Avis Budget Group Reports Larger-Than-Expected Loss, Leading to Stock Decline
Avis Budget Group (CAR) stock fell 5% after reporting a first-quarter loss of $8.01 per share, exceeding expectations of a $6.87 loss. Despite higher-than-expected revenue of $2.53 billion, the stock has been volatile following a short-squeeze rally that reversed abruptly. The company's largest shareholder, Pentwater Capital Management, played a key role in the recent price swings.
Tickers: $CAR
Topics: car rental industry earnings report short-squeeze stock price movement volatility