By Jennifer Surane
Hertz Global Holdings Inc. fell for a 10th straight day Wednesday for its longest losing streak since March 2009 after the company said ride-sharing services like Uber and Lyft crimped growth in urban markets. If the shares decline again Thursday, it would match the rental-car company’s longest slump in its history.
Growth at airport locations in New York City was slower than the company expected, which could be attributable to the prominence of ride-sharing services there, said Hertz’s Chief Financial Officer Tom Kennedy at the Deutsche Bank Global Auto Industry Conference last week. The company derives nearly three-quarters of its revenue from airport locations, according to a note from Spin-Off Research published Wednesday. The shares fell 0.5 percent on Wednesday to $9.14, the lowest closing price since October 2011.