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Mon, Feb. 8, 2:12 PM
- Hertz Global (HTZ -12.1%) and Avis Budget Group (CAR -6.9%) are sharply lower on the day. Both stocks are now at 52-week lows
- Macroeconomic factors are still the dominant story on the two, although there's also been an increase in buzz this month that the impact of Uber on business rentals may be larger than anticipated.
- Activist investors at both companies are likely to be heard from soon.
Thu, Jan. 28, 10:25 AM
- United Rentals (URI -15.4%) and H&E Equipment Services (HEES -14.6%) are sharply lower after United Rentals issued soft guidance last night, and with UBS chipping away with downgrades.
- The investment firm moves both stocks to Neutral from Buy. URI's price target is chopped to $56 from $94, while H&E's PT goes to $15 from $22.
- Hertz Global (HTZ -5.3%), Ryder (R -1.9%), and Avis Budget (CAR -3.1%) are also feeling some pain.
Tue, Jan. 26, 1:08 PM
- Trucking stocks race higher to cut into 2016 losses as traders react to some firming up in the energy sector.
- Notable gainers include Swift Transportation (SWFT +16.6%), YRC Worldwide (YRCW +11.1%), ArcBest (ARCB +10%), Heartland Express (HTLD +7%), Universal Truckload Services (UACL +6.7%), and Marten Transport (MRTN +5.6%).
- Hertz Global (HTZ +8.3%), Ryder (R +6.5%), and Avis Budget Group (CAR +8%) are also strong on the day off the some of the same optimism over demand in the U.S.
Mon, Jan. 25, 5:20 PM
- As part of a deal with SRS Investment Management (Avis' biggest shareholder), SRS analyst Brian Choi will be joining Avis' (NASDAQ:CAR) board. SRS will also be "entitled to recommend an independent director not affiliated with SRS" join the board, subject to the board's approval. The firm has agreed to back Avis' director slate at the company's 2016 annual meeting, as well as "other customary standstill and voting commitments."
- $300M has been added to Avis' buyback authorization; that's good for repurchasing 12% of shares at current levels. Avis notes it had $258M left on its authorization at the end of Q3, and that it continued to buy back shares in Q4 and Q1.
- CAR -0.6% after hours to $25.20.
Dec. 22, 2015, 9:19 AM
- Crumbling oil prices haven't helped the Dow Jones Transportation Average (NYSEARCA:IYT) - down 19% year-to-date vs. the DJIA's (NYSEARCA:DIA) 3% loss.
- Oppenheimer technician Ari Wald isn't seeing a bottom though. He expects the Transports to break below 7,400 support (last night's close was 7,415), and with it the DJIA to slip to the 16K area (last night's close 17,252).
- Transport buys: JBLU, MATX, ALK, LUV, DAL, UAL
- Transport sells: CHRW, LSTR, JBHT, KSU, NSC, CAR, KEX, CSX
Nov. 16, 2015, 11:46 AM
- Avis Budget Group (CAR -3%) announces it acquired the Avis licensee in Poland for ~$25M.
- The transaction gives the company control of the Avis brand at more than locations in the nation. Avis expects about $20M in annual revenue from the Poland business.
Nov. 3, 2015, 9:14 AM
Nov. 2, 2015, 5:33 PM
Nov. 2, 2015, 4:57 PM
- With a Q3 miss on the books, Avis (NASDAQ:CAR) now expects 1% 2015 revenue growth, compared with prior guidance of 1%-3% (consensus is at 1.3%). EPS guidance has been lowered to $3.10-$3.25 (+5%-10% Y/Y) from $3.15-$3.45 (consensus is at $3.36).
- Americas revenue rose 2% Y/Y in Q3 to $1.78B; international revenue rose fractionally to $801M. GAAP expenses rose 1% to $2.27B.
- $161M was spent to buy back 3.7M shares. Avis now expects 2015 buybacks to "meaningfully exceed" $300M.
- Rival Hertz (NYSE:HTZ) is following Avis lower ahead of its Q3 report, due on the morning of Nov. 9.
- Q3 results, PR
Nov. 2, 2015, 4:19 PM
- Avis Budget (NASDAQ:CAR): Q3 EPS of $1.98 misses by $0.04.
- Revenue of $2.58B (+1.6% Y/Y) misses by $20M.
- Shares -1.05%.
Nov. 2, 2015, 10:25 AM
- Avis Budget Group (NASDAQ:CAR) is up 2.7% on strong volume with earnings due out after the bell. Analysts expect revenue of $2.62B and EPS of $1.99.
- Shares are receiving a little nudge this morning from a favorable write-up in Barron's over the weekend. The publication says the company is poised to benefit from the consolidation trend in the car rental business.
- Barron's leans on a favorable view on Avis from hedge fund Marcato Capital Management. "We think that the stock will double from its current price of $50 by late 2017," gushes Marcato principal Roger Kuo. Marcato owns a 6% slice in Avis.
Nov. 1, 2015, 5:35 PM
- ADUS, AEIS, AHL, AIG, ALDW, ALJ, ALL, AMC, AMCC, ANH, ARE, AVD, CAR, CBT, CDE, CGNX, CHGG, CUTR, CYH, DNB, DWRE, ELNK, ENH, ENS, ES, FN, GGP, GPRE, ININ, INN, KONA, LMNX, MCEP, MDAS, MDU, MIC, NLS, NPTN, NSTG, OHI, OLN, ONDK, OTTR, PLOW, PPS, PQ, PXD, QLYS, RAIL, RNG, RSPP, RTEC, RYN, SANM, SGY, SNHY, SSNC, SSW, TDOC, THC, TNET, TXRH, UIL, UNXL, VGR, VIAV, VNO, WSTC
Sep. 29, 2015, 4:50 PM
- Speaking at the Deutsche Bank Leveraged Finance Conference, Avis Budget (NASDAQ:CAR) CEO David Wyshner says the company has been "aggressive" buying back stock at the relatively low levels of late, with Q3 repurchases set to total more than $150M - assuming buys in the low-mid $40s, that would amount to about 3% of the float.
- The stock is lower by more than 35% year-to-date.
Sep. 16, 2015, 9:09 AM
- Avis Budget Group (NASDAQ:CAR) announces Larry De Shon will replace Ronald Nelson as CEO on January 1, 2016.
- Nelson will continue to hold the executive chairman position.
- De Shon is promoted after being the company's top international exec.
Aug. 17, 2015, 2:33 PM
Aug. 3, 2015, 4:20 PM
- Avis Budget (NASDAQ:CAR): Q2 EPS of $0.84 beats by $0.16.
- Revenue of $2.17B (-0.9% Y/Y) misses by $70M.
- Shares +1.45%.
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