$Avis Budget(CAR.US)$ soared to record highs on Tuesday, jumping as much as 212% as a short-squeeze took over the stock, while its option soared over 10000%!
I just missed a chance to turn $1000 bucks to $10,000.
The car rental company has just over 20% of its shares shorted, according to data from Koyfin. With the stock at all-time-highs, that means every short position is underwater. And given Tuesday's market value gain of more than $25 billion, the shorts are already down billions of dollars.
Avis is a popular short with institutional investors that employ a pair-trading strategy, meaning while they're betting against the stock, they're also long shares of $HERTZ GLOBAL HOLDINGS INC(HTZGQ.US)$, a competing car rental company. Hertz only has a short interest of 0.5%.

By Danilo
Hey, mooers! Here are things you need to know before the opening bell:
- U.S. stock futures rose in morning trading Tuesday as investors await a slew of major technology earnings with the broader market at a record high.
- Hertz's major bulk purchase could help Tesla get more of its cars into the hands of mainstream consumers. Tesla shares surged on the news.
Market Snapshot
U.S. stock futures rose in morning trading Tuesday as investors await a slew of major technology earnings with the broader market at a record high.
$Dow Jones Industrial Average(.DJI.US)$ futures were up about 99 points. $S&P 500 Index(.SPX.US)$ futures and $NASDAQ 100 Index(.NDX.US)$ futures also both traded in positive territory.
Market Temperature
Read More: Market Temperature (10/26)
Top News
S&P, Dow rise to fresh record highs
U.S. stocks marched higher ahead of a big week of earnings from major technology companies. $Tesla(TSLA.US)$'s market cap ballooned above $1 trillion for the first time.$S&P 500 Index(.SPX.US)$$Dow Jones Industrial Average(.DJI.US)$
Fed prepares to taper stimulus amid more doubts on inflation
Federal Reserve officials are set to wind down their $120 billion-a-month bond-purchase program in November, but questions over how soon inflation pressures will fade are creating more uneasiness inside the central bank.
Energy-stock surge leaves climate-focused investors behind
Gains in energy stocks are testing investors who long avoided shares of fossil-fuel producers but are now missing out on the year's top trade.
Buyout firms set record for debt-fueled payouts
Private-equity firms have borrowed over $58 billion this year for dividend recapitalizations, loans that fatten managers' wallets but saddle their companies with debt.
Facebook posts slower sales growth with Apple privacy policy
The social-media giant's primary revenue source saw slower growth in the first full quarter since Apple required apps to ask users whether they want to be tracked. $Facebook(FB.US)$$Apple(AAPL.US)$
Tesla surpasses $1 trillion in market value as Hertz orders 100,000 vehicles
$HERTZ GLOBAL HOLDINGS INC(HTZGQ.US)$'s major bulk purchase could help $Tesla(TSLA.US)$ get more of its cars into the hands of mainstream consumers. Tesla shares surged on the news.
Mastercard partners with Bakkt to bring cryptocurrency payments to the masses
Banks will be able to issue debit or credit cards that let people pay with bitcoin and earn cryptocurrency as rewards.$MasterCard(MA.US)$$Bakkt Holdings(BKKT.US)$
Read More
Elon Musk's fortune soars $36 billion in a day
Nvidia gets a price target boost. Bitcoin's impact on gaming may be ending
A preview of Visa's earnings
Alphabet poised for cloud growth, YouTube ad gains amid year-end risks, BofA says
BKKT shares more than tripled after announcing partnership with Mastercard
Key Events This Week
Source: CNBC, Dow Jones Newswires, Bloomberg

Stocks set to rise as earnings, inflation weighed
Asian stocks looked set to rise Tuesday after a record $S&P 500 Index(.SPX.US)$ close as corporate earnings and progress on President Joe Biden's economic agenda helped sentiment even as the debate over inflation risks intensified.
Australian equities pushed higher, while futures climbed for Japan and were steady for Hong Kong. U.S. contracts advanced. The $NASDAQ 100 Index(.NDX.US)$ outperformed overnight amid a $Tesla(TSLA.US)$ rally to a $1 trillion market value.
Tesla hits $1 trillion market cap for the first time after Hertz says it will buy 100,000 electric vehicles
$Tesla(TSLA.US)$ hit a $1 trillion market cap for the first time after $HERTZ GLOBAL HOLDINGS INC(HTZGQ.US)$ said Monday it would buy 100,000 electric vehicles. News of the deal brought Tesla's stock to a new record high just one trading day after the shares topped $900.
The deal comes more than a year after Hertz filed for bankruptcy protection during the height of the coronavirus pandemic, as demand for travel and rental vehicles dropped.
Facebook shares rise as investors focus on earnings beat and look past whistleblower document dump
$Facebook(FB.US)$ shares rose in extended trading on Monday after the company reported better-than-expected third-quarter earnings while revenue missed estimates. The company announced its plans to break out its Facebook Reality Labs into its own reporting segment starting in the fourth quarter.
Facebook said it expects fourth-quarter revenue of $31.5 billion to $34 billion. Analysts were expecting sales of $34.8 billion.
Trump-linked SPAC cools down after short position emerges
$Digital World Acquisition Corp(DWAC.US)$ pulled back Monday following a wild 846% surge last week after a short-seller said it was betting against the Trump-linked special purpose acquisition company.
Shares of Digital World are trading around $89, or nearly nine times the SPAC's in September. The stock, which had traded as high as $122 earlier in the session and $175 on Friday, slipped Monday afternoon as Iceberg Research said on Twitter that it was short DWAC.
PayPal says it's not looking to buy Pinterest right now, shares jump 6%
$PayPal(PYPL.US)$ said in an update on its website that it is "not pursuing an acquisition of Pinterest at this time." Shares of $Pinterest(PINS.US)$ soared last week after Bloomberg first reported that PayPal may acquire the social media company. PayPal's shares were up more than 3% in morning trading Monday on the Nasdaq stock exchange, while shares of Pinterest were down over 12%.
Tesla is towering over megacap tech in the options market
Tesla, despite reporting earnings on Oct. 20, accounted for eight of the top nine most-traded single stock options on Monday.
In contrast, none of $Facebook(FB.US)$, $Alphabet-A(GOOGL.US)$, $Microsoft(MSFT.US)$, $Apple(AAPL.US)$ or $Amazon(AMZN.US)$ options strikes ranked among the 20 most active in Monday trading.
Mastercard partners with Bakkt to bring cryptocurrency payments to the masses
The companies said the partnership will make it easier for banks, financial-technology firms and merchants to offer and accept crypto payments. Banks and other financial institutions that issue cards through Mastercard will be able to issue cryptocurrency debit or credit cards that let people make payments and earn rewards in bitcoin. Other cryptocurrency assets could follow.
$Bakkt Holdings(BKKT.US)$ shares more than tripled to $30.60. $MasterCard(MA.US)$ shares rose 0.6% to $360.86.
Canadian stocks add $191 billion of value in longest rally ever
The Canadian stock market posted its longest streak of gains ever as a rally in commodities pushed the benchmark higher for a 14th straight session.
The $S&P/TSX Composite index(.SPTSX.CA)$ rose 0.3% to an all-time high Monday. It has added about C$237 billion ($191 billion) in market value during its recent winning streak, according to data compiled by Bloomberg. U.S. oil prices hit $85 a barrel for the first time since 2014 and metals prices also climbed, fueling Monday's rally. Energy and materials make up about 25% of the Canadian benchmark.
Source: Bloomberg, WSJ, CNBC