Stifel CEO Ron Kruszewski argues a ‘big question for markets’ is when will the Federal Reserve ‘make interest rates not so accommodating.’
Avis Budget shares soared on Tuesday as traders scrambled to keep up with heavy volatility giving it new meme status.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CAR | AVIS BUDGET GROUP, INC. | 323.50 | +152.04 | +88.67% |
The stock, at one point, hit a high of $545 per share, rising well over 180% and triggering numerous trading halts of the New York Stock Exchange.
Short interest has been on the rise, hitting 13.4 million shares. That’s up from 8.1 million in June.
ELON MUSK STILL WAITING ON HERTZ CONTRACT HE SAYS
The rental car company reported revenues nearly doubled from 2020 and were 9% higher from the third quarter of 2019 to $3 billion, driven by “increased revenue per day and rental days” as the pandemic recovery continues.
AMAZON BACKED RIVIAN MOVES CLOSER TO IPO
“We are seeing the benefits of initiatives we began during the early days of the pandemic and look to build on this positive momentum as the travel environment continues to normalize,” said Joe Ferraro, Avis Budget Group chief executive officer, in the earnings release.
The action helped drive the Dow Jones Transportation Index to record terrority.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| IYT | ISHARES TRUST U.S.TRANSPORTATION ETF | 272.97 | +1.27 | +0.47% |
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Shares this year have jumped over 1,100% and Tuesday’s jump is on pace to be the biggest day in the company’s history, according to Dow Jones Market Data Group.
