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How Is The Market Reacting To These Earnings Results Today?

Hertz Global Holdings Inc (NYSE:HTZ) is down by 5.64% in morning trading after reporting a year-over-year revenue decline of 5% to $2.98 billion, which missed estimates by $50 million. Revenue was hit hard for foreign exchange headwinds, which contributed to a 13.6% revenue decline in its international auto rental business. Car rental revenue did also fall in the U.S however, by 1.9%. Earnings were in-line at $0.52 per share, up by $0.20 year-over-year, though by just $0.05 when excluding non-recurring gains. Activist Carl Icahn is a long-term shareholder of Hertz Global Holdings Inc (NYSE:HTZ), which hurt him during the third quarter as shares fell by 7.67%. Barry Rosenstein, who got stung by QUALCOMM, Inc. (NASDAQ:QCOM)’s results last week also held a large position in Hertz, potentially setting him up for a very disappointing quarter.

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Like Qualcomm last week, Priceline Group Inc (NASDAQ:PCLN) issued weak guidance for its current financial quarter, which has its shares down by 5.68% today. EPS was projected to be $11.10-to-$11.90 for the fourth quarter, while analysts were predicting $12.38 according to Bloomberg data. The weak guidance has put a damper on what was a solid third quarter, with revenue of $3.10 billion and earnings per share of $25.35. Analysts had predicted EPS of $24.23 for the completed quarter. Priceline Group Inc (NASDAQ:PCLN) was losing some of the support it had from the investors that we track, as the number of them which held long positions in the stock fell to 71 from 82 during the second quarter. Jim Simons, Louis Bacon, and Paul Tudor Jones were among the investors to close out long positions in Priceline during the quarter.

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