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Hertz Global (NYSE:HTZ), embroiled in bankruptcy proceedings in the wake of mounting debt and the coronavirus-related downturn, has seen its stock fortunes reverse over the span of two days, and is on pace to triple since Thursday's session.
Shares closed up 84% Thursday, and are up another 70% in the pre-market Friday after a series of strong updates from airlines yesterday, which led many airline stocks to historic rallies, including American Airlines, which closed up 41%.
The rental car co. is heavily reliant on airports and travel through those hubs, and incremental developments in that space should help alleviate the pressure during a reorganization. Nevertheless, big name investors like Mario Gabelli's GAMCO and Carl Icahn dumped shares over the past two weeks. (SA)
Shares closed up 84% Thursday, and are up another 70% in the pre-market Friday after a series of strong updates from airlines yesterday, which led many airline stocks to historic rallies, including American Airlines, which closed up 41%.
The rental car co. is heavily reliant on airports and travel through those hubs, and incremental developments in that space should help alleviate the pressure during a reorganization. Nevertheless, big name investors like Mario Gabelli's GAMCO and Carl Icahn dumped shares over the past two weeks. (SA)