<ul><li><a href="https://markets.businessinsider.com/stocks/htz-stock?utm_source=markets&amp;utm_medium=ingestgest">Hertz</a> paused its plan to sell as much as $500 million in new, high-risk shares on Wednesday after the Securities and Exchange Commission raised concerns with the sale.</li><li>The offering was "promptly suspended" after discussions with SEC staff, and is "pending further understanding of the nature and timing of the Staff's review," <keyword id="187854" type="CITY" weightage="60" keywordseo="Hertz">Hertz</keyword> said in a <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/47129/000110465920074139/tm2022223d3_8k.htm">regulatory filing</a>.</li><li>The newly <keyword id="24803" type="ORGANIZATION" weightage="60" keywordseo="bankrupt">bankrupt</keyword> company's stock was briefly halted earlier Wednesday following news of the SEC's issues.</li><li><a href="https://markets.businessinsider.com/stocks/htz-stock?utm_source=markets&amp;utm_medium=ingestgest">Watch Hertz trade live here</a>. </li></ul><a href="https://markets.businessinsider.com/stocks/htz-stock?utm_source=markets&amp;utm_medium=ingestgest">Hertz</a> halted its plan to offer up to $500 million in new shares after the Securities and Exchange Commission raised issues with the sale.In a <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/47129/000110465920074139/tm2022223d3_8k.htm">regulatory filing</a> published Wednesday afternoon, the bankrupt car-rental chain said its plans for the offering were "promptly suspended" after discussions with SEC staff. Any revival of the stock sale is "pending further understanding of the nature and timing of the Staff's review," the company added.<keyword id="9142890" type="UNKNOWN" weightage="60" keywordseo="hertz-stock">Hertz stock</keyword> was paused late Wednesday morning after SEC Chairman Jay Clayton noted his concern with the planned offering."In this particular situation, we have let the company know that we have comments on their disclosure," Jay Clayton, chairman of the SEC, said on <a href="https://www.cnbc.com/2020/06/17/the-sec-told-bankrupt-hertz-it-has-issues-with-its-plan-to-sell-stock-chairman-jay-clayton-says.html" target="_blank" rel="noopener">CNBC</a>. "In most cases when you let a company know that the SEC has comments on their disclosure they do not go forward until those comments are resolved."Read more: <a href="https://www.businessinsider.com/best-stocks-to-buy-investing-strategy-market-rotation-jeff-kleintop-2020-6">Schwab's global investing chief says the market's best-performing stocks are due for a surprising rotation for the first time in 12 years — and shares 3 ways to get ahead of the shift</a>The last-minute stock sale was meant to capitalize on Hertz stock's outsized volatility over recent weeks. Hordes of retail investors betting on an unlikely reemergence from bankruptcy <a href="https://markets.businessinsider.com/news/stocks/robinhood-traders-bet-hertz-bankruptcy-stocks-despite-huge-risks-2020-6-1029292002?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest">piled into the firm</a>, driving shares as high as $6 each from $0.80 just days before.Even if the sale moved forward, the firm noted that major risks loomed over participating investors. Hertz cautioned on June 11 that "the common stock could ultimately be worthless" should bankruptcy proceedings continue, as creditors and bondholders are slated to receive funds before shareholders see any cash returned.Hertz closed at $1.96 per share on Wednesday, up roughly 0.5% from Tuesday's close. Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/renewable-energy-trillion-investment-opportunity-surpass-oil-first-time-goldman-2020-6-1029318482">Goldman Sachs says renewable-energy spending will surpass oil and gas for the first time ever in 2021 — and sees total investment spiking to $16 trillion over the next decade</a><a href="https://markets.businessinsider.com/news/stocks/federal-reserve-shift-bond-purchases-corporate-credit-etfs-powell-stimulus-2020-6-1029319135">Fed's Powell says bank's corporate-credit ETF purchases will give way to individual bond buying</a><a href="https://www.businessinsider.com/stock-picks-to-buy-topranked-investors-dennis-lynch-kristian-heugh-2020-6">Wall Street's best US and international stock-pickers have tripled their clients' money since 2010. The duo break down 5 future-proof companies that will keep investors ahead of the pack through 2030.</a><a href="https://markets.businessinsider.com/stocks/htz-stock?utm_source=markets&amp;utm_medium=ingestgest"><div type="image" title="HTZ" height="781" width="1055" msid="76434769" hostid="261"></div></a>

Hertz pauses plan to sell $500 million in potentially worthless stock after SEC weighs in

<ul><li><a href="https://markets.businessinsider.com/stocks/htz-stock">Hertz</a> shares were halted on Wednesday morning after the Securities and Exchange Commission said it had issues with the company's planned stock offering.</li><li>The car-rental chain aims to sell as much as $500 million worth of stock in a fundraising effort, though it has said the shares could become worthless through bankruptcy proceedings.</li><li>"We have comments on their disclosure," SEC Chairman <keyword id="4029488" type="PERSON" weightage="60" keywordseo="jay-clayton">Jay Clayton</keyword> <a href="https://www.cnbc.com/2020/06/17/the-sec-told-bankrupt-hertz-it-has-issues-with-its-plan-to-sell-stock-chairman-jay-clayton-says.html">told CNBC on Wednesday</a>, adding that, in most cases, firms with such issues "do not go forward until those comments are resolved."</li><li><keyword id="187854" type="CITY" weightage="60" keywordseo="Hertz">Hertz</keyword> shares were frozen at $1.95, down slightly from Tuesday's close.</li><li><a href="https://markets.businessinsider.com/stocks/htz-stock">Watch Hertz trade live here</a>.</li></ul>Trading of <a href="https://markets.businessinsider.com/stocks/htz-stock">Hertz</a> stock was paused on Wednesday morning after the Securities and Exchange Commission alerted the firm to issues it had with a planned stock sale.The car-rental chain filed for bankruptcy on May 22 and has since seen its stock price trade with outsize volatility as retail traders <a href="https://markets.businessinsider.com/news/stocks/robinhood-traders-bet-hertz-bankruptcy-stocks-despite-huge-risks-2020-6-1029292002?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">bet on a miraculous recovery</a>. Hertz's latest fundraising plan involves selling up to $500 million in stock to take advantage of its recent rally. But the SEC has raised concerns about such a sale."In this particular situation, we have let the company know that we have comments on their disclosure," Jay Clayton, the chairman of the SEC, <a href="https://www.cnbc.com/2020/06/17/the-sec-told-bankrupt-hertz-it-has-issues-with-its-plan-to-sell-stock-chairman-jay-clayton-says.html">told CNBC on Wednesday</a>. "In most cases when you let a company know that the SEC has comments on their disclosure they do not go forward until those comments are resolved."Read more: <a href="https://www.businessinsider.com/real-estate-investing-strategy-for-passive-income-rehab-heath-jones-2020-6" target="_blank" rel="noopener">Heath Jones is a US Army neuroscientist whose side hustle is scooping up real-estate properties for passive income. Here's how he leverages a simple strategy for extra cash.</a>Hertz told sale participants in a filing on Thursday that "the common stock could ultimately be worthless" if the firm goes bankrupt, as bondholders and other creditors are first in line to see their cash returned. Selling stock at such a precarious condition is highly irregular.Shares halted at $1.95, down 0.1% from Tuesday's close. <keyword id="9142890" type="UNKNOWN" weightage="60" keywordseo="hertz-stock">Hertz stock</keyword> had jumped as much as 21% earlier in the day before the pause.Clayton said that Hertz was aware of the agency's issues, but he didn't specify whether the firm aimed to continue with the sale before addressing the concerns. The SEC's cautionary statement is relatively normal and doesn't require Hertz to cancel its sale.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-topranked-investors-dennis-lynch-kristian-heugh-2020-6" target="_blank" rel="noopener">Wall Street's best US and international stock-pickers have tripled their clients' money since 2010. The duo break down 5 future-proof companies that will keep investors ahead of the pack through 2030.</a>Hertz shareholders could also see their holdings turn worthless because of the New York Stock Exchange. The company received a delisting notice on May 26, four days after announcing its bankruptcy filing. Hertz appealed the notice, and shares will continue to trade publicly pending a hearing with the NYSE."There can be no assurance ... whether there will be equity value in the Company's common stock" should it be delisted, Hertz said in a <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/47129/000110465920071684/tm2022260-1_8k.htm" target="_blank" rel="noopener">regulatory filing</a> last week.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/renewable-energy-trillion-investment-opportunity-surpass-oil-first-time-goldman-2020-6-1029318482">Goldman Sachs says renewable-energy spending will surpass oil and gas for the first time ever in 2021 — and sees total investment spiking to $16 trillion over the next decade</a><a href="https://www.businessinsider.com/wto-tariffs-white-house-lighthizer-reset-rates-trade-policy-economy-2020-6">The White House steps up trade aggression, calls for 'broader reset' of global tariffs</a><a href="https://www.businessinsider.com/stock-picks-to-buy-small-companies-with-strong-balance-sheets-2020-6" target="_blank" rel="noopener">BANK OF AMERICA: Buy these 13 cheap stocks that have unexpectedly strong finances, making them great bets for the next phase of the rally</a><div type="image" title="HTZ" height="797" width="1175" msid="76431870" hostid="261"></div>

Hertz shares halted after SEC raises issues with plan to sell potentially worthless stock

<ul><li><a href="https://markets.businessinsider.com/stocks/htz-stock">Hertz</a> surged as much as 68% on Friday after the company revealed plans to <a href="https://markets.businessinsider.com/news/stocks/hertz-hopes-to-raise-to-1-billion-shares-post-bankruptcy-2020-6-1029304297">sell up to $1 billion in new stock</a>.</li><li>The move could raise much-needed cash for the company while its shares enjoy a sharp run-up from their late-May lows, the car-rental firm said.</li><li><keyword id="9142890" type="UNKNOWN" weightage="60" keywordseo="hertz-stock">Hertz stock</keyword> skyrocketed as much as 1,460% from its May 26 low to Tuesday's intraday highs as investors pile in with bets on a miraculous escape from <keyword id="43550" type="EVENT" weightage="60" keywordseo="Bankruptcy">bankruptcy</keyword> proceedings.</li><li>The irrational run-up poses a risk to potential buyers, and the company plans to warn investors "the common stock could ultimately be worthless," according to a court <a href="https://restructuring.primeclerk.com/hertz/Home-DownloadPDF?id1=NDE4NzYy&amp;id2=0d2=0">filing</a>.</li><li><a href="https://markets.businessinsider.com/stocks/htz-stock">Watch Hertz trade live here</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/htz-stock?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">Hertz</a> rocketed as much as 68% on Friday after the company asked to <a href="https://markets.businessinsider.com/news/stocks/hertz-hopes-to-raise-to-1-billion-shares-post-bankruptcy-2020-6-1029304297">sell up to $1 billion in its high-risk shares</a>.The car-rental stock has seen wild price action throughout the week as retail investors pile in and cash out of the highly volatile shares. <keyword id="187854" type="CITY" weightage="60" keywordseo="Hertz">Hertz</keyword> now aims to take advantage of the swings. The company, which filed for bankruptcy on May 22, asked a bankruptcy lawyer <a href="https://markets.businessinsider.com/news/stocks/hertz-hopes-to-raise-to-1-billion-shares-post-bankruptcy-2020-6-1029304297">to approve the stock offering</a> on Thursday."The recent market prices of and the trading volumes in Hertz's common stock potentially present a unique opportunity" to raise funds compared to other, less efficient methods, Hertz's lawyers said Thursday, according to a court <a href="https://restructuring.primeclerk.com/hertz/Home-DownloadPDF?id1=NDE4NzYy&amp;id2=0d2=0">filing</a>.Read more: <a href="https://www.businessinsider.com/stock-market-sell-off-investing-strategy-titans-lee-calvasina-kleintop-2020-6">'A textbook recession-recovery trade': 3 Wall Street stock-strategy titans explain why the market's latest plunge is actually 'healthy' — and share their views for what's next</a>Still, shareholders typically lose in the period after a bankruptcy filing. Debts are paid out to lawyers, suppliers, and creditors before those holding stock see any cash. The company said in the <a href="https://restructuring.primeclerk.com/hertz/Home-DownloadPDF?id1=NDE4NzYy&amp;id2=0d2=0">filing</a> it plans to warn participants in the upcoming sale that "the common stock could ultimately be worthless."Repayment failure isn't the only risk shareholders face. Hertz said Wednesday it <a href="https://markets.businessinsider.com/news/stocks/hertz-reveals-stock-delisting-notice-nyse-appeal-pending-bankruptcy-rally-2020-6-1029296871?utm_source=markets&amp;utm_medium=ingestgest">received a delisting notice from the New York Stock Exchange</a> that cited its bankruptcy proceeding as a reason to halt public trading. The company appealed the notice and requested a hearing to keep its spot on the exchange. While shares will continue to trade hands pending the appeal, the NYSE warned "there can be no assurance ... whether there will be equity value in the Company's common stock," according to a <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/47129/000110465920071684/tm2022260-1_8k.htm" target="_blank" rel="noopener">regulatory filing</a>.Hertz shares have served as ground-zero for an unusual market phenomenon over recent sessions. Investors have snapped up plummeting shares of newly bankrupt firms in a wild bet for a rapid recovery. Hertz surged 1,460% from the late-May lows to Tuesday's peak before sinking in the following two sessions.Apart from the potential stock offering, Hertz plans to ask the bankruptcy court to cancel leases on 144,372 vehicles. The move could save as much as $80.3 million, the company said.Hertz traded at $2.80 per share as of 12:25 p.m. ET Friday, down 81% year-to-date.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://www.businessinsider.com/morgan-stanley-charles-schwab-stock-good-buys-former-citigroup-ceo-2020-6">Former Citigroup CEO touts Morgan Stanley, Charles Schwab as 'really very good buys' for a financial-sector rebound</a><a href="https://www.businessinsider.com/economic-growth-outlook-june-imf-likely-worse-april-recession-coronavirus-2020-6">IMF chief economist says June's economic growth projections will be 'very likely worse' than April's</a><a href="https://www.businessinsider.com/etf-picks-to-buy-13-funds-maximize-stock-rebound-experts-2020-6">We spoke to 3 financial experts, who broke down why you should buy these 13 ETFs to maximize stock-market returns right now</a><div type="image" title="HTZ" height="1598" width="2348" msid="76347821" hostid="261"></div>

Hertz spikes 68% after revealing plan to sell up to $1 billion in stock that could 'ultimately be worthless'

<ul><li>Popular bankruptcy plays <a href="https://markets.businessinsider.com/stocks/htz-stock">Hertz</a> and <a href="https://markets.businessinsider.com/stocks/jcp-stock">JCPenney</a> plummeted as much as 38% and 34%, respectively, on Monday as investors secured massive gains.</li><li>Both stocks recently surged on <a href="https://markets.businessinsider.com/news/stocks/robinhood-traders-bet-hertz-bankruptcy-stocks-despite-huge-risks-2020-6-1029292002">an unexpected wave of interest from retail traders</a> looking for quick profit amid bankruptcy proceedings.</li><li>The heavy volatility drove both companies higher over the last two trading sessions. <keyword id="187854" type="CITY" weightage="60" keywordseo="Hertz">Hertz</keyword> leaped to $5.88 from 82 cents. <keyword id="1402916" type="COMPANY" weightage="60" keywordseo="JCPenney">JCPenney</keyword> shares nearly quadrupled to 65 cents from 19 cents.</li><li><a href="https://markets.businessinsider.com/stocks/htz-stock">Watch Hertz trade live here</a>.</li><li><a href="https://markets.businessinsider.com/stocks/jcp-stock">Watch JCPenney trade live here</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/htz-stock">Hertz</a> and <a href="https://markets.businessinsider.com/stocks/jcp-stock">JCPenney</a> shares tanked on Tuesday after a monumental two-day rally fueled by swaths of carefree retail investors.The debt-ridden rental car company plunged as much as 38% soon after <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> opened before paring most losses. The retail giant slid 34% to intraday lows. Yet both major declines only erase some gains minted over the last few days.Both companies have seen outsized trading volume in recent sessions as retail investors turn to newly bankrupt companies to ride a wave of volatility. Shareholders historically lose out when firms go bankrupt. Yet <a href="https://robintrack.net">Robintrack</a>, a website that tracks trading activity on popular discount brokerage Robinhood, <a href="https://markets.businessinsider.com/news/stocks/robinhood-traders-bet-hertz-bankruptcy-stocks-despite-huge-risks-2020-6-1029292002">shows investors flocking to the firms</a> and their extremely low share prices.Read more: <a href="https://www.businessinsider.com/real-estate-investment-strategy-for-passive-income-syndication-kyle-marcotte-2020-6">College dropout Kyle Marcotte became financially free at 21 years old after making just 2 real estate investments. Here's the strategy he used to ultimately accumulate 119 units.</a>Hertz traded around 82 cents as recently as June 3 after nosediving through the coronavirus pandemic and its late-May bankruptcy filing. The announcement drove a doubling of Robinhood users holding Hertz shares, and a continued rally from Thursday to Monday's close placed shares as high as $5.88 each.JCPenney experienced a similar boost. After trading as low as 19 cents on Thursday, the stock doubled on Friday and soared even higher, to 65 cents, by Monday's close. The chain filed for bankruptcy on May 15, leaving experts flummoxed by the sudden explosion in retail interest.The unconventional strategy relies on short-term gains or a miraculous recovery from heavy indebtedness. Bankruptcy proceedings often prioritize repayment of lawyers, suppliers, and bondholders before shareholders see a penny. The unexpected influx of retail traders defied convention and baffled more experienced investors, including industry giants like Carl Icahn.The billionaire investor <a href="https://markets.businessinsider.com/news/stocks/investor-carl-icahn-sells-entire-hertz-stake-2-billion-loss-2020-5-1029240688?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest#:~:text=Carl%20Icahn%20dumped%20his%2039,week%2C%20a%20financial%20filing%20showed.0showed.">dumped a 39% stake in Hertz</a> in late May when shares traded at 72 cents each. The sale represented a nearly $2 billion loss, yet in two weeks, the firm's shares rocketed more than 540%. Where Icahn lost, <a href="https://markets.businessinsider.com/news/stocks/robinhood-traders-betting-stocks-against-veteran-investors-winning-buffett-icahn-2020-6-1029289894?utm_source=markets&amp;utm_medium=ingestgest">tens of thousands of Robinhood investors won</a>. Hertz traded at $4.77 per share as of 12:55 p.m. ET Tuesday, down 70% year-to-date.JCPenney traded at 52 cents, down 53% year-to-date.Now read more markets coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/zoominfo-stock-price-founders-billionaires-tech-ipo-trading-debut-become-2020-6-1029292876">ZoomInfo founders become billionaires after stock more than doubles in 3-day rally</a><a href="https://markets.businessinsider.com/news/stocks/consumer-expectations-labor-market-improving-inflation-growing-federal-reserve-survey-2020-6-1029293720">Consumers grew more optimistic about jobs and finances in May, New York Fed says</a><a href="https://www.businessinsider.com/esg-investing-strategy-stock-picks-growth-fund-manager-karina-funk-2020-6">An environmentally conscious fund manager with a 5-year winning streak against the competition lays out how she's uncovering surprising growth, and her top 3 strategies for the future</a>

Popular bankruptcy stocks Hertz, JCPenney plummet as risk-loving investors cash out

<ul><li><a href="https://markets.businessinsider.com/stocks/htz-stock?utm_source=markets&amp;utm_medium=ingestgest">Hertz</a> announced on Wednesday that it received a <keyword id="6370555" type="DEFINITION" weightage="60" keywordseo="Delisting">delisting</keyword> notice from the <keyword id="115417" type="CITY" weightage="60" keywordseo="New-York-Stock-Exchange">New York Stock Exchange</keyword> on May 26, days after filing for <keyword id="43550" type="EVENT" weightage="60" keywordseo="Bankruptcy">bankruptcy</keyword>.</li><li>The car-rental company appealed the notice and requested a hearing to maintain its spot on the exchange. <keyword id="187854" type="CITY" weightage="60" keywordseo="Hertz">Hertz</keyword> shares will continue to trade publicly pending the appeal.</li><li>"There can be no assurance ... whether there will be equity value in the Company's common stock" should it be delisted, Hertz said in a <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/47129/000110465920071684/tm2022260-1_8k.htm">regulatory filing</a>.</li><li>Hertz shares are hot off a shocking rally fueled by a wave of risk-hungry retail investors. The stock rocketed from $0.82 on June 3 to $5.53 by the end of Monday's session.</li><li><a href="https://markets.businessinsider.com/stocks/htz-stock?utm_source=markets&amp;utm_medium=ingestgest">Watch Hertz trade live here</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/htz-stock?utm_source=markets&amp;utm_medium=ingestgest">Hertz</a> revealed in a Wednesday <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/47129/000110465920071684/tm2022260-1_8k.htm">regulatory filing</a> that it received a delisting notice from the New York Stock Exchange on May 26, four days after the company filed for bankruptcy.The car-rental chain appealed the notice and requested a hearing to prevent such a measure. <keyword id="9142890" type="UNKNOWN" weightage="60" keywordseo="hertz-stock">Hertz stock</keyword> will continue to trade on the NYSE pending the appeal. But the delisting threat adds to a pile of concerns for shareholders."There can be no assurance that the NYSE will grant the Company's request for continued listing at the hearing and whether there will be equity value in the Company's common stock," Hertz said in the filing.Read more: <a href="https://www.businessinsider.com/real-estate-investment-strategy-for-passive-income-syndication-kyle-marcotte-2020-6">College dropout Kyle Marcotte became financially free at 21 years old after making just 2 real-estate investments. Here's the strategy he used to accumulate 119 units.</a>Hertz shares have enjoyed a spike in volatility over recent sessions thanks to an unexpected influx of retail investors. The firm's bankruptcy announcement dragged shares below $1 in late May. Meanwhile, <a href="https://markets.businessinsider.com/news/stocks/robinhood-traders-bet-hertz-bankruptcy-stocks-despite-huge-risks-2020-6-1029292002?utm_source=markets&amp;utm_medium=ingestgest">small-money traders flocked to the beleaguered company</a>, betting on a wild price swing to net easy profits. The stock surged from $0.82 on June 3 to $5.53 by Monday's close — a 574% gain in less than a week.The unusual price action continued on Tuesday as the same investors cashed out from the high-risk position. Hertz <a href="https://markets.businessinsider.com/news/stocks/hertz-jcpenney-bankruptcy-stocks-prices-retail-investors-sell-market-robinhood-2020-6-1029294138">tumbled as much as 38%</a> before paring some losses through the day.The stock tumbled about 9% early on Wednesday following the delisting disclosure.Hertz closed at $4.18 on Tuesday, down 73% year-to-date.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/kyle-bass-high-risk-bet-hong-kong-currency-peg-collapse-2020-6-1029294349">Kyle Bass called the housing crash. Now he's launching a new fund that will reportedly use 200-times leverage to bet on a Hong Kong currency collapse.</a><a href="https://markets.businessinsider.com/news/stocks/zoominfo-stock-price-founders-billionaires-tech-ipo-trading-debut-become-2020-6-1029292876">ZoomInfo founders become billionaires after stock more than doubles in 3-day rally</a><a href="https://www.businessinsider.com/stock-market-investing-strategy-picks-themes-fund-manager-mitch-rubin-2020-6">A fund manager crushing 98% of his peers over the past half-decade told us 5 themes he's betting on and 4 he's betting against — and why the latest market rally still has room to run</a><div type="image" title="HTZ" height="781" width="1053" msid="76304576" hostid="261"></div>

Hertz reveals delisting notice from NYSE, placing fate of mad-dash rally in pending appeal

<ul><li>Insiders at <keyword id="187854" type="CITY" weightage="60" keywordseo="Hertz">Hertz</keyword> took advantage of an epic 1,450% rally in the stock to unload shares at levels where <keyword id="1268253" type="PERSON" weightage="60" keywordseo="Robinhood">Robinhood</keyword> traders were buying.</li><li>Despite filing for <keyword id="43550" type="EVENT" weightage="60" keywordseo="Bankruptcy">bankruptcy</keyword> in late May, and <keyword id="15937" type="PERSON" weightage="60" keywordseo="Carl-Icahn">Carl Icahn</keyword> unloading his entire stake for a $1.6 billion loss, traders piled into Hertz in late May and early June, fueling an eye-popping rally.</li><li>Since the start of the rally in late May, 10 different Hertz insiders unloaded shares at prices ranging from 86 cents to $5.50.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul>Since late May, insiders at <a href="https://markets.businessinsider.com/stocks/htz-stock">Hertz</a> sold shares in the company <a href="https://markets.businessinsider.com/news/stocks/hertz-stock-price-skyrockets-since-filing-bankruptcy-traders-global-holdings-2020-6-1029285231">amid an epic 1,462% rally from its low</a> of 40 cents after declaring bankruptcy in late May to its recent high of $6.25.Some of those shares were likely sold to Robinhood traders, who have been piling into the stock over the past few weeks, according to data from RobinTrack.net.Since Hertz filed for bankruptcy, Robinhood accounts that owned shares of the company nearly quadrupled, from 45,000 accounts to as many as 160,000 accounts yesterday.Ten different insiders at Hertz began selling shares on May 27 all the way up to June 8, at prices ranging from 86 cents to $5.50. The insider sales totaled just $238,055, and don't include <a href="https://markets.businessinsider.com/news/stocks/investor-carl-icahn-sells-entire-hertz-stake-2-billion-loss-2020-5-1029240688?utm_source=markets&amp;utm_medium=ingest#:~:text=Carl%20Icahn%20dumped%20his%2039,week%2C%20a%20financial%20filing%20showed.wed.">Carl Icahn's May 26 sale</a> of his entire stake at 72 cents per share for an estimated loss of $1.6 billion.Read More: <a href="https://www.businessinsider.com/stock-market-investing-strategy-picks-themes-fund-manager-mitch-rubin-2020-6?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener noreferrer">A fund manager crushing 98% of his peers over the past half-decade told us 4 themes he's betting on and 4 he's betting against — and why the latest market rally still has room to run</a> While the insiders sold shares over the past two weeks, none of them liquidated their entire stake. The insiders included directors, the chief financial officer, chief accounting officer, chief marketing officer, chief information officer, and the general counsel of Hertz.Shares of Hertz are down nearly 70% from their recent $6.25 peak reached on Monday.Reality might be setting in with traders that the equity tends to get completely wiped out for companies that file for bankruptcy. And while day traders have recently been <a href="https://markets.businessinsider.com/news/stocks/robinhood-traders-betting-stocks-against-veteran-investors-winning-buffett-icahn-2020-6-1029289894">taking the opposite bets of veteran billionaire investors and winning</a> in the short term, they may end up losing in the long term if they don't take their profits. Shares of Hertz traded down as much as 32% to $1.71 in Thursday trades.<div type="image" title="hertz chartscs.JPG" height="711" width="1029" msid="76328367" hostid="261"></div>

Hertz insiders sell shares during post-bankruptcy 1450% rally fueled by Robinhood traders

<ul><li>Jefferies analyst Hamzah Mazari suggested that auto dealers such as <keyword id="187855" type="CITY" weightage="60" keywordseo="Avis">Avis</keyword>, <keyword id="756202" type="COMPANY" weightage="60" keywordseo="Carmax">CarMax</keyword>, and <keyword id="193978" type="CITY" weightage="60" keywordseo="AutoNation">AutoNation</keyword> may be eyeing bankrupt <a href="https://markets.businessinsider.com/stocks/htz-stock">Hertz</a> in a Wednesday note. </li><li>Shares of <keyword id="187854" type="CITY" weightage="60" keywordseo="Hertz">Hertz</keyword> skyrocketed more than 100% in intraday trading Wednesday, before paring some gains. </li><li>The most obvious way for auto dealers to swoop in on Hertz would to be to bid for 150,00 of the company's used cars, which are likely to be sold off to shore up cash, according to the note. According to Mazari, selling the cars could raise $3 billion for Hertz. </li><li><a href="https://markets.businessinsider.com/stocks/htz-stock">Watch Hertz trade live on Markets Insider. </a></li><li><a href="https://www.businessinsider.com/">Read more on Business Insider. </a></li></ul><a href="https://markets.businessinsider.com/stocks/htz-stock">Hertz</a> shares spiked as much as 101% Wednesday following a Jefferies note that suggested other auto dealers could "swoop in" on the battered company. "Our channel checks suggest that KMX and AN among others could be eyeing HTZ in <keyword id="43550" type="EVENT" weightage="60" keywordseo="Bankruptcy">bankruptcy</keyword>," wrote analyst Hamzah Mazari in a Wednesday note.Hertz shares jumped following the report, snapping a four-day streak of losses for the company. Later in the day, shares pared some of their gains but still were up roughly 40%. The most obvious way for auto dealers to swoop in on Hertz would to be to bid for 150,00 of the company's used cars, which are likely to be sold off to shore up cash, the note said. According to Mazari, selling the cars could raise $3 billion for Hertz. Read more: <a href="https://www.businessinsider.com/stock-market-investing-strategy-picks-recommendations-hidden-gems-aram-green-2020-6">Aram Green has crushed 99% of his stock-picking peers over the last 5 years. He details his approach for finding hidden gems — and shares 6 underappreciated stocks poised to dominate in the future.</a>According to the note, the $1 billion in liquidity Hertz held at the end of March likely fell to $365 million by June 30, meaning that the company needs at least $900 million of debtor-in-possession financing. "We think the longer HTZ takes to re-emerge from bankruptcy with a cleaner capital structure, the more opportunity there is for rivals to pick up share," said Mazari. Bankruptcies typically last six months to two years, according to Jefferies — the Hertz one "could end up being toward the longer end of that range."<a href="https://markets.businessinsider.com/stocks/htz-stock"><div type="image" title="Screen Shot 2020 06 24 at 3.56.36 PM" height="1098" width="1552" msid="76599798" hostid="261"></div></a>

Hertz skyrockets more than 100% after Jefferies suggests CarMax or AutoNation could 'swoop in'

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5412d5faecad0494689d1188-1200-800/ap357784952214(1).jpg" alt="betsey johnson new york fashion week" border="0">AP ImagesThe Betsey Johnson Spring 2015 collection is modeled during Fashion Week, Wednesday, Sept. 10, 2014, in New York.</img></div></div></div>Good morning! Here's what you need to know:
Scottish Independence Takes A Blow. A new pole revealed that <a href="http://www.businessinsider.com/scottish-independence-poll-yougov-sept-11-2014-9">52% of Scottish voters would vote "no"</a> for independence from the U.K. This is a reversal of last week's pole that showed <a href="http://www.businessinsider.com/pound-falls-after-scottish-independence-poll-2014-9">51% of respondents saying "yes."</a> This comes less than a week before the country's Sept. 18 referendum.
Pound Surges. The <a href="http://www.businessinsider.com/pound-jumps-on-scotland-independence-poll-2014-9">British pound immediately surged</a>, jumping against both the U.S. dollar and the euro. However, we're not yet in the clear. "A victory by Scottish First Minister Alex Salmond's Yes campaign would mean a <a href="http://www.bloomberg.com/news/2014-09-12/pound-bets-herald-drop-on-scots-vote-hsbc-cuts-forecast.html">5% to 10% slide versus the dollar</a> within a month, said 61 percent of the 31 respondents polled by Bloomberg Sept. 5-11," reported Bloomberg's Lukanyo Mnyanda, David Goodman and Andre Tartar. "Sterling is already down 5.5% from a five-year high in July, and touched its lowest level in 10 months this week as momentum for the separatists increased. "
The U.S. Dollar Is On A Tear. "The <a href="http://www.businessinsider.com/the-us-dollar-is-on-a-tear-2014-9">U.S. dollar headed for its ninth straight week of gains</a> on Friday, some measure of how the economic fortunes of the United States and its major economic peers are diverging after six years of financial turmoil," reported Reuters' Catherine Evan.
We Might Be Witnessing The Final Humiliation Of The Fed Haters. "Over the last several years, anti-Fed "policy bears" have been warning about how the extraordinary steps taken to juice the economy would end in disaster," wrote Business Insider's Joe Weisenthal. "Some predicted surging interest rates. Some people predicted runaway inflation. And a lot of folks said that the Fed was murdering the dollar. Well, none of that has happened. And not only that, <a href="http://www.businessinsider.com/this-might-be-the-final-humiliation-of-the-fed-haters-2014-9">the dollar is one of the strongest currencies in the world</a>."
Markets Are Mixed. In Europe, Britain's FTSE is up 0.4%, France's CAC 40 is flat, and Germany's DAX is down 0.2%. In Asia, Japan's Nikkei closed up 0.2% and Hong Kong's Hang Seng closed down 0.3%. U.S. futures are just a hair above breakeven.
Apple Store Crashes. "<a href="http://www.businessinsider.com/apple-store-crashes-as-iphone-6-goes-on-sale-2014-9">Apple's website collapsed</a> under increased traffic last night after eager customers waited until midnight to order the iPhone 6 and iPhone 6 Plus," reported Business Insider's James Cook.
Carl Icahn Gets Three Seats On Hertz. "Billionaire investor Carl Icahn, who has built his reputation on rebuilding companies, won <a href="http://www.businessinsider.com/r-icahn-wins-three-board-seats-at-hertz-shares-jump-2014-9">three board seats at Hertz Global Holdings</a>on Thursday, sending the car rental company's stock price higher in after-hours trading," reported Reuters' Svea Herbst-Bayliss and Ankit Ajmera. "Hertz invited Icahn's nominees onto the board less than four weeks after the New York-based investor announced that he had become the company's biggest investor with an 8.7% stake and that he planned to push management for changes." HTZ shares are up 3.8% in pre-market trading.
A Welcome Sign From Europe. Eurozone industr production climbed 1.0% month-over-month in July, beating expectations for a 0.7% gain. "The eurozone industrial sector is starting the third quarter on a strong note with a significant beat of the consensus," said Pantheon Macroeconomics' Claus Vistesen.
Sales Check. The August retail sales report will be released at 8:30 a.m. ET. Economists estimate sales climbed by 0.6% in August, or 0.5% excluding autos and gas. "While retail sales growth has been softening on a month-over- month basis, we continue to see relatively strong year-over-year gains," said Wells Fargo's John Silvia. "The recent pickup in revolving consumer credit may help support retail sales going forward, as consumers become more comfortable relying on their credit cards again for spending amid continuing improvement in people's views on the economy and financial standing."
Confidence Check. The University of Michigan's preliminary September confidence index will be released at 9:55 a.m. ET. Economists estimate this index of sentiment climbed to 83.3 in September from 82.5 in August. "With broad equity indexes near record highs and gasoline prices falling, the University of Michigan's consumer sentiment index for early September probably will reflect some of the improvement already captured in late August," said Credit Suisse economists. "However, the gain in the headline sentiment index probably will be mitigated by continued pessimism about future wage growth."

You Searched For "htz stock price" and got 8 results

Hertz pauses plan to sell $500 million in potentially worthless stock after SEC weighs in

Ben Winck

Hertz shares halted after SEC raises issues with plan to sell potentially worthless stock

Ben Winck

Hertz spikes 68% after revealing plan to sell up to $1 billion in stock that could 'ultimately be worthless'

Ben Winck

Popular bankruptcy stocks Hertz, JCPenney plummet as risk-loving investors cash out

Ben Winck

Hertz reveals delisting notice from NYSE, placing fate of mad-dash rally in pending appeal

Ben Winck

Hertz insiders sell shares during post-bankruptcy 1450% rally fueled by Robinhood traders

Matthew Fox

Hertz skyrockets more than 100% after Jefferies suggests CarMax or AutoNation could 'swoop in'

Carmen Reinicke

10 Thing You Need To Know Before The Opening Bell

Sam Ro