Avis Budget OKs $1 billion share buyback plan

Avis Budget Group Inc. said Wednesday its board has approved a $1 billion increase to the car-rental company's existing share buyback authorization. Avis has about $1.16 billion of available share repurchase authorization remaining as of Wednesday. Shares of Avis rose nearly 8% in midday trading Wednesday, and are up 276% in the past 12 months, which compares with gains of around 9.3% for the S&P 500 index.

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