Avis Budget’s stock sinks 12% after Q1 results late Wednesday

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Avis’s stock the lone Dow transports gainer after BlackRock boosts stake

Share of Avis Budget Group Inc. edged up 0.3% in morning trade Friday, to be the only gainer among the Dow Jones Transportation Average’s 20 components, after BlackRock Inc. disclosed a 10.0% stake in the car rental company. The filing Friday with the Securities and Exchange Commission shows BlackRock owned 8.13 million Avis shares, up from the 7.44 million shares, or 9.2%, previous filings showed, according to FactSet. That makes BlackRock, which had equity holdings of $2.1 trillion as of the end of 2017, Avis’s second-largest shareholder, behind only SRS Investment Management LLC, which owned 12.0 million shares, or 14.8% of the shares outstanding, according to FactSet. Avis’s stock has rallied 11.9% over the past three months, while the Dow transports have lost 5.3% and the Dow Jones Industrial Average has slipped 4.3%.

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