Avis Budget stock more than doubles as blow-out earnings follows a sharp jump in short interest

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Shares of Avis Budget Group Inc. CAR, +162.45% more than doubled in very volatile morning trading Tuesday, after the rental car company reported blow-out third-quarter earnings in the wake of a sharp run up in short interest in the past few months. The stock rocketed 108.1% in morning trading, putting it on course for the biggest one-day gain since the company went public in November 1984. The stock has already been halted for volatility six times since the open. Leading up to results, which were reported late Monday, the stock had soared 131% since the company reported second-quarter results. Over the same time, the latest exchange data showed that short interest had increased by about two-thirds to 13.42 million shares, boosting the short interest as a percent of the public float to 20.5%, or more than the 18.0% of high-profile meme-stock AMC Entertainment Holdings Inc. AMC, +3.41% Avis stock has run up 856.5% year to date, while AMC shares have climbed 1,664.2% and the S&P 500 SPX, +0.31% has gained 23.2%.

This article was originally published by Marketwatch.com. Read the original article here.

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