Avis Budget Group Slides Despite Higher Q4 Earnings

Avis Budget Group, Inc. (CAR) shares are sliding more than 13 percent on Tuesday morning trade, despite the company reported profit for the fourth quarter, compared to loss last year. Revenue for the quarter surged 90 percent from the previous year.

The global provider of mobility solutions recorded fourth-quarter net profit of $382 million or $6.63 per share compared to net loss of $90 million or $1.29 per share. Excluding items, Avis Budget Group Inc. reported adjusted earnings of $408 million or $7.08 per share for the period. Analysts were looking for $6.15 per share.

Revenue for the quarter increased to $2.569 billion from $1.355 billion a year ago.
Currently, shares are at $170.97, down 12.12 percent from the previous close of $194.71 on a volume of 1,694,007. For the 52-week period, the shares have traded in a range of $40.25-$545.11 on average volume of 979,353.

Yandex Stock Jumps 13% After Reporting Q4 Results, FY22 Outlook

Shares of Yandex N.V. (YNDX) are gaining over 13% on Tuesday morning after the Russian internet company reported fourth-quarter results and full-year 2022 outlook. YNDX is currently trading at $51.33, up $6.15 or 13.61%, on the Nasdaq.

Revenues for the fourth quarter was RUB 110.328 billion, up from RUB 71.599 billion last year.

Fourth-quarter net loss of RUB 4.428 billion or RUB 12.19 per share, compared to net income of RUB 316 million or RUB 0.81 per share last year.

Looking forward, the company expects total group revenues to be between RUB 490 billion and RUB 500 billion for the full year 2022.

Bar Tulix to Serve Mexican in the Former Burger & Barrel Space in Soho

A new location of Charles Pan-fried Chicken, options at the Moynihan Food Hall, and more restaurant news.

By Florence Fabricant

European Economics Preview: UK Unemployment Data Due

Unemployment from the UK and economic confidence survey results from Germany are due on Tuesday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics releases UK unemployment data for December. The jobless rate is seen unchanged at 4.1 percent in three months to December.

At 3.00 am ET, Spain’s INE is slated to issue revised consumer and harmonized consumer prices for January. Also, GDP data from Hungary and Slovakia are due.

At 3.30 am ET, GDP, consumer spending and foreign trade figures are due from the Netherlands.

At 5.00 am ET, Germany’s ZEW economic confidence survey results are due. The economic confidence index is forecast to rise to 55.0 in February from 51.7 in January.

In the meantime, Eurostat publishes euro area GDP data and foreign trade figures. The currency bloc is forecast to grow 0.3 percent in the fourth quarter, in line with the flash estimate.

Map shows Russian forces surrounding Ukraine on three sides

New York (CNN Business)Wall Street’s Russia-Ukraine fears eased Tuesday morning after Russia announced it is withdrawing some troops following the completion of recent drills near Ukraine.

The Dow (INDU) jumped about 280 points, or 0.8%. The S&P 500 (SPX) surged 1% and the Nasdaq (COMP) was1.5% higher.
Investors have been concerned that an armed Russian conflict with Ukraine could badly damage the global economy. A war could send prices surging in regions that have already been struggling with rapidly rising inflation, especially as energy supplies could be disrupted in the middle of a conflict. Russia is a major exporter of oil and particularly natural gas.

US oil futures tumbled about 3.5%. That’s despite the fact that Russia stressed Tuesday that major military exercises would continue.

The market reaction to signs of potential de-escalation is the latest example of investors hanging on nearly every headline emerging from the crisis.

The Dow and S&P 500 have declined three days in a row, including a drop on Monday that came after the State Department announced the closure of the US embassy in Kyiv.
US oil prices jumped above $95 a barrel Monday for the first time since 2014 on concerns about the Russia-Ukraine conflict. However, crude reversed course Tuesday morning, falling to $92 a barrel.

12 Natural Wines to Drink Now

For 20 years, natural wine has been dismissed as a fad or a fraud. Yet more people make it, more drink it and good bottles are easier to find.

By Eric Asimov

ConocoPhillips Shares Down 3% On News Of Sale Of Permian Basin Operations

Shares of energy company ConocoPhillips (COP) are down 3% percent on Tuesday’s trading following reports that the company is looking to sell its operations worth more than $1 billion in the Permian Basin. The sale would cut down ConocoPhillips’s position in the Delaware region within the larger Permian Basin situated in West Texas and New Mexico.

This development comes after the company became one of the basin’s biggest producers with its $9.5 billion acquisition of Royal Dutch Shell Plc’s Permian operations in December.

Currently at $89.33, the stock has traded between $47.51 and $94.93 during the past 52 weeks.