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Car rental company’s shares soar after huge earnings beat

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A customer boards an Avis Budget Group Inc. shuttle bus at the Denver International Airport (DEN) in Denver, Colorado, U.S., on Wednesday, Oct. 28, 2015.

Luke Sharrett | Bloomberg | Getty Images

Car rental stock Avis Budget surged Tuesday after the company reported a stronger-than-expected third quarter that sparked massive trading volume.

The company reported $10.74 in per-share earnings for the third quarter, beating a Refinitiv consensus estimate by more than $4. Revenue also topped expectations. Avis Budget’s board also authorized an additional $1 billion in share buybacks.

The stock closed 108.3% higher Tuesday at $185.7%. Trading in the stock was halted multiple times Tuesday morning,…



Source cnbc.com

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