Hertz Falls 14% After Downgrade

Hertz Global Holdings, Inc HTZ shares are trading lower by $2.30 (14.9 percent) at $15.04 in Monday's session.

The catalyst for the lower move is a downgrade from Barclays, which lowered its rating on the stock from Equal-Weight to Underweight. Since November 8, there have been five rating changes on the stock, all downgrades.

After a much lower open, Hertz managed only a 6-cent bounce to $16.09 before continuing its move lower. It has continued to make new lows for the session, with the current one standing at $14.96. That low coincides with its July 17 low ($14.92), but is well ahead of its July 16 low of $14.40.