The analysts wrote, “We are marking to market our earnings forecast to account for HTZ’s updated ’14 guidance–now expected to be well below its previous guide. Accounting issues aside, we see far greater issues pressuring cons forecasts. Our ’15 and ’16 ests. remain 10% below cons and we trim our price target to $19.”
Can they spin off a biz and net 2.5 billion and allot a billion to share repurchase?
Seems a company like that should focus on operations and not share price shenanigans.
Without halting stock?
Stock should be halted if they can't publish reliable numbers. Lease cooking has gone bad and CEO knows it. Why would PWC step back? Did CEO bully accountants? Another Arthur Anderson? SEC needs to step in now,
I know I ain't long a company that has to restate 3 years of financial reports!!!
Guess that makes me a real fool. LOL!!!!
The filing contained a bundle of bad news that we believe will be the point of capitulation for many of the frustrated bulls who have been extremely patient with HTZ until this point (as it has yet to print 1Q & 2Q results due to its financial statement review that began in May 2014). In the 8-K HTZ announced 1) it is withdrawing its 2014 guidance (and will be well below the low end of its previous guidance); 2) 2Q14 headline results were lackluster with revenues coming in below our/Street's estimates; 3) its Rental Car Group President and Lead Independent Director retired; and 4) it potentially delayed the spin of its equipment rental business past 1Q15 (a major catalyst for investors looking for the rental car business recapitalization).