Why Advance Auto Parts Shares Are Spiraling 22% Lower
Shares of Advance Auto Parts (NYSE: AAP), one of the industry's leading retailers of aftermarket automotive parts, tools, and accessories for the do-it-yourself (DIY) consumer, are spiraling 22% lower as of 10:45 a.m. EDT after the company released second-quarter results that had investors jumping ship.
Considering Advance Auto Parts' 22% plunge Tuesday morning, you might expect a more drastic top and bottom-line decline than what's been reported. Advance's top-line revenue checked in at $2.26 billion, which was right on point with analysts' estimates, and its adjusted earnings per share checked in at $1.58, which missed analyst expectations for $1.65 per share -- but not the type of miss you'd expect for a decrease in share price of more than 20%.
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Source: Fool.com
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