Small-Cap Highlights: Hertz’s Slump, Wendy’s Meme Rally, and Gains from OpenAI’s IPO
Since the beginning of 2026, Hertz's stock price has fallen by 50% / Photo: Facebook / Hertz
Hertz car rental shares had their worst day in history—the company reported a drop in demand. Reddit users sent Wendy’s stock soaring by 40%. Following in the footsteps of its competitor Anthropic, OpenAI is preparing to go public—Oninvest has identified companies that could benefit from the IPO of one of the leaders in the artificial intelligence race. The week’s top stories from June 22–26—in the Oninvest digest.
Hertz Was Hit by a Drop in Demand — Its Stock Plunged
Hertz, one of the largest car rental companies, reported an “unexpected drop in demand” while announcing a capital-raising move that Bloomberg described as unusual. The stock price plummeted nearly 41% on June 24—the largest single-day drop in the company’s history, according to Barron’s.
Due to a decline in demand for used cars, the company’s adjusted EBITDA in the second quarter of 2026 came in at $50–80 million—closer to the lower end of the range expected by analysts. Investors were also alarmed by Hertz’s plans to issue $100 million in shares and another $300 million in bonds with in-kind payments, according to Barron’s. The company will lend the shares to underwriter JPMorgan Securities so that investors can open short positions to hedge their bond purchases. The company will receive only a commission from this offering, which it will use to repay debt. As of March 31, its total debt stood at $18.2 billion, with revenue of $2 billion.
Mark Hackett, chief market strategist at the financial firm Nationwide, described the company’s approach to issuing bonds as a sign that drastic measures were necessary: “This may signal the capitulation of those who held out until the very end.”
Reddit users sent Wendy's stock up 40%
Shares of the fast-food chain Wendy’s soared by more than 40% at the start of trading on Wednesday, June 24, and closed the trading session up 25.5%. This was driven by enthusiasm among retail investors. The company was the subject of lively discussion on Reddit—Wendy’s stock had lost about half its value over the past year, and calls began to appear on social media to “save Wendy’s before it’s too late.”
This surge in interest is similar to previous episodes involving meme stocks, including GameStop. Wendy’s had all the ingredients that typically attract meme stock enthusiasts, notes Barron’s: a recognizable brand, a relatively modest market valuation, and a large audience ready to support this trend. Wall Street, for its part, remains cautious: 17 analysts recommend “holding” Wendy’s stock, five more recommend “buying,” and the same number recommend “selling.”
Three small-cap stocks that could benefit from OpenAI's IPO
As the market prepares for the IPOs of OpenAI, the developer of ChatGPT, and its main competitor —Anthropic, the creator of Claude—interest in infrastructure for the promising field of AI continues to grow. Oninvest analyst Aldiyar Anuarbekov has selected three publicly traded companies that are already benefiting from the development of the OpenAI ecosystem. Among them are:
— Yubico, a Swedish company, is the developer of the YubiKey authentication device, which connects via USB and verifies the user's identity without requiring a password.
— The American company Box specializes in corporate data storage and management.
— Kodiak Gas Services, the largest contract gas compression operator in the U.S., which stands to benefit from the rapid growth in demand for electricity for data centers. Click here for details.
Shares of biotech company Boundless Bio soared following the deal
Boundless Bio, a micro-cap developer of novel cancer therapies, announced on June 23 that it would merge with the privately held biotech company Serapha Bio, pay dividends, and raise $230 million from industry investors. For Boundless, the merger with Serapha Bio—a developer of a therapy for a rare genetic disorder in which the liver produces an abnormal form of the AAT protein—allows the company to continue its work after initial clinical data failed to confirm the feasibility of further developing its therapy. The combined company will operate under the Serapha Bio brand, and its shares will trade on Nasdaq under the new ticker symbol AATD.
