Why Avis Budget Group (CAR) Stock Is Rising Wednesday
Portfolio Pulse from Adam Eckert
Avis Budget Group Inc (NASDAQ:CAR) stock is on the rise after the company announced a special cash dividend of $10 per share, payable on December 21 to shareholders of record as of December 15. Additionally, Avis has bought back approximately 1.3 million shares in Q4 and plans to continue its share repurchase program, with around $820 million remaining. The stock was up 8.62% at $199.82 at the time of reporting.

December 06, 2023 | 4:15 pm
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POSITIVE IMPACT
Avis Budget Group's stock is experiencing an uptick due to the announcement of a special dividend and ongoing share repurchases, signaling positive shareholder returns.
The declaration of a special dividend typically indicates a company's strong financial position and its ability to return excess cash to shareholders, which is often viewed positively by the market. The ongoing share repurchase program further supports the stock price by reducing the number of shares outstanding, potentially leading to higher earnings per share. Both actions are likely to have a positive short-term impact on Avis Budget Group's stock price.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100