Market Overview

Hertz Cut In Half After Q3 Miss, Lowered Guidance

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Hertz Global Holdings, Inc (NYSE: HTZ) shares are trading lower by $18.00 (48 percent) at $17.74 in Tuesday's session. The issue's price is being halved following a Q3 miss of $1.87 with a small miss for revenues. The company slashed FY 2016 EPS to $0.51-$0.88 range compared to estimates of $0.90.

Following a sharply lower open ($21.00 vs. Monday's close of $35.74), it could only manage a $0.50 bounce to $21.50 before continuing its jaunt lower.

It has continued to make new lows for the session with the current one standing at $17.20.

The issue, which went through a reorganization in June, reached $53.14 in July and was as high as $49.26 at the end of August.

The poor report has prompted both Northcoast Research and Deutsche Bank to downgrade the issue. The former changed its rating from Buy to Neutral and latter from Buy to Hold.

 

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