Avis Budget’s Worse-Than-Expected Loss Extends Stock Selloff

Avis Budget Group Inc., one of the market’s most volatile stocks in recent weeks, reported a worse-than-expected quarterly loss the morning after a major investor revealed it sold a portion of its stake, sending shares on a roller coaster ride to start the day’s trading.

The car-rental company lost $8.01 a share during the first quarter, according to a statement Wednesday. Analysts anticipated a loss of $6.87 on average in estimates compiled by Bloomberg. The results included some bright spots, with both revenue and earnings before interest, taxes, depreciation and amortization topping expectations.