Hertz Global Holdings Inc. (NYSE:HTZ) is tanking today on heavy volume after shareholders question the demand for car rentals in a weaker economic environment. Hertz’s stock is trading at a 52-week low.
Recently, rival Avis (NYSE:CAR) announced that it is out of the running to acquire Dollar Thrifty (NYSE:DTG). With the withdrawal by Avis, Hertz is now the sole bidder for Dollar Thrifty. Avis went back and forth for the car company with Hertz, but after looking at current market conditions and the potential cost for financing, it decided to bail.
Hertz’s stock (NYSE:HTZ) is down 11.25% to $8.75 on the news. Shares are down 39.51% year to date. The stock has traded in a 52-week range between $8.74 and $17.64.