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Hertz Global Holdings stock price
Hertz Global Holdings latest news:
Hertz shares rise after company tops quarterly views
Shares of Hertz Global Holdings Inc. rose 5% late Tuesday after the car-rental company reported narrower-than-expected quarterly losses and sales in line with expectations. Hertz said it lost $158 million, or $1.90 a share, in the second quarter, compared with a loss of $43 million, or 33 cents a share, in the year-ago period. Adjusted for one-time items, the company reported a net loss of $52 million, or 63 cents a share, in the quarter, versus a net income of $35 million, or 41 cents a share, in the same period last year. Total revenues for the second quarter reached $2.2 billion, compared with $2.3 billion in the second quarter 2016. Analysts polled by FactSet had expected an adjusted per-share loss of 20 cents on sales of $2.2 billion. Hertz said in a statement it had made "significant progress" in the first half of 2017 with its turnaround plan, but "the hard work always comes before" a payoff as reflected on the quarterly results, which also showed increased spending and a "challenging" business environment in the U.S. for Hertz. Rival Avis Budget Group Inc. reported Monday, missing expectations. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Hertz and Avis shares surge after J.P. Morgan launches coverage of car rental industry
Shares of struggling car rental companies rallied Friday, after J.P. Morgan initiated coverage of the industry, saying some of the headwinds have been "over-appreciated" by investors. Analyst Samik Chatterjee started coverage of Avis Budget Group Inc. with an overweight rating and stock price target of $39, which is 21% above current levels. "Margin progression and strong free cash flow delivered by Avis historically, while contending with industry headwinds, speak to solid execution by an experienced management team, in our view," Chatterjee wrote in a note to clients. Hertz Global Holdings Inc. was started at neutral with a $15 stock price target, which was 4.8% above current levels. Chatterjee said Hertz should benefit from "improving execution and correction of recent missteps," but sees revenue growth lagging that of rival Avis. Hertz's stock surged 10.3% in afternoon trade and Avis shares rose 4.0%. Year to date, shares of Hertz have tumbled 33.4% and Avis have dropped 12.4%, while the S&P 500 has climbed 10.5%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
UPDATE 1-Apple working with Hertz to test self-driving technology - BBG
June 26 (Reuters) - Apple Inc is leasing a small
fleet of cars from rental company Hertz Global Holdings Inc
to test self-driving technology, Bloomberg reported on
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