Hertz's stock rockets toward best gain in 7 years
Shares of Hertz Global Holdings Inc. soared 15% in midday trade Tuesday, putting it on course for the biggest one-day percentage gain in about seven years. Volume of 10.9 million shares was already more than the full-day average of 9.4 million shares. The last time the stock rose this much was June 25, 2009, when it shot up 16%. The gains came after the company disclosed that some key executives bought the car rental company's common stock over the last couple days. Chief Executive John Tague bought 47,000 Hertz shares at $7.85 on Friday and 19,000 shares at $7.80 on Monday; Chief Financial Officer Thomas Kennedy purchased 40,000 shares at $7.76 on Friday; and Chief Revenue Officer Jeffrey Foland bought 65,000 shares at $7.63 on Friday. Hertz's stock boon also appeared to benefit investors of rival Avis Budget Group Inc. , with shares surging 6.6%. The stock was still down 38% year to date, while the S&P 500 had gained 0.9%.
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