Avis Budget Group tumbles to low for year
Avis Budget Group Inc. (NYSE:CAR) sank to a year low on Tuesday as U.S. automakers were expected to report weak auto sales for June. The car rental company fell to $7.38, down more than 10%, a low for the year, as it felt the squeeze of high gas prices combined with a sluggish economy. Other car rental companies experienced a similar drop Tuesday; Dollar Thrifty Automotive Group Inc. (NYSE:DTG) plummeted more than 26% to a 52-week low.
Avis Budget Group’s shares have lost more than 73% during the past 52 weeks.
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