CAR - 5 Stocks that Moved the Market in October
Major stock market indexes rose in October, but not everyone shared in the wealth. The CBOE Volatility Index was elevated, and some stocks suffered sharp losses following bad earnings reports. These five stocks were some of the biggest movers last month, and they illustrate important trends that are shaping the market right now.
Rental car powerhouse Avis Budget Group (NASDAQ: CAR) enjoyed a monster month, gaining nearly 60% during October. There wasn't any news published by Avis Budget or any of its competitors that would indicate a change of that magnitude. Rival Hertz released quarterly earnings on Oct. 27, in which it fell just shy of revenue forecasts, but exceeded Wall Street's earnings expectations. It was a decent report with positive outlook, but it wasn't transformational. Avis Budget Group went on to post similar results after the close on Oct. 31. It surpassed analyst estimates for sales and profits, but the stock actually fell amid concerns that falling used car prices could impact the value of its fleet.
Image source: Getty Images.
For further details see:
5 Stocks that Moved the Market in October