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Barclays upped its rating for Advance Auto Parts stock.
Review | Preview| Follow Up: Retail Stocks Our recent bullish story on Advance Auto Parts (“On the Road to Recovery,” July 29) ran into a brick wall last week when the company reported second-quarter adjusted earnings per share of $1.58, below analyst expectations of $1.66. Advance said the quarter was hurt by the accounting impact of inventory reductions and higher expenses, primarily on investments to improve customer service and reduce employee turnover. Advance Auto remains an attractive self-help story, with the turnaround expected to become more clear in the fourth quarter and beyond.
The recent tumble in shares of auto-parts retailers can in part be attributed to a lull in new car sales from 2008 to 2010.