Avis’ stock soars on earnings blowout, burning short sellers

PARSIPPANY, N.J. (AP) — Shares of Avis doubled after the rental car company’s third-quarter results showed it is well on the road to recovery from damage inflicted by the pandemic on the global travel industry. Its third-quarter profit easily beat Wall Street expectations and its sales rose above pre-pandemic levels. Shares in Avis Budget Group close up $185.71, to an all-time high of $357.17 on massive volume. Prior to Tuesday, many investors appeared to be pessimistic about the company’s future. According to FactSet, about 20% of shares in Avis had been sold short by investors expecting to profit if the stock fell.