National

Markets

Axios Markets

Hertz and Avis have discovered the magic that electric vehicles can have on share prices.

Why it matters: Both companies have increased in value after announcing ambitious plans to move aggressively into renting out EVs.

Driving the news: Hertz stock — which still trades on the pink sheets ahead of an anticipated "re-IPO" later this year — rose sharply after the company said it would buy 100,000 cars from Tesla.

Avis shares doubled on Tuesday after the company indicated it planned to move in the same direction.

The intrigue: Hertz shareholders aren't waiting for the IPO to get out of the stock. The company announced a $1 billion secondary offering on Wednesday.

The bottom line: Hertz and Avis are now full-fledged meme stocks. Short at your peril. 

Go deeper: Elon Musk and Hertz can't agree on Tesla orders  

Rental vehicle stocks pop after turn to electric vehicles

car rental

People wait at Hertz and Avis rental car desks.

Electric vehicles

Hertz and Avis have discovered the magic that electric vehicles can have on share prices.Why it matters: Both companies have increased in value after announcing ambitious plans to move aggressively into renting out EVs.

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Economy & Business

Ominous forecasts about the impact of climate change serve as the backdrop for the world — led by U.S. lawmakers and companies — to debate big action on the problem, which could upend energy systems and our way of life.