Avis Budget OKs $1 billion share buyback plan
Avis Budget Group Inc. said Wednesday its board has approved a $1 billion increase to the car-rental company's existing share buyback authorization. Avis has about $1.16 billion of available share repurchase authorization remaining as of Wednesday. Shares of Avis rose nearly 8% in midday trading Wednesday, and are up 276% in the past 12 months, which compares with gains of around 9.3% for the S&P 500 index.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.