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Stock Market & Financial Investment News

News Breaks
January 2, 2013
10:34 EDTZIP, IDSY, CAR, HTZZipcar, Avis Budget both surge following agreement to merge
Shares of car sharing service operator Zipcar (ZIP) are soaring after it agreed to be acquired by car rental company Avis Budget (CAR) for $12.25 per share in cash, or approximately $500M. Avis Budget's shares also rose after it announced the deal, which it said would be accretive to EPS in the second year. On the companies' conference call related to the deal, Avis Budget said it now sees car sharing as complementary to its traditional business and Zipcar said it expects the deal will "dramatically" reduce its costs associated with buying cars. Avis said it expects the deal will help it reach its growth and profitability targets more quickly and confirmed its guidance for FY12 EPS of $2.35-$2.45 and FY12 revenue of $7.3B. In mid-morning trading, Zipcar surged 48.67% to $12.25, Avis Budget advanced 5.10% to $20.83, and shares of Hertz (HTZ), Avis' primary rival, rose 3.07% to $16.77. Meanwhile, shares of I.D. Systems (IDSY), which struck a partnership agreement with Avis Budget during early 2012 to deploy a new generation of wireless vehicle rental technology, slid 38c, or 6.44% to $5.45, though Avis did state during its conference call that its merger with Zipcar is not expected to impact its existing agreement with I.D. Systems.
News For CAR;ZIP;HTZ;IDSY From The Last 14 Days
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December 19, 2014
16:45 EDTHTZGeneral Motors, Hertz in pact for purchase of GM vehicles
On December 15, The Hertz Corporation (HTZ) and General Motors (GM) entered into an agreement relating to Hertz’s purchase of GM vehicles for the 2015 vehicle model year. The agreement also sets forth the terms and conditions related to GM’s repurchase of a portion of the vehicles purchased by Hertz under the agreement.
December 18, 2014
09:21 EDTHTZOn The Fly: Pre-market Movers
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December 17, 2014
18:34 EDTHTZOn The Fly: After Hours Movers
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17:12 EDTHTZCarl Icahn raises stake in Hertz to 11.34% from 10.77%
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09:10 EDTIDSYI.D. Systems receives follow-on contract from Nestlé
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08:39 EDTCARAvis Budget agrees to acquire licensee for Norway, Sweden, Denmark for $50M
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08:38 EDTCARAvis Budget agrees to acquire licensee for Norway, Sweden, Denmark for $50M
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December 15, 2014
08:46 EDTCARAvis Budget to combine three operating regions into two
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December 11, 2014
10:31 EDTCARAvis Budget, Inspirato sign exclusive partnership agreement
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December 10, 2014
08:03 EDTHTZHertz expands across Europe with more than 80 branches in 2014
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