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Why Hertz Stock Is Having Its Worst Day Ever

Hertz stock experienced its steepest single-day drop on record, falling almost 41% on Wednesday. The decline followed a reduced second-quarter earnings forecast and the announcement of capital-raising plans. The company attributed the lowered guidance to unexpected softness in the used-car market.

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Hertz shares suffered their worst day ever due to lowered financial guidance and new stock and debt offerings.

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  1. Hertz Shares Plunge in Record One-Day Decline

    Hertz stock experienced its steepest single-day drop on record, falling almost 41% on Wednesday. The decline followed a reduced second-quarter earnings forecast and the announcement of capital-raising plans. The company attributed the lowered guidance to unexpected softness in the used-car market.

    What's confirmed:

    • Hertz shares plunged almost 41% on Wednesday in their steepest one-day decline on record.
    • The company reduced its second-quarter earnings forecast.
    • Hertz announced plans to raise capital through stock and note offerings.
    • The company cited unexpected softness in the used-car market as a cause for higher depreciation costs.

    Still unconfirmed:

    • A Nationwide strategist described the capital-raising plan as a sign of capitulation of those that had been holding on.
    • Bloomberg described the capital-raising plan as unusual.
    confidence 100%