Jun 26, 2017

Apple leased six cars from Hertz, but investors go bananas

Shares of Hertz soared after Bloomberg reported that it had leased cars to Apple for its self-driving car effort. The stock was recently trading at 10.96, up $1.42, or nearly 15 percent.

However, there isn't a big collaboration here and a source says Apple has only leased six cars from the Hertz fleet-management unit. The report followed an earlier — and more consequential — leasing deal between Alphabet's Waymo and Avis.

The context: Apple has said it is exploring self-driving cars and has filed paperwork for test vehicles in California. And those vehicles had to come from somewhere since Apple has said it isn't building its own.

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Trump calls to fill up more places with oil

President Trump is calling on the Energy Department to find more places to store oil, in the wake of rock-bottom prices and an ensuing economic collapse of the sector itself.

Driving the news: Trump’s comments came Friday during a televised portion of a meeting he hosted with industry CEOs to discuss ways to help the sector. It’s reeling from a historic drop-off in demand with the world shutting down to slow the spread of the coronavirus.

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4:30 p.m. ET: 1,083,084 — Total deaths: 58,243 — Total recoveries: 225,422Map.
  2. U.S.: Total confirmed cases as of 4:30 p.m. ET: 266,671 — Total deaths: 6,921 — Total recoveries: 9,445Map.
  3. 2020 latest: Wisconsin governor calls for last-minute primary election delay.
  4. Oil latest: The amount of gasoline American drivers are consuming dropped to levels not seen in more than 25 years, government data shows.
  5. Business updates: America's small business bailout is off to a bad start.
  6. U.S.S. Theodore Roosevelt: Senators call for independent investigation into firing of Navy captain.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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America's small business bailout is off to a bad start

Illustration: Sarah Grillo/Axios

Websites have crashed, phones are jammed and confusion reigns as businesses rushed at today's kickoff to get their chunk of the $350 billion Paycheck Protection Program.

Why it matters: This is a race to save jobs in the present and the future, and to ensure that as many workers as possible keep their benefits and paychecks during the coronavirus lockdown.