Wendy's Soars, Hertz Tumbles, Absci Surges | Stock Movers

Today's biggest winners and losers in the stock market, a look at the notable movers:

On this episode of Stock Movers:

- The meme-stock crowd is rallying behind another beaten up American icon — Wendy’s (WEN) the fast-food chain known for the Frosty, Dave’s Triple burger and the Biggie Deal. The company’s shares, which had been on a steady downward slide for the past three years, surged as much as 42% on Wednesday, triggering a volatility halt, before paring the gain. It was the biggest jump since March 2020, when it joined other stocks in rebounding from the crash caused by the onset of the pandemic.

-Hertz Global (HTZ) is taking an unusual approach to issuing debt: concurrently serving up shares that are designed to be shorted. The company announced Wednesday that it planned to offer $100 million of stock alongside a $300 million offering of convertible payment-in-kind notes. The shares will be borrowed by JPMorgan Securities, which is one of the stock offering underwriters and also one of the banks arranging the notes. The flurry of announcements sent Hertz shares plunging as much as 33%

- Absci (ABSI) shares jump as much as 46%, the most intraday since 2022, after positive Phase 1 data from the firm’s HEADLINE trial of its experimental drug to treat androgenetic alopecia, a common form of hair loss. The company also reported a $100 million offering which included contributions from Eli Lilly.

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Bloomberg journalists discuss today's biggest winners and losers in the stock market. Listen for analysis on the companies making news on Wall Street.

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Wendy's Soars, Hertz Tumbles, Absci Surges