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Business

Avis Budget

Avis Budget Group Inc., the U.S. auto- rental chain, rose the most in almost three years after forecasting annual profit that topped analysts’ estimates on higher values for used cars. Avis jumped 19 percent to $15.67 at the close in New York, the biggest percentage rise since May 5, 2009. The shares have gained 46 percent this year. Avis, based in Parsippany, New Jersey, said it expects adjusted profit of $2.35 to $2.65 a share this year. Analysts in a Bloomberg survey had predicted $1.59, the average of seven estimates. Fleet costs in North America will be 3 percent to 8 percent lower on a per-unit basis than originally forecast.

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