Why Avis Budget Stock Crashed Today
Well, that was kind of a disaster!
Yesterday after close of trading, car rental company Avis Budget Group (NASDAQ: CAR) reported a blowout quarter in which sales of $3.2 billion grew 37% year over year, beating analyst projections, and earnings blew the roof off, coming in at $15.94 per share while Wall Street had only expected $11.48.
Avis Budget shares immediately jumped 6% in after-hours trading. But the sun set, the sun rose again, and moved on into the afternoon; instead of building on its gains, Avis stock has given them all back and is in fact down 4.9% as of 2:50 p.m. ET.
Source Fool.com
