Shares of several auto components and automobile stocks are trading lower in sympathy with Advance Auto Parts after the company reported worse-than-expected Q1 financial results and cut FY23 EPS and revenue guidance below estimates.
Portfolio Pulse from Benzinga Newsdesk
Auto components and automobile stocks are trading lower following Advance Auto Parts' worse-than-expected Q1 financial results and reduced FY23 EPS and revenue guidance.
May 31, 2023 | 4:32 pm
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NEGATIVE IMPACT
Advance Auto Parts reported worse-than-expected Q1 results and lowered FY23 guidance, causing a drop in its stock price.
Advance Auto Parts' disappointing Q1 results and lowered FY23 guidance directly impact its stock price, causing it to drop. Investors may lose confidence in the company's performance, leading to a negative short-term impact on the stock.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100