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Avis (CAR) Stock Jumping as Q3 Results Top Estimates

NEW YORK (TheStreet) -- Shares of Avis Budget (CAR) were spiking 13.63% to $36.76 on heavy trading volume on Thursday afternoon after the company reported better-than-anticipated results for the 2016 third quarter.

Following yesterday's closing bell, the Parsippany, NJ-based car rental company posted adjusted earnings of $2.47 per diluted share, surpassing analysts' estimates of $2.33 per share, according to FactSet.

Revenue for the quarter was $2.66 billion, while analysts had projected $2.65 billion.

For 2016, Avis sees adjusted earnings of about $2.93...