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Stock Market & Financial Investment News

News Breaks
January 2, 2013
10:34 EDTCAR, ZIP, HTZ, IDSYZipcar, 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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July 28, 2014
14:01 EDTCARBudget Car Rental expands presence in Argentina
Budget Car Rental announced that it has expanded its operations in Argentina with the opening of three new rental facilities. The new locations include one at Ezeiza International Airport in Buenos Aires, another at Jorge Newbery Airfield and an off-airport location in Belgrano. Budget is owned by Avis Budget.
July 23, 2014
08:53 EDTIDSYI.D. Systems management to meet with Lake Street
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July 22, 2014
08:14 EDTIDSYI.D. Systems appoints Norman Ellis as COO
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July 16, 2014
14:14 EDTCARAvis to use space in Tesco lots under new test, Guardian reports
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