Hertz Global (NASDAQ:HTZ) shares jumped 5% in pre-open trading Wednesday after the company announced that its Board of Directors approved a new $2 billion share repurchase program.
The new repurchase program is in addition to the $0.2 billion remaining under the previous $2 billion authorization, giving the company a total of $2.2 billion to spend on share repurchases.
The $2.2 billion buyback authorization compares to the company’s entire market cap of $7.1 billion, or 31% of the current market cap.
