1 of 1
Story summary
- Avis Budget Group shares rose to a record near $850 on Wednesday.
- The stock fell 38% and settled around $417 in Thursday pre-market, a further 6% drop.
- Wednesday options volume topped 200,000 contracts, pushing implied volatility to 235%, far above the S&P 500’s 20%.
- Charles Schwab said margin rules changed on April 9, requiring 100% cash trading.
- Pentwater Capital Management and SRS Investment Management dominate the limited float, restricting free trading.
