NEW YORK (Reuters) – Advance Auto Parts’s stock was on track for its biggest daily percentage drop since the company went public in 2001 and drove a selloff in other auto parts retailers Thursday after the company cut its full-year forecast. Advance Auto’s shares were last down 33.7% at $74.44, and hit their lowest level […]
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Advance Auto eyes record daily percentage drop after forecast cut
NEW YORK (Reuters) – Advance Auto Parts’s stock was on track for its biggest daily percentage drop since the company went public in 2001 and drove a selloff in other auto parts retailers Thursday after the company cut its full-year forecast.
Advance Auto’s shares were last down 33.7% at $74.44, and hit their lowest level since March 2020.
Shares of Genuine Parts Co were down 5.3%, while Autozone was down 4.6% and O’Reilly Automotive slipped 3.4%.
Advance Auto cited elevated raw material, labor and freight costs as it reported results and gave its guidance. Its forecast cut follows a recent disappointing outlook from Foot Locker and underscores weakness in some areas of retail this earnings season.
(Reporting by Caroline Valetkevitch)