Hertz and Avis are jumping after news of big tech partnerships
Shares of Avis and Hertz are on a tear.
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.
