Hertz Global Holdings on Monday announced Chairman and CEO Mark Frissora is stepping down, citing personal reasons.» Read More
Hertz's shares rose as much as 5 percent after the No. 2 U.S. car rental company said it had begun the search for a replacement. Brian MacDonald, CEO of Hertz's equipment rental business, which will soon be spun off, was named interim chief executive.
SYDNEY, Sept 1- Australia's flagship airline, Qantas Airways Ltd, is making a mint helping other companies keep their customers- even as it struggles to retain the loyalty of its own. Rival carrier Virgin Australia Holdings announced on Friday it was offloading a stake in its loyalty plan.
Hertz, Avis Budget Group Inc and market leader Enterprise Rent-A-Car control about 90 percent of the U.S. car rental market. And more so Hertz, than Avis, since cars are made by General Motors Co account for a bigger portion of its fleet.
Hertz expects 2014 results to be "well below" its previous guidance due to business challenges and costs related to a review of the past three years' results, it said in a regulatory filing on Tuesday.
Some of the names on the move ahead of the open.
July 31- Car rental company Avis Budget Group raised its full-year revenue and profit forecast as demand rose in North America and the company raised prices. The company raised its full-year profit forecast to $2.75- $3.05 per share from $2.50- $2.95 earlier and revenue expectation to $8.6- $8.7 billion from $8.4- $8.6 billion earlier.
Check out which companies are making headlines after the bell Monday: AIG, Avis, Tenet Healthcare & more.
Ridesharing app Uber announces a service aimed at making the company more valuable for business travelers.
"At at this point, I think the company has gotten past many of the problems that have kept it down,” Jim Cramer said.
CHICAGO, July 7- As North Americans hit the highways, airports and rails for vacations this summer, it's not hard to believe that some of the most robust stocks are in the transportation industry- particularly in an improving economy.
Investors may not be able to directly cash in on Uber's success, but can instead look at car rental companies it will be disrupting—Hertz and Avis.
LONDON, June 18- Hertz, the second biggest U.S. car rental firm, is looking to broaden its business and could allow its cars to be rented via Uber and its controversial smartphone app, Group President Michel Taride told Reuters on Wednesday.
If there's a poster child for the sharing economy—both in popularity and controversy—taxi app Uber, valued at $17 billion, is hard to beat.
Hertz, along with Avis Budget Group Inc and privately held Enterprise Rent-A-Car, the market leader, together control about 90 percent of the U.S. car rental market. Friday's trading erased all of the gains so far this year for shares of Hertz, whose shareholders include Larry Robbins' Glenview Capital Management LLC and Daniel Loeb's Third Point Capital.
Hertz Global Holdings said it would restate financial results for the past three years to correct accounting errors from 2011.
Hertz, which replaced its chief financial officer in December, was scheduled to report results on May 7, but delayed the announcement saying more work was required. Third Point had a stake of about 1.3 percent in Hertz as of March 31, while Glenview had about 3 percent.
General Motors has recalled more than 13 million cars so far this year, which means fewer cars available on the rental lots for travelers.
Year to date shares of Avis have rallied about 35%, yet Jim Cramer thinks the stock remains relatively cheap.
May 7- Car rental company Avis Budget Group raised its full-year revenue and profit forecast, citing higher car rental volumes and rates in North America, and reported a higher-than-expected quarterly profit.
May 7- Car rental company Avis Budget Group reported a profit in the first quarter, compared with a loss a year earlier, helped by higher car rental volumes and rates in North America. Avis posted a net income of $4 million, or 3 cents per share, in the first quarter ended March 31, compared with a loss of $46 million, or 43 cents per share, a year earlier.