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June 26, 2017, 10:50 a.m. EDT

Avis's stock soars after Waymo support and services deal

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By Tomi Kilgore

Shares of Avis Budget Group Inc. /zigman2/quotes/203618115/composite CAR -0.51% ran up 8.6% in morning trade Monday, after the car rental company announced a deal with Alphabet Inc.'s /zigman2/quotes/202490156/composite GOOGL -0.95% Waymo to provide support and maintenance services for Waymo's self-driving car program. As part of the deal, Avis will enhance some of its rental facilities to offer services and secure parking for Waymo's autonomous vehicle fleet and for its early rider program. The services Avis will offer include cleaning, oil changes, tire rotations, checking and installation of automotive parts and other necessary support and maintenance. "Not only does this partnership enable us to leverage our current capabilities and assets, but it also allows us to accelerate our knowledge and hands-on experience in an emerging area as Waymo-enabled self-driving cars become available in the marketplace," said Avis Chief Executive Larry De Shon. The deal also helped lift shares of rival rental car company Hertz Global Holdings Inc. up 7.3% in morning trade Monday. Despite Monday's rally, Avis's stock has still dropped tumbled 28% year to date, Hertz shares have plunged 52% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.87% has gained 9%.

/zigman2/quotes/203618115/composite
US : U.S.: Nasdaq
$ 81.90
-0.42 -0.51%
Volume: 1.49M
May 11, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$5.75 billion
Rev. per Employee
$270,100
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/zigman2/quotes/202490156/composite
US : U.S.: Nasdaq
$ 2,270.06
-21.69 -0.95%
Volume: 1.71M
May 11, 2021 4:00p
P/E Ratio
30.22
Dividend Yield
N/A
Market Cap
$1552.00 billion
Rev. per Employee
$1.35M
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/zigman2/quotes/210599714/realtime
US : S&P US
4,152.10
-36.33 -0.87%
Volume: 2.44B
May 11, 2021 5:24p
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