Hertz’s Possibly Worthless Stock Soars in Risky Recovery Bet
- Shares surge amid travel optimism and used-car price rally
- Equity holders are usually wiped out in bankruptcies
Photographer: Luke Sharrett/Bloomberg
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Hertz Global Holdings Inc. shares are rallying two weeks after the company filed for bankruptcy in an extreme example of the bets investors are making on recovery from the coronavirus pandemic.
The car renter’s stock traded as high as $3.70 shortly after the start of regular trading Friday, a 353% surge from Wednesday’s close. The two-day boost is in part a reflection of signs that air travel is poised to rebound.