Avis Budget’s Worse-Than-Expected Loss Extends Stock Selloff (1)

Avis Budget Group Inc., one of the market’s most volatile stocks in recent weeks, reported a worse-than-expected quarterly loss the morning after a major investor revealed it sold a portion of its stake, sending shares on a roller coaster ride to start the day’s trading.

The car-rental company lost $8.01 a share during the first quarter, according to a statement Wednesday. Analysts anticipated a loss of $6.87 on average in estimates compiled by Bloomberg. The results included some bright spots, with both revenue and earnings before interest, taxes, depreciation and amortization topping expectations.

The heavily shorted shares fell as ...