Why Avis and Hertz Stocks Jumped Wednesday

Daniel Miller, The Motley Fool

8 July 2020 at 6:15 pm·2-min read

Why Avis and Hertz Stocks Jumped Wednesday

Shares of Avis Budget Group (NASDAQ: CAR) and bankrupt rival Hertz (NYSE: HTZ) jumped 11% and 8%, respectively, on Wednesday after news that Melvin Capital Management had opened up a position in Avis. Riding alongside the late-afternoon broader market rally, Avis stock jumped double digits after Melvin Capital disclosed a 5.8% stake in the rental company. It's been a common theme among investors and analysts that Avis will benefit from the Hertz bankruptcy once travel and transportation demand returns, assuming the COVID-19 pandemic will eventually be under control.

Cosmo
Sabrina Carpenter looks practically naked in completely see-through lace mini dress
Sabrina Carpenter went braless wearing the Mirror Palais Anemone Dress in butter featuring illusion tulle adorned with lace appliqués along the neckline and hem
2 days ago
The Telegraph
Russia has found the critical vulnerability in Nato’s American tanks
The arrival of the US M1A1 Abrams tanks in Ukraine was hailed as a turning point in the war. Coming in at roughly $10 million a unit, the Nato stalwart was supposed to provide the armoured fist that would punch through the Russian lines. But tactics evolve quickly in warfare, and Russia’s use of surveillance and hunter-killer drones has led to heavy casualties for Ukraine’s tank fleets. This is alarming for NATO. If Russia has found critical vulnerabilities in our armour, our borders are beginni
15 hours ago
The Telegraph
China is the enemy of the world and has nobody to blame but itself
Secretary of State Antony Blinken’s multi-day trip to China this week caps a particularly busy stretch of meetings between US and Chinese officials. Treasury Secretary Janet Yellen was in Beijing earlier this month where she delivered remarks about establishing a floor underneath the US-China relationship and was photographed drinking a beer at a local brewery. On April 5, US and Chinese defence officials held maritime talks for the first time in three years. And on April 16, US Defense Secretar
2 days ago
Euronews
Russian actress who hosted 'almost naked' party fined for calling for peace in Ukraine
Anastasia Ivleeva fell foul of a law that sanctions remarks discrediting the Russian military.
a day ago
Yahoo News Singapore
Fatal accident in Tampines: 42-year-old driver involved in crash charged with four offences, including dangerous driving causing death
After a fatal collision in Tampines, Muhammad Syafie Ismail, 42, faces four charges including dangerous driving causing death.
2 days ago
The Independent
Bully dog found beheaded, burnt and cut into pieces near children’s playground
A dog walker made the horrific discovery on Tuesday morning
2 days ago
Evening Standard
Liverpool: Darwin Nunez tipped to be sold by Arne Slot after 'unforgivable error'
The striker was again guilty of a huge miss as Everton all but ended Liverpool’s title hopes
2 days ago
INSIDER
Malaysia might add a casino to boost troubled $100 billion mega-development Forest City
The casino, which would only be the second in Malaysia, could revive the struggling property.
2 days ago
CNN
Secret Service says agent on Harris’ detail was removed from assignment after distressing behavior
A Secret Service agent assigned to Vice President Kamala Harris’ detail was removed from their assignment after displaying behavior that colleagues found “distressing,” the agency said.
a day ago
Country Living
Royal Expert Says Prince Harry Is in a "Painful Place" Due to Writing About Kate Middleton in 'Spare'
A royal expert says Prince Harry is in a painful place after writing about Kate Middleton in his bombshell-filled memoir, 'Spare.'
a day ago
The Telegraph
Mohamed Salah can spearhead Liverpool’s new era but the jury is out on Darwin Nunez
In the aftermath of a particularly demoralising defeat, former Liverpool manager Gerard Houllier once appealed to the Kop with the observation: “We don’t destroy our heroes today when we worshipped them yesterday.”
2 days ago
The Telegraph
Erik ten Hag: Marcus Rashford abuse is wrong but he must accept share of blame for failings
Erik ten Hag has told Marcus Rashford he must take his share of the blame for Manchester United’s struggles despite offering the striker his full backing in the face of “months of abuse”.
6 hours ago
InStyle
Prince Edward and Duchess Sophie Feel Disappointed by King Charles Royal Title "Snub"
The "chosen ones" are reportedly sad they didn't get new roles after Prince William and Kate Middleton's latest appointments.
2 days ago
Cinema Online
Jacky Wu and his "Mr. Player" team filmed in Penang for four days
The Taiwanese host is back in Penang again after filming in the island back in 2015 and 2019
a day ago
Cinema Online
Maggie Cheung Ho Yee to make TVB comeback?
The Hong Kong actress is said to star in a drama by "The Queen of News" producer
a day ago
SETHLUI.COM
Sweet Garden Dining Cafe: No GST & service charge at ex-5-star hotel chef’s Western cafe
The post Sweet Garden Dining Cafe: No GST & service charge at ex-5-star hotel chef’s Western cafe appeared first on SETHLUI.com.
2 days ago
BuzzFeed
People With "Extremely Attractive" Partners Are Venting About What They Have To Deal With
"The first time my mom and I were alone after meeting her, she turned to me and said, 'You must be really good in bed.'"
2 days ago
The Guardian
US has seen evidence of attempts by China to influence election, says Blinken
Secretary of state met Xi Jinping in Beijing and warned of sanctions over China’s support for Russian arms industry
11 hours ago
HuffPost
Justice Sonia Sotomayor Calls Out Catch-22 In Trump's Immunity Argument
"If he's not covered by the criminal law, he can't be impeached for violating it at all," the Supreme Court justice said during Thursday's arguments.
a day ago
Evening Standard
Arne Slot 'confident' of Liverpool move as Feyenoord manager confirms desire to replace Jurgen Klopp
Reds in talks with Rotterdam club over Jurgen Klopp replacement
a day ago

Latest stories