What in the World Just Happened to Hertz Stock?

The New York Stock Exchange (NYSE), owned by Intercontinental Exchange (NYSE: ICE), announced that the staff of NYSE Regulation has suspended trading of Hertz Global Holdings (NYSE: HTZ). The NYSE will now file a delisting application with the Securities and Exchange Commission.

Delisting is widely viewed as a negative development, and that is certainly true in Hertz's case. In fact, investors could argue this delisting should have taken place far sooner since traders had engaged in speculation with Hertz stock over the past few months, and in some cases the stock price jumped substantially. This speculation took place despite the overwhelming odds that Hertz shares in this form would end up worthless.