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Data:FactSet; Chart: Axios Visuals

Hertz and Avis have discovered the magic that electric vehicles can have on share prices.

Why it matters: Both companies have increased in value after announcing ambitious plans to move aggressively into renting out EVs.

Driving the news: Hertz stock — which still trades on the pink sheets ahead of an anticipated "re-IPO" later this year — rose sharply after the company said it would buy 100,000 cars from Tesla.

  • Avis shares doubled on Tuesday after the company indicated it planned to move in the same direction.

The intrigue: Hertz shareholders aren't waiting for the IPO to get out of the stock. The company announced a $1 billion secondary offering on Wednesday.

The bottom line: Hertz and Avis are now full-fledged meme stocks. Short at your peril.

Go deeper: Elon Musk and Hertz can't agree on Tesla orders

Go deeper

The Sweetgreen premium

Data: Axios calculations; Chart: Axios Visuals

Axios' favorite unprofitable salad vendor, Sweetgreen, starts trading as a public company today. At the IPO price of $28 per share, it has an enterprise value of $2.85 billion, or 9.5 times the $300 million of revenue it saw over the past 12 months.

Why it matters: Other restaurant chains can only dream of such a valuation, but Sweetgreen has managed to persuade the market that it's as much a fast-growing tech company as it is a salad shop.

Updated 11 mins ago - Politics & Policy

Omicron dashboard

Illustration: Shoshana Gordon/Axios

  1. Health: Coronavirus variant surveillance varies widely by state — Omicron cases confirmed in 5 U.S. states America probably won't lead the effort to understand Omicron.
  2. Vaccines: Omicron adds urgency to vaccinating world — Omicron fuels the case for COVID boosters — Moderna loses patent battles tied to COVID vaccine — Pfizer could have vaccine data for children under five by end of 2021, CEO says.
  3. Politics: Nevada to impose insurance surcharge on unvaccinated state workers — New Jersey GOP lawmakers defy statehouse COVID policy — Oklahoma sues Biden administration over Pentagon vaccine mandate — Omicron travel bans are sign of what's to come.
  4. World: WHO: Delta health measures help fight Omicron — COVID cases surge in South Africa in sign Omicron wave is coming — Germany approves new restrictions for unvaccinated people.
  5. Variant tracker: Where different strains are spreading.
Updated 5 hours ago - Politics & Policy

Prosecutors charge parents of Michigan school shooting suspect

Photo: Scott Olson/Getty Images

The parents of a 15-year-old accused of killing four students and wounding seven other people at a Michigan high school have been charged with four counts of involuntary manslaughter, according to court documents.

The latest: Lawyers for James and Jennifer Crumbley told the Detroit News they are "returning to the area to be arraigned," after law enforcement officials announced a search for the Crumbleys had been initiated.