The Key Factor Sending These Car Stocks Plunging Thursday
Shares of Hertz Global (NYSE: HTZ), Avis Budget (NASDAQ: CAR), and General Motors (NYSE: GM) are sliding 18%, 11%, and 5% lower early Thursday morning, respectively, after the New York Post reported Hertz is seeking government aid.
At first glance, Hertz seeking aid might not come as a surprise considering analysts have been concerned about the rental companies' financial health for weeks. The difference today could be the growing pessimism about a potential plunge in used-vehicle prices and the negative impact it would have on the broader automotive industry.
Let's dive into why this is happening and how it will hurt these car stocks.
Source Fool.com
