloud Technology

Dow Jones
05-13
 

By Connor Hart

 

Hertz said revenue fell in the first quarter after the company intentionally constrained supply due to the uncertain macroeconomic environment. The car-rental company has recently seen demand cool among businesses, government agencies and international travelers visiting the U.S., though it noted that bookings for leisure are up from last year. Hertz's loss widens to $443 million from $186 million a year earlier. Shares fall 4.8%, to $6.61, in after-hours trading.

Apollo Global Management-backed New Home Co. has agreed to buy Landsea Homes for about $410.5 million, a move that will combine two homebuilders serving several fast-growing markets. New Home will pay $11.30 a share for Landsea, representing a premium of about 61% to the stock's closing price. Apollo will put in $650 million to fund the deal, which the companies said had a total enterprise value of $1.2 billion. Landsea shares surge 59%, to $11.13, in postmarket trading.

GigaCloud Technology posted higher revenue in the first quarter, fueled by strong activity from its buyers and sellers. Sales rose 8.3%, to $271.9 million, and topped analyst estimates for revenue of $259.8 million. CEO Larry Wu said the company continues to see strong activity on its marketplace despite facing macroeconomic uncertainty and persistent industry headwinds but continues to see strong activity on its marketplace. Shares rise 16%, to $18.51, in after-market trading.

 

Write to Connor Hart at connor.hart@wsj.com

 

(END) Dow Jones Newswires

May 12, 2025 19:42 ET (23:42 GMT)

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