Stock Alert: Avis Budget Group Up 9%

(RTTNews) - Shares of Avis Budget Group Inc. (CAR) are rising more than 9 percent or $1.44 in Thursday's morning trade at $16.80. The stock has traded in a range of $6.35 to $52.98 in the past 52 weeks.

Automotive and related stocks are advancing on hopes of a rebound in auto sales and leisure travel as the U.S. gradually reopens parts of the economy. Avis Budget has said it expects a gradual recovery in revenues from June and improving thereafter, as shelter in place restrictions are lifted and leisure travel begins to resume. The company's current reservations show improvement in June and sequentially increase over the balance of the summer.

Parsippany, New Jersey-based Avis Budget provides car and truck rentals, car sharing, and ancillary services to businesses and consumers.