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Hertz shares parked after Q3 drubbing

Tuesday, November 8, 2016 9:49
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(Before It's News)

Hertz Global Holdings (NYSE:HTZ) shares were down as much as 50% on Tuesday. The parent company of the Hertz car rental franchises, sank after the group reported third quarter earnings that badly missed Wall Street estimates last night and slashed its profit guidance for the year.

The news comes as rival Avis Budget Group (NASDAQ:CAR) dropped by 9.9% to $35.14 after institutional investor Mackay Shields Llc decreased its stake in Avis Budget by 50%.

The stock plunged nearly 52% to a seven and a half year low and was last seen down 45% at $19.62. A far cry from events a year ago. Read more.

Story by ProactiveInvestors

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