Avis Budget (CAR) Stock is the ‘Chart of the Day’
NEW YORK (TheStreet) -- Avis Budget Group (CAR) - Get Report stock is rising 2.27% to $44.18 in midday trading on Friday as the stock rebounds slightly from earlier this week, when the company reported lower than expected 2015 third quarter financial results and lowered its 2015 earnings guidance.
After the market close on Monday, the car rental company reported earnings of $1.98 per share on $2.58 billion in revenue for the latest quarter, missing estimates of $2.02 per share on $2.6 billion in revenue.
Avis Budget lowered its full year earnings guidance $3.10 to $3.25 per share, from its previous outlook of $3.15 to $3.45 per share.
The Street's Chris Versace and Bob Lang have identified Avis Budget as the "Chart of the Day." Here's what they had to say about the company:
Avis Budget Group has fallen sharply this week and on very heavy turnover. That is not a good sign if you are bullish, and the stock price has followed through to the downside.
We see the gap above the 200-day moving average this week. Then the sharp gap down has left what is known as an "abandoned baby" pattern, which obviously in this case is bearish.
Support lies about 10% lower in the $39 area, and the Moving Average Convergence Divergence is on a sell signal.
Chris Versace and Bob Lang's "Chart of the Day: CAR" was originally published on 11/06/15 on Trifecta Stocks.
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