Hertz Shares Are Moving

Hertz ($HTZWW@US) was trading higher Monday after the company announced a $2 billion share repurchase program. The repurchase program allows for ongoing and profitable investment in the business while using moderate balance sheet leverage and facilitating opportunistic share repurchases. The program has no time limit. The share repurchase authorization does not obligate Hertz to acquire any particular amount of common stock and can be discontinued at any time. The repurchase program is effective immediately and will initially comprise the remaining $200 million that was authorized for repurchase at the time of the company's offering and listing on the Nasdaq. Hertz operates as an automotive vehicle rental services company and was recently re-listed. In late October Hertz placed a 100,000-vehicle order from electric-car pioneer Tesla Inc ($TSLA@US). sent shares in both companies soaring, pushing Tesla’s valuation over $1 trillion for the first time. While the two companies are still working out details, Hertz said at the time that the order would increase its mix of electric cars to 20% of its overall fleet. Hertz was up 6.38% at $25.39.