Avis Budget Group, Inc.NASDAQ
Investor Capitulation Of Avis Budget Group Could Be A Buying Opportunity
Alpha Gen Capital
Alpha Gen Capital
Mon, Nov. 14, 10:08 PM
- Baupost Group new positions as of Sept. 30: 4.4M shares of Colony Capital (NYSE:CLNY), 5.5M of Northstar Realty Finance (NYSE:NRF), 9.9M of Northstar Asset Management (NYSE:NSAM), 13M of Office Depot (NYSE:ODP), and 17.6M of Synchrony Financial (NYSE:SYF).
- Klarman also raised his stake in 21st Century Fox (NASDAQ:FOXA) to 7.7M shares, and eliminated holdings of Avis Budget (NASDAQ:CAR), Och-Ziff (NYSE:OZM), and the common stock of Citigroup (NYSE:C) (he still holds 102M TARP warrants).
- SEC Form 13F
Mon, Nov. 14, 9:06 AM
- Avis Budget Group (NASDAQ:CAR) announces that it boosted its share repurchase authorization by $250M.
- The company now has $400M of available buyback authorization from October 1 going forward.
- “We remain committed to returning a portion of our cash flow to our shareholders through buybacks, while maintaining a prudent capital structure and flexibility to execute on our strategic initiatives,” says CEO Larry De Shon.
- Source: Press Release
Tue, Nov. 8, 10:10 AM
- There's no place for Avis Budget Group (CAR -14.6%) to hide after a devastating earnings report and guidance drop from rival Hertz.
- Avis already disclosed its Q3 numbers so some traders think that there could be a bit of an overreaction with today's move.
- Previously: Dizzying fall for Hertz Global after earnings (Nov. 8)
- Previously: Avis Budget beats by $0.13, beats on revenue (Nov. 2)
- Previously: Investors bid up Avis Budget despite soft guidance (Nov. 3)
Tue, Nov. 8, 9:17 AM
Thu, Nov. 3, 12:43 PM
Thu, Nov. 3, 9:35 AM
- Avis Budget (CAR +8.2%) trades sharply higher, despite the company setting full-year adjusted EBITDA guidance at the low end of its prior forecast for $850M to $900M.
- The updated view on full-year EPS is for $2.93 (-$0.11 hit from F/X) vs. $2.90-$3.30 prior guidance and $3.01 consensus.
- Management warned on softer demand in Asia and Europe during the firm's conference call.
- "Looking forward, pricing continues to be positive in the Americas, although demand is softer than expected both in the Americas and in Europe. We have moved quickly to right-size our fleet to mitigate the impact and have revised our full-year 2016 outlook as a result," noted CEO Larry De Shon.
- Previously: Avis Budget beats by $0.13, beats on revenue (Nov. 2)
Wed, Nov. 2, 4:31 PM
Tue, Nov. 1, 5:35 PM
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Sat, Oct. 22, 10:42 AM
- While Tesla Motors (NASDAQ:TSLA) may have grabbed some headlines this week for its ambitious goals with autonomous driving (SAE level 5), the technology is being widely discussed across industries as a potential future reality.
- At a real estate conference in New York this week, a panel member called autonomous vehicles the biggest tech news concerning real estate in the last ten years. Some see a future reversal of urbanization trends in a development that could have significant investment implications.
- City planners and architects are already thinking of next-gen design. A paper titled "Beyond Google's Cute Car" (.pdf version) is a good example of how cities are being reimagined.
- Then there's this from the man who designed the 2015 Ford Mustang. "The next 10 years in this business is going to be the biggest change and challenge since the turn of the last century when cars took over for horses," said Ford design chief Moray Callum. Ford (NYSE:F) aims to have a high-volume, fully autonomous SAE level 4-capable vehicle in commercial operation in 2021.
- Self-driving car development is a topic of discussion on FedEx (NYSE:FDX), UPS (NYSE:UPS), Lyft (Private:LYFT), Uber (Private:UBER), Hertz Global (NYSE:HTZ), Google (GOOGL, GOOG), Avis Budget (NASDAQ:CAR), Domino's Pizza (NYSE:DPZ) and Nvidia (NASDAQ:NVDA). Earnings season is just heating up, but a host of companies -- including OTCPK:TMOAF, OTCPK:DDAIF, OTCPK:VOLVY, MXIM, CPRT, WBC, GNTX and XLNX -- have already talked up the trend on their conference calls. GM reports earnings this week and will update on any self-driving Chevy Bolt plans.
- Looking ahead, insurance companies, chipmakers, truckers and cybersecurity firms (NYSEARCA:HACK) will be firmly in the self-driving conversation.
- So who has a profitable trade idea off of the evolution of cars?
Tue, Sep. 27, 2:46 PM
- Avis Budget (CAR -7.1%) is sharply lower after some unsettling comments from execs today at the Deutsche Bank's Leveraged Finance Conference.
- Demand in Europe fell off for Avis due to the combined impact of security concerns, Brexit, the Olympics, and economic factors.
- Avis conference presentation (webcast)
- Shares of Hertz Global Holdings (HTZ -8.8%) are faring even worse on the day.
Tue, Sep. 20, 2:30 AM
- In its most comprehensive statement yet on autonomous vehicles, the Obama administration said it would consider seeking the power to approve technology for self-driving cars and said U.S. states should not issue separate rules.
- The U.S. Transportation Department also included a 15-point set of "safety assessment" guidelines, covering issues like cybersecurity, black box recordings and how a vehicle would deal with potential ethical conundrums.
- Related tickers: F, GM, TM, GOOG, GOOGL, TSLA, MBLY, DLPH, TM, HTZ, CAR, HMC, UBER, LYFT
Fri, Sep. 16, 7:38 AM
Thu, Sep. 15, 5:36 PM
Fri, Aug. 26, 1:06 PM
- Macquarie weighs in on the major car rental stocks in a fresh note to clients.
- The investment firm thinks Avis Budget Group (CAR +0.7%) will benefit from higher rental prices and see margins improve in Europe, while execution issues are seen continuing to plague Hertz Global (HTZ +0.3%).
- Coverage on Avis is started off at Outperform, while Hertz is set at Neutral with a $56 price target.
Thu, Aug. 25, 8:28 AM
- Singapore became the first country in the world to offer a self-driving taxi service with the targeted launch of nuTonomy. A full roll-out of an autonomous taxi service across the nation is expected as early as 2018.
- While self-driving cars from Google (GOOG, GOOGL), Baidu (NASDAQ:BIDU), and others have been out testing on the roads for the last few years, nuTonomy's service is the first commercial application of the nascent technology open to public use. Uber (Private:UBER) plans to test self-driving cars in Pittsburgh next month.
- NuTonomy will use human drivers as backups in the initial roll-out of the Renault (OTC:RNSDF, OTCPK:RNLSY) Zoe and Mitusubishi (OTCPK:MMTOF) i-MiEV taxis before moving to full autonomy.
- Other companies with autonomous vehicles on their radar include Mobileye (NYSE:MBLY), Delphi Automotive (NYSE:DLPH), Volvo (OTCPK:GELYF), Ford (NYSE:F), Tesla Motors (NASDAQ:TSLA), Toyota (NYSE:TM), Hertz Global (NYSE:HTZ), Avis Budget (NASDAQ:CAR), Nissan (OTCPK:NSANY), BMW (BAMXY), Intel (NASDAQ:INTC), Honda (NYSE:HMC), FedEx (NYSE:FDX), Lyft (Private:LYFT), and General Motors (NYSE:GM) to name just a partial list -- although analyzing which stocks may benefit from a future of a mix of self-driving cars on the road is a tricky business.
- Previously: Scientists warn on self-driving car rush (July 8)
- Previously: Self-driving car push adds a little buzz for restaurants (Aug. 6)
Tue, Aug. 16, 4:08 PM
- A major announcement from Ford that it will develop a 100% autonomous vehicle in 2021 could have far-reaching implications in a variety of sectors.
- “The first application of the fully autonomous vehicle will be commercial applications, whether it’s ride-hailing or parcel delivery,” Ford CEO Mark Fields told Recode. Companies that could be eyeing the implication of purchasing self-driving car fleets include FedEx (NYSE:FDX), Amazon (NASDAQ:AMZN), UPS (NYSE:UPS), Domino's Pizza (NYSE:DPZ), and Papa John's International (NASDAQ:PZZA).
- There's also relevance on Ford's big bet on autonomy for Avis Budget Group (NASDAQ:CAR) and Hertz (NYSE:HTZ).
- The trucking and shipping sectors (ARCB, KNX, MRTN, CGI, YRCW, HTLD, UACL, SWFT) will also be monitoring how autonomous vehicle technology fits into the future.
- Previously: Ford to produce mass market autonomous vehicle (Aug. 16)