Yesterday no fewer than 20 companies around the world announced 40,000 layoffs. As I posted, that's the flip side of the great inflation report that came out this week. And those 40,000 are among the first of 2.1 million U.S. jobs that are forecast to disappear in 2009 -- particularly if the $825 billion stimulus plan does not pass.

Here are some of yesterday's cuts from the U.S. companies:

• Circuit City Stores is liquidating and taking 30,000 jobs along for the ride
• Hertz Global Holdings Inc. (NYSE: HTZ) is eliminating 4,000 jobs worldwide due to a drop in travel demand.
• WellPoint (NYSE: WLP) the second-largest U.S. health insurer, will end 1,500 jobs, which include 600 workers and 900 open positions.
• Clear Channel (NYSE: CCO) -- the largest U.S. radio broadcaster -- will lay off 1,500 employees on January 20.

Hertz Global Holdings Inc. (NYSE: HTZ) posted record 4Q revenues just shy of $2 billion, an 8% increase over 4Q 2005. Numbers were good across the board. 4Q adjusted pre-tax income was $132.5 million, up 142.2%. No, that's not a typo. Adjusted pre-tax income more than doubled for the period. Net corporate debt decreased $388 million in 4Q alone. Car rental revenues were up 7.3% to $1.55 billion. Equipment rental revenue was up 10.6% to $436 million. Net income for 4Q 2006 was $39.8 million, $0.14 per fully diluted share.

For the full year, worldwide revenue was up 7.9% and adjusted pre-tax income was up 47.1% while net corporate debt for the year decreased $284 million.

To what should we attribute this very positive numbers? Remember that 4Q 2005 was the time of the Gulf Coast hurricanes that depressed business earnings across the board, so it is easy to post impressive quarter-to-quarter gains. But Hertz's numbers are more than that. Hertz management has been steadfast in cutting operating expenses, yet at the same time increasing the advertising budget by more than $6 million. Rental prices per day increased total rental rate revenue 3% in the US. Hertz also signed a multi-year deal to be the car rental agency of choice for AAA. Hertz has been developing and promoting its own-way car rentals anywhere in the US. Hertz has also combined with Ryanair, a budget European airline to provide ground transportation at key destination points. Beginning in January 2007, Hertz and United Airlines have a preferred partnership deal. Lastly, Hertz.com, the online reservation and booking site, hit over $1 billion in rental revenue.

Looking forward, Hertz forecasts mid single-digit demand growth for rental cars in the US and Europe. Full-year 2007 revenues are forecast at $8.5-$8.6 billion. Adjusted net income is forecast in the $372-395 million range, approximately $1.15-1.22 per share.

Theflyonthewall.com reports that Hertz Global Holdings, the rental car business, which was purchased by private equity less than a year ago, is now going public. Hertz looks to raise $1.5 billion and expects to price the deal between $16 and $18 per share.

This will be one of the highest profile private equity deals to go public. If Hertz does well, more private equity firms may rush to monetize other investments.

The deal looks pretty good. While at first glance, Hertz looks very leveraged, much of the debt is used to finance the purchase of automobiles. As long as the debt matches up with the useful lives of the cars, it should be manageable. In addition, the proceed s of the equity offering and the refinancing of much of the debt should improve the balance sheet.

Often the first few deals are the best on Wall Street. With Hertz being one of the first private-equity high-profile names to go public, this deal looks like it is attractively priced. Theflyonthewall says buy this one before the junk deals get dumped on the public.