Why Avis Budget Group Stock Popped 13% Today
Shares of rental car company Avis Budget Group (NASDAQ: CAR) popped more than 13% in early trading Monday and didn't look back. At the close today, the stock was up 13.7%
Two possibilities suggest themselves. First, now that Avis's archrival Hertz has filed for Chapter 11 bankruptcy protection, one may presume that competition in the rental car market will decrease. That's bad news for Hertz investors, who could be wiped out in the restructuring. Avis investors, however, may see this as a silver lining around the cloud that's been hovering over the travel industry, and travel-related stocks, these last three months.
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Source Fool.com
