Diamonds and Dogs
Avis Budget (CAR) zooming today. The rental car company is jumping 17% to a four month high, its largest one-day percentage move since May 2012 following better than expected earnings. Earnings beat expectations by 20 cents as sales rose 1.5% to $2.05 billion. Americas per-unit fleet costs fell 7% in the quarter. Looking forward, Avis reaffirmed earnings guidance with EBITDA coming in at around $750-850 million. Adjusted free cash flow will be around $250-300 million. Things are looking up for Avis.
Nike (NKE) receives a black eye on national television. Nike's stock is down 1.5% after Duke University's top player, the most recognizable collegiate player of the past decade, with 2 million Facebook followers, and projected No.1 NBA draft pick suffered a knee injury after his Nike PG 2.5 PE shoe fell apart with the sole completely coming loose from the rest of the sneaker. The injury created a fire storm on social media with attendee, Barack Obama tweeting out the injury.