AAP Stock Recent News
AAP LATEST HEADLINES
Although Advance Auto (AAP) is currently trading near its 52-week low with a plan of action in place, it's not worth buying the stock now, given various near-term headwinds.
Aftermarket auto parts retailer Advanced Auto Parts Inc. NYSE: AAP has dramatically underperformed its Auto/Tires/Trucks sector peers. Its shares are trading down 66.8% year-to-date (YTD) compared to O'Reilly Automotive Inc. NASDAQ: ORLY shares trading up 15.2% and AutoZone Inc. NYSE: AZO trading up 8.1% YTD.
Advance Auto Parts slashed its earnings guidance again and flipped from a profit to a loss. Further, the auto parts provider's "strategic review" update was underwhelming.
The company's turnaround, which has been under way since before the pandemic, has seen roadblocks.
Advance Auto Parts layoffs (NYSE: AAP ) are the talk of Wall Street lately after the retail chain announced it will eliminate roughly 400 positions at it's third-quarter earnings report on Wednesday. Indeed, AAP stock is down about 7.5% at the time of writing as the formerly profitable car parts company struggles to reconcile falling revenue.
Advance Auto Parts Inc (NYSE: AAP) has lost an alarming 65% already over the past nine months but a Bank of America analyst says the free fall may not be over just yet.
Hundreds of U.S. companies have slashed their workforces this year, including Amazon, Google, Meta and Disney.
For full-year 2023, Advance Auto (AAP) now estimates net sales in the band of $11.25-$11.30 billion compared with the previously guided range of $11.25-$11.35 billion.
Advance Auto Parts, Inc. (NYSE:AAP) said it is taking “decisive action” to position itself for long-term success and create meaningful value for shareholders after swinging to a surprise third-quarter loss. In a statement, recently appointed CEO Shane O'Kelly commented: “Since joining Advance, I have partnered with the board and management team to move with speed in conducting a comprehensive review of the business.
Advance Auto Parts estimates fiscal-year earnings of $1.40 to $1.80 a share, well below previous guidance.