“Apple Inc. is leasing a small fleet of cars from Hertz Global Holdings Inc. to test self-driving technology, an agreement that echoes a larger deal between competitors Alphabet Inc. and Avis Budget Group Inc. Hertz shares soared the most in almost two years,” Alex Webb and David Welch report for Bloomberg.

“The iPhone maker is leasing Lexus RX450h sport-utility vehicles from Hertz’s Donlen fleet-management unit, according to documents released recently by the California Department of Motor Vehicles,” Webb and Welch report. “When Apple received its license to test three autonomous vehicles from the state’s DMV in April, the documents listed Donlen as the lessor and Apple as the lessee.”

Webb and Welch report, “Hertz surged on news of the agreement with Apple, bringing its intraday gain to as much as 18 percent, the biggest rise since July 2015.”

Read more in the full article here.

MacDailyNews Take: Seems like both Avis and Hertz shares were in desperate need of basically anything that could be spun as “good news.”

Hey, Apple rented a handful of vehicles from Hertz. That’s worth an 18% rise in Hertz shares? Puleeze.