Hertz Gets Unusual Bailout

Car rental giant Hertz filed for bankruptcy in May due to the coronavirus pandemic.
On Friday, a judge ruled Hertz can sell $1 billion in new stock to raise money.
The Wall Street Journal reports that traders bought Hertz stock since its bankruptcy.
The company's lawyers cited that volatility as a "unique opportunity" to shore up its coffers.
After the Chapter 11 filing on May 22, shares of Hertz skyrocketed.
The stock flew up Robinhood's list of most popular names.
But, the newly issued stock will effectively devalue existing shares, sending the stock down in after-hours trading Friday.