Is Advance Auto Parts a Buy?
Shares of Advance Auto Parts (NYSE: AAP) slid 4% last week on news that the auto parts retailer is issuing $1.5 billion in senior unsecured notes to refinance its debt. In layman's terms, it's buying new money to pay off older debt.
Advance Auto Parts has been struggling mightily amid fierce competition from AutoZone and O'Reilly Auto Parts. With the stock down down 67% over the past three years -- and its turnaround efforts showing some positive signs -- is this a good opportunity to go bargain hunting?
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Source Fool.com
