Hertz shares surge 20% as Ackman's Pershing Square discloses significant stake

Shares of US global car rental company Hertz (HTZ1.US) surge almost 20% as Bill Ackman's Pershing Square disclosed a significant position in the company. The activist investment firm bought 12.7 million shares valued at about $46.5 million at the time of the purchase, according to the filling published Wednesday, becoming one of Hertz’s largest shareholders. Hertz still faces debt and operational problems, affecting its business model and path to profitability. The company will report Q1 earnings 12 May. Shares of Hertz may test today EMA200 resistance at $4.55 on the news, at the US market open.

Source: xStation5

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