Diamonds and Dogs

6/15/22

Hertz Global (HTZ) keeps buying their stock. The rental car stock is up 5% as they announced a new $2 billion share repurchase program. The new buyback comes just seven months after a $2 billion program announced in November. With about $200 million remaining under the previous buyback program, Hertz said it can now repurchase up to $2.2 billion worth of its stock, representing around 31% of its current market cap of $7.1 billion.

ExxonMobil (XOM) lower with the price of oil and the wrath from President Biden. President Biden tells oil companies in a letter that 'well above normal' refinery profit margins are 'not acceptable.' Earlier in the week President Biden asserted that Exxon is making "more money than God." ExxonMobil released a statement today saying  they have been investing more than any other company to develop U.S. oil and gas supplies. This includes investments in the U.S. of more than $50 billion over the past five years, resulting in an almost 50% increase in our U.S. production of oil during this period.

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