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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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