Hertz and Avis are jumping after news of big tech partnerships (CAR, HTZ, AAPL, GOOGL)
The car rental companies each have announced partnerships with big tech companies, to varying degrees of scale.
Hertz is leasing six Lexus SUVs to Apple as the Cupertino company continues to work on its self-driving cars, according to a story from CNBC citing anonymous sources.
News of the partnership sent shares of Hertz up 13.5%, or about 2.25% per car the company is leasing.
Hertz's rival, Avis, is also up on news of a self-driving car partnership. Waymo, the self-driving car subsidiary of Alphabet, is partnering with Avis to manage its self-driving car fleet. The fleet will contain about 600 Chrysler Pacifica minivans, according to Reuters. Avis will also be supplying fleet maintenance for Waymo.
The news, which is seemingly 100-times larger in scale than the Apple-Hertz partnership, only sent shares up 12.58%. That's about .021% per car.
Neither car company has performed well this year. Hertz is down 52.31%, even after the bump from its Apple partnership. Avis isn't fairing much better, as the company is down 26.87% this year.
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