Hertz booked a $1 billion charge as the value of its cars dropped
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Hertz experienced a $1 billion charge due to a decrease in the value of its cars, which is linked to an accelerated fleet rotation. This led to a drop in Hertz's stock, although it recovered from earlier lows.
November 12, 2024 | 5:00 pm
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Hertz incurred a $1 billion charge due to a decline in car values, causing its stock to drop initially but then recover from earlier lows.
The $1 billion charge reflects a significant financial impact on Hertz, indicating a decrease in asset value. This initially caused a negative reaction in the stock market, but the stock's recovery suggests investor confidence in the company's ability to manage the situation.
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