Hertz is hitting the brakes

[The beef 675] [I'm an image] “I think technically, Jay Clayton just became Hertz's daddy.” - Jason Hey there carnivores, Markets were mixed on Wednesday and gained slightly during Jerome Powell's second day of testimony. Today we’re talking Hertz getting boxed in by the SEC. Keep raging, Jeff & Jason [Image] [I'm an image] Emergency brake Hertz [is having second thoughts]( about issuing $500M worth of shares to the public while it is in bankruptcy… but not because the car rental company found its moral compass. After its original plan to sell stock [was approved on Friday](, Hertz issued a filing with the SEC, as is required by law for public companies. The goal was to use the funds to pay for its bankruptcy instead of searching for “debtor-in-possession” financing, which is what most companies do under, you know, “normal” circumstances. Everything was on track until the biggest narc on the Street got around to reviewing the filing. The SEC apparently had a few "comments" related to the disclosures in Hertz’s filing. Like the one where Hertz straight up told investors that they are most likely going to lose all of their money if they purchase these shares (read: they will certainly lose all of their money). While details of the comments were not made public, the consensus among TWC analysts is that it probably was along the lines of “WTF, you guys?!” After reviewing the SEC’s comments Hertz ultimately decided to call off the stock sale. Tough break, [Red Robin](. The bottom line... It’s amazing that this scheme, which most certainly was raised after an exec said "there are no bad ideas," even saw the light of day. Sure, a judge approved the issuance of the shares but the bankruptcy court isn’t in the business of protecting investors. "Seems like an SEC problem." It approved the sale as long as Hertz told people they would be worthless, which it did. Luckily the SEC was looking out for all the r/WallStreetBets users out there. And Chairman Jay Clayton made the Shortseller Enrichment Commission's POV crystal clear, even taking to the airwaves [to publicly shame $HTZ.]( [Image] Offer Expires Tonight... An Unfair Advantage? [Alternate text]( [Alternate text]( Kyle Dennis Just Revealed His #1 Tool For Catching Explosive Options Offer Expires Tonight [Watch It Now]( [I'm an image] ☑️You sunk my cruise ship. Cruise lines companies had a rough day, as Norwegian Cruise Line stated it will [continue its sailing suspensions]( until September. Landlubbers. Additionally, the company canceled routes in Canada and New England in October. Norwegian made its announcement before markets opened, sending shares down as much as 11% in pre-market trading and down 8.40% over the course of the day. Carnival tumbled 6.51% on the day. On the bright side, things could be worse, it could be Waystar Royco’s cruise division. ☑️Roll it back. The Justice Department [has proposed changes]( that would make internet platforms more liable for content posted on their sites. Civil immunity that online platforms have today would be stripped if illegal content or actions are posted on its network. So basically everything on social media. This follows the President’s executive order last month that targeted the protections that social media companies have had for more than two decades. Probably just a coincidence. The JD’s proposal would have to be passed by Congress before becoming law. ☑️Cut my job into pieces. “This is my last resort.” - HSBC CEO Noel Quinn talking about job cuts, probably. HSBC [announced that its job cuts]( are back to its regularly scheduled programming after putting them on hold in March. If you [recall](, the bank announced it would decrease headcount by 35k as it drew back operations in the US and Europe to double down on its efforts in Asia. The cuts were put on hold while the bank dealt with keeping operations afloat during COVID, but stated Wednesday that it would resume kicking people to the curb. Because what better time than in the worse job market since the Great Depression? ☑️Dropped call. Looks like former HSBC employees won’t be the only ones on holiday. AT&T is [shedding 3.4k jobs]( and closing 250 stores. The closures will occur over the next few weeks, with 1.3k of the cuts impacting AT&T Mobility and Cricket Wireless retail employees. While AT&T acknowledged that the current pandemic affected the decision, the wireless carrier cited a decrease in demand for legacy products and refocusing on growth areas as key drivers for the decision. RagingBull, LLC 62 Calef Hwy. #233, Lee, NH 03861 Neither Raging Bull nor RagingBull.com, LLC (publisher of Raging Bull) is registered as an investment adviser nor a broker/dealer with either the U. S. 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