Avis Budget Group Inc. (NASDAQ: CAR) on Monday reported total revenue of $1.8 billion in its first quarter, down 9% from the same quarter a year ago.The parent company of Avis Car Rental posted a net loss of $158 million, or loss per share of $2.16. This compares with the $91 million net loss, or $1.20 per share, posted in the first quarter of 2019.Analysts had estimated a loss per share of $1.89 on a revenue of $1.75 billion, according to MarketWatch.The car rental company said it expects revenue in April and May to drop 80% year-on-year as a fallout of the coronavirus (COVID-19) pandemic, but expects business to recover gradually from June onwards as travel resumes.See Also: Hertz Plummets Amid Reports Company Could File For Bankruptcy This WeekView more earnings on CARAvis had $1.6 billion in liquidity at the end of the quarter, including $0.7 billion in cash and cash...
Hertz Global Holdings Inc. (NYSE: HTZ) dropped nearly 24% in after-hours trading on Monday as multiple reports suggested the company is nearing a bankruptcy filing.What HappenedThe car rental company has hired an additional advisor to help prepare for a planned bankruptcy filing, according to The Wall Street Journal.FTI Consulting Inc. was engaged by Hertz to advise on streamlining operations ahead of a possible chapter 11 filing after it missed a deadline on a debt payment last week, people familiar with the matter told WSJ.The Florida-based company previously tapped on investment bank Moelis & Company (NYSE: MC) and law firm White & Case LLP to advise on talks with lenders to restructure the $17 billion debt, WSJ reported last month.In a separate report, Bloomberg said Hertz could file for bankruptcy as soon as late Monday if the talks with lenders on finding alternatives to ease its debt don't materialize.See Also: Uber Has...
True to his word, Tesla Inc (NASDAQ: TSLA) CEO Elon Musk listed two of his houses for sale -- one of which used to be famed actor Gene Wilder's home.Last Friday, Musk said in a series of tweets that he wants to sell all of his "physical possessions" and plans to "own no house." Without clarifying, he said in a follow-up tweet doing so would give him "freedom.""People are still having to move and relocate, even within California," Beverly Hills real estate agent Jade Mills told Bloomberg. "I'm seeing people still having to buy and sell. This isn't necessarily bad timing."Wilder's HouseOne of the houses up for sale on Zillow has an asking price of $9.5 million but with one stipulation: Wilder's old home "cannot be torn down or lose any its soul."The home overlooks the Bel-Air Country Club Golf Course and includes a pool along with a detached guest cottage,...
(Bloomberg) -- Carson Block is predicting a plunge in stocks after they roared back from the coronavirus sell-off in March.“The direction has to be sharply downward,” the renowned short seller and founder of Muddy Waters Capital said in a phone interview.Block finds it hard to believe that equities are trading at their current valuations even though demand has been “crushed” by the pandemic and isn’t likely to recover anytime soon. “It makes no sense,” he said.After crashing into a bear market at its fastest pace on record, the S&P 500 Index has advanced about 27% from its March low. The U.S. equity gauge trades at about 20 times estimated earnings, more expensive than when the measure hit an all-time high in February. “In the medium term, I just can’t see equity values anywhere near where they are today,” Block said. “The underlying economy is on its knees and I just think...
Apple Inc on Monday capitalized on the Federal Reserve's emergency measures in response to the coronavirus outbreak to issue its cheapest bonds in years, making it the latest blue-chip company to do so to fund stock buybacks and dividends. Apple's offering illustrates how companies with the best credit ratings are boosting shareholder returns by tapping cheap debt made available through the Fed's backstopping of the credit markets. Apple shares are virtually flat year-to-date, compared with a 12% drop in the S&P 500 Index ....
Boeing Co sees mass production of its unmanned, fighter-like jet developed in Australia likely happening by the middle of the decade, an executive said on Tuesday, as it rolled out the first of three prototypes. "We are expecting middle of the decade, maybe a bit earlier that this will be in production," Shane Arnott, the programme director of Boeing's Airpower Teaming System, told reporters. Royal Australian Air Force (RAAF) Air Vice-Marshal Catherine Roberts said the Loyal Wingman's role could include carrying weapons in combat and protecting assets like the E-7A Wedgetail early warning and control aircraft as well as being used as a target to shield manned fighter jets such as the F-35A and F/A-18E/F Super Hornet....
