Advance Auto Parts cuts guidance, stock collapses

Advance Auto Parts cuts guidance stock collapses

(Finance) – In sharp decline Advance Auto Partswhich shows a -34.4%.

The supplier of components for the automotive aftermarket has cut its estimates for the current year: in particular, earnings per share are expected to be in the $6-6.50 range compared to the $10.20-11.20 range of the previous year guidance.

The trend of North America’s leading distributor of automotive replacement parts in the week, compared toS&P-500notes a lower relative strength of the stock, which could fall prey to sellers ready to take advantage of potential weaknesses.

The technical framework of Advance Auto Parts suggests an extension of the bearish line towards the floor at USD 70.58 with the ceiling represented by the 78.71 area. The forecasts are for an extension of the negative phase to the test of new lows identified at 67.57.