Hertz Global Holdings (NYSE: HTZ)
Hertz Global was off to a relatively strong day in the market today. At the opening of the trading session, the stock was already trading in the green. While we saw some declines from highs in the beginning, minutes ago things changed as the stock started to spike upward. Below, we’ll talk about what we’re seeing from the stock, why, and what we’ll be watching for with regard to HTZ ahead.
What We’re Seeing From HTZ
As mentioned above, Hertz Global was already having a relatively positive day in the market. The stock started the day on decent gains. Although, the stock did take a bit of a dive in the first minutes of the trading session, it never made it to the red. Then, minutes ago, it started to spike. Currently (9:57), HTZ is trading at $21.49 per share after a gain of $0.54 per share (2.58%) thus far today.
Why The Stock Is Spiking Upward
Our partners at Trade Ideas were the first to send us the alert on HTZ. When we got it, the CNA Finance team started digging to see why the stock was spiking upward. In this particular case, we weren’t able to uncover any fundamental news that would lead to such gains. However, we did find a pretty interesting rumor in the social realm that we believe is the cause for the movement.
At the moment, there’s a rumor circling online that Hertz Global is going to enter into a merger relatively soon. The rumor suggests that an activist investor is currently pushing the company to merge with Avis. At the moment, the rumor is unconfirmed. Also, the rumor doesn’t provide details as to who the activist investor is that may be pushing for the merger.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on HTZ. In particular, we’re interested in learning if there is any validity to the rumors. After all, if there is, a merger could be a good thing for investors. Then again, if this rumor is true, we may see an antitrust case in the making. Nonetheless, we’ll keep a close eye on the news and bring it to you as it breaks!
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