Avis Budget (CAR) Stock Falls 38% After Soaring to $850 High

AI Summary

Avis Budget Group's (CAR) stock experienced extreme volatility, surging from under $100 to nearly $850 before closing down 38% in one session. The stock fell another 6% in premarket trading, with recent prices around $417 per share. Options trading soared with over 200,000 contracts traded and implied volatility hitting 235% compared to 20% in the S&P 500. Due to these fluctuations, margin requirements changed for brokers, necessitating that traders with concentrated CAR positions post 100% margin, which could impact liquidity.