CAR - Why This Car Rental Stock Sank Today
Renewed coronavirus fears are back to haunt companies relying heavily on the economy's reopening. Avis Budget Group (NASDAQ: CAR) is one of them: The stock extended its recent downfall and had lost 5.1% at 10:35 a.m. EDT on Thursday.
New COVID-19 variants are turning out to be a big threat even as economies across the globe strive to get back on the growth track. In one of the biggest global developments, Japan just declared a state of emergency ahead of the Summer Olympics as coronavirus cases mount. At home, states like California are reporting a rising number of coronavirus cases after months of decline even as I write this. To top that, latest estimates from the Centers for Disease Control and Prevention reveals the more contagious delta variant of COVID-19 as the dominant coronavirus strain in the U.S.
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Why This Car Rental Stock Sank Today