Why Herc Holdings Rocketed Over 20% Today
Shares of construction equipment rental company Herc Holdings (NYSE:HRI) rocketed 23.4% today as of 2:21 p.m. EDT. Herc rallied on an exceptionally strong earnings report published this morning, with a beat on both the top and bottom lines, and an increase to full-year guidance. Herc had been trading at a fairly low valuation relative to equipment rental peers, amid concerns about its high debt stemming from last year's acquisition of H&E Equipment Services. However, those fears were allayed by the company's resilient growth and fleet utilization last quarter. Continue reading