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Actionable news in HTZ: HERTZ GLOBAL HOLDINGS Inc,

Hertz (HTZ) Stock Dragged Down as Avis Forecasts Industry Headwinds

NEW YORK (TheStreet) -- Hertz (HTZ - Get Report) stock is plummeting 14.42% to $7.39 in afternoon trading on Wednesday after rival car rental company Avis (CAR) issued weaker-than-expected 2016 guidance, citing industry-wide headwinds.

Avis now expects that full-year per-share earnings will range between $2.70 and $3.30, below analysts' estimates for earnings of $3.43 per share.

The car rental company projects that foreign currency exchange rates will negatively impact earnings by 17 cents per share and revenue by $140 million.

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