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Hertz stock surges after new $2 billion repurchase program launched, effective immediately

·1 min read
Hertz stock surges after new $2 billion repurchase program launched, effective immediately
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Shares of Hertz Global Holdings Inc. surged 6.8% in premarket trading Monday, after the car rental company announced a new stock repurchase program of up to $2.0 billion. The company said the new program, which is effective immediately and has not time limit, includes the $200 million remaining in the previous program. The program represents nearly 18% of the company's market capitalization of $11.30 billion as of Friday's close. "The repurchase program allows for ongoing and profitable investme