Diamonds and Dogs
Rental car market is hot. Avis Budget Group (AVIS) is surging 100% on a short squeeze following earnings. Earnings easily beat estimates as revenue rose 95.6% to $3 billion. Avis has topped consensus revenue estimates three times over the last four quarters. The CEO said the company plans to be more active on EVs and that international bookings could be higher than 2019 levels. The stock opened modestly higher, then surged on a short squeeze. Weird times.
Chegg (CHGG) shares down as kids go back to school. The online education company is down 35% as the company warned that fourth-quarter financial results will be well short of previous street expectations, as student behavior shifts with school reopening following last year's Covid-related shutdowns. After the stock tripled last year, the stock is now down over 50% from the highs earlier in the year.
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