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Here’s Why Avis Budget (CAR) Stock is Tanking Today

NEW YORK (TheStreet) -- Avis Budget Group (CAR - Get Report) stock is plunging 7.13% to $22.94 in afternoon trading on Monday after car rental company Hertz Global Holdings (HTZ) issued weak 2016 first quarter and full year revenue guidance because of increased pricing competition.

Hertz Global expects U.S. car rental revenue per available car day to drop 2.5% to 3.5% year-over-year for the first quarter. For the full year, revenue is expected to be flat or to decline 1.5%, compared with the previous outlook of a 1.5% to 2.5% increase.