Hertz Plunges After Saying 2014 Results to Miss Forecast
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Hertz Global Holdings Inc. fell the most in more than nine months after saying 2014 results will be “well below” its forecast, citing accounting-review costs and industrywide vehicle recalls that prevented it meeting demand.
The stock tumbled 10 percent to $28.25 at 11:38 a.m. in New York after Hertz withdrew its outlook yesterday evening. Earlier the Naples, Florida-based company’s shares fell as much as 13 percent for the biggest intraday drop since Nov. 5, erasing the company’s gains for the year.