U.S. stocks retreated on Friday morning after the Federal Reserve left the interest rate unchanged. The Dow Jones Industrial Average fell 0.71% to 26,004, the S&P 500 index declined 0.99% to 2,779 and the Nasdaq Composite Index slid 1.55% to 7,414.
Shares of Hertz Global Holdings Inc. (NYSE:HTZ) gained more than 16% on Friday morning after the company posted third-quarter results on Thursday. The company recorded earnings of $2.14 per share on $2.76 billion in revenue, reflecting 7.4% year-over-year growth. The company beat earnings estimates by 37 cents and revenue expectations by $80 million.
“We are balancing our priorities of targeting a higher-quality revenue mix, while making investments in our operations, brands and technologies to optimally position the Company for long-term, sustainable growth,” President and CEO Kathryn V. Marinello said.
Adjusted corporate earnings before interest, taxes, depreciation and amortization improved 9% to $351 million from $321 million in the year-ago quarter.
Total U.S. Rent-a-Car revenues rose 10% versus the prior-year quarter as a result of volume and pricing both on and off airport. The company’s international rental sales increased 1%.
The main European stock markets traded lower. The U.K.’s FTSE 100 fell 0.69%, France’s CAC 40 lost 0.61%, Germany’s Dax dipped 0.13% and Spain’s IBEX 35 retreated 0.58%.
In Asia, Japan’s Nikkei 225 fell 1.05%, India’s BSE Sensex lost 0.22%, Hong Kong’s Hang Seng retreated 2.39% and China’s Shanghai Composite slipped 1.39%.
Disclosure: The author holds no positions in any stocks mentioned.
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About the author:
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.