Why Avis Budget Group Inc. (CAR), Devon Energy Corp (DVN) and SolarCity Corp (SCTY) Are 3 of Today’s Best Stocks

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Stocks rallied Monday as oil prices hit their highest levels of 2016, helping equities do the same. And as Federal Reserve Chair Janet Yellen indicated, any increases to interest rates will come at a moderate pace.

Why Avis Budget Group Inc. (CAR), Devon Energy Corp (DVN) and SolarCity Corp (SCTY) Are 3 of Today's Best Stocks

The S&P 500 started the week with a gain of 0.49%, while the Dow Jones Industrial Average added 64%. The Nasdaq Composite gained 0.53%.

As stocks hit their highest levels of the year, Avis Budget Group Inc. (NASDAQ:CAR), Devon Energy Corp (NYSE:DVN) and SolarCity Corp (NASDAQ:SCTY) ripped higher to rank among Monday’s top stocks.

Avis Budget Group Inc. (CAR)

Shares of car rental giant Avis Budget Group climbed 7.2% on heavy volume after Chief Financial Officer David Wyshner said industry pricing-pressure is ebbing. The CAR CFO made the comments before analysts and investors at a Goldman Sachs conference.

According to Bloomberg, “[i]n February, Avis sank after forecasting 2016 earnings that that trailed analyst estimates, and the stock fell again on May 3, when the company reported a wider-than-expected loss for the first quarter.”

However, Wyshner did not offer up any revisions to CAR’s guidance at the Goldman conference. Shares of CAR are down 10% year to date.

Devon Energy Corp (DVN)

Natural gas producer Devon Energy soared 4.5% after the Oklahoma-based company said it sold $1 billion in assets. DVN sold east Texas assets for $525 million, holdings in the Anadarko Basin’s Granite Wash area for $310 million and some Midland, Texas area assets for $139 million.

DVN said it has now sold $1.3 billion worth of upstream assets. Shares of DVN and rival energy producers were also boosted by oil’s ascent to its highest levels of 2016 on Monday.

SolarCity Corp (SCTY)

Elon Musk’s SolarCity surged 10.7% after a Credit Suisse analyst said loans for residential solar installations — SCTY’s marquee market — will rise next year.

According to Investor’s Business Daily, the analyst said he expects that residential solar installations, such as those performed by SCTY, “will top leases and PPA options” in 2017.

Credit Suisse estimates homeowners opting for the SCTY loan over the power purchase agreements, or PPA, would realize some cost savings. Loans for residential solar installations could also help SCTY enter new markets.

As of this writing, Todd Shriber did not own any of the aforementioned securities.

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Todd Shriber has been an InvestorPlace contributor since 2014.


Article printed from InvestorPlace Media, https://investorplace.com/2016/06/avis-budget-group-inc-car-devon-energy-corp-dvn-solarcity-corp-scty-3-todays-best-stocks/.

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