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27.02.2020 16:18:04

Avis's stock leads all Dow transports lower, plunges toward worst 5-day stretch since financial crisis

Shares of Avis Budget Group Inc. plunged 13.0% in morning trading, enough to pace all 20 of the Dow Jones Transportation Average components losing ground. The stock has now plummeted 37.7% amid a 5-day losing streak since closing at a 23-month high on Feb. 20, after the car rental company reported better-than-expected fourth-quarter earnings. That's the worst 5-day stretch for the stock since it lost 63.1% over the 5-session stretch ending Nov. 21, 2008, when the stock closed at 38 cents, in the midst of the financial crisis. Meanwhile, the Dow transports has lost 14% over the past five days and the Dow Jones Industrial Average has shed 2,886 points, or 9.9%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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