NEW YORK (Reuters) - Months before the irrational trading in GameStop Corp, there was Hertz Global Holdings Inc.
FILE PHOTO: Logos of car rental company Hertz are seen outside Paris Charles de Gaulle airport in Roissy-en-France during the outbreak of the coronavirus disease (COVID-19) in France May 19, 2020. REUTERS/Charles Platiau/File Photo
Operating under bankruptcy protection last spring once the COVID-19 pandemic wiped out its business, the car-rental giant confronted an extraordinary situation: Its stock price was skyrocketing for no apparent reason.
Conversations at the time among Hertz management and directors on its board, reported here for the first time, turned from shock to a vigorous debate about whether the company should capitalize on its unexpected good fortune and sell shares to fund itself during bankruptcy proceedings, according to three people familiar with the deliberations.
McClellan Oscillators Are Nearing Overbought Levels Our latest look at the market s charts and indicators.
More highs again.
Once again, several new all-time closing highs were registered on the major equity indices on Friday as the vast majority remain in near-term uptrends and lacking sell signals.
Meanwhile, the one-day McClellan OB/OS Oscillators are nearing overbought levels and forward 12-month earnings estimates for the S&P 500 continue to rise. As such, while we believe some very selective buying of individual names is still appropriate.
On the Charts
All the major equity indices closed higher Friday with positive internals.
New all-time closing highs were registered on the S&P 500, Nasdaq Composite, Nasdaq 100, Midcap 400, Russell 2000 and Value Line Arithmetic Index.
Shares of videogame retailer GameStop Corp slumped on Monday, losing ground along with a slew of other social media-hyped stocks that took investors on a wild ride earlier this month.