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Tesla down after Musk tweet, Avis shares spike over 150%

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Mixed signals from invested parties in the Tesla-Hertz partnership, while Avis Car Rental continues to soar. Yahoo Finance's Ines Ferre reports.

Video Transcript

BRIAN SOZZI: All right, Yahoo Finance Ines Ferre is here with a deep dive into the YFi Interactive. Ines.

INES FERRE: And Brian, we're taking a look at the NASDAQ 100. We want to zone in on Tesla, which is down about 2%. This is after CEO Elon Musk had tweeted that a contract with Hertz hasn't been signed yet. So you saw the stock opening lower this morning. Meanwhile, we reached out to Hertz, and Hertz wrote us the following statement, saying Hertz has made an initial order of 100,000 Tesla electric vehicles by the end of 2022. Deliveries of the Teslas already have started. And consumer reaction to our commitment to lead in electrification has been beyond our expectations.

So that tweet that sent Tesla shares lower after Elon Musk saying that a contract with Hertz hadn't been signed yet. Remember, that deal had been announced last week. Hertz announcing that it had ordered 100,000 vehicles, electric vehicles from Tesla to electrify its fleet. Well, now, Hertz saying that the deliveries of those Teslas have already started.

Also, staying on the car theme, I want to check out right now Avis because that stock absolutely soaring this morning, up 110%. It was temporarily halted for volatility. This is the biggest jump since March of 2009. Their earnings call is underway right now. They did report their results yesterday after the close, but the earnings call is underway. CEO Joe Ferraro saying on that call this morning that Avis Budget is going to be playing a big role when it comes to adopting electric vehicles in the US.

He said and we'll quote, "You'll see us going forward be much more active in electric scenarios as the situation develops over time." So perhaps you're seeing some bullishness over that, but obviously, this stock year to date is up 867% as car rentals have absolutely boomed recently. But such a run-up on this stock, and today, we're seeing it halted for volatility. Taking a look at the rest of the market, we're looking at the major averages, which are slightly higher, looking at the sector action. You're seeing materials, technology, healthcare that are leading gains. Emily, Sozz.

BRIAN SOZZI: Ines, what is it? Avis making flying electric cars powered by Bitcoin? I mean 110%, that call must have went pretty well.

INES FERRE: It's absolutely astonishing what's happened with the stock. You know, some analysts have said, has this stock gone too far too fast? But absolutely astonishing what we're looking at this morning.