Why Advance Auto Parts Stock Swooned Today
Advance Auto Parts's (NYSE: AAP) stock failed to advance on Tuesday, as a downbeat new analyst note on the automotive goods retail industry dampened sentiment on the company. Investors hit the brakes on the stock, causing it to decline by more than 3% in that trading session.
Well before market open that day, Wolfe Research downgraded its recommendation on the industry as a whole to market weight (hold, in other words) from its previous market overweight (buy). As Advance is a bellwether company in the sector, it took a notable hit to its share price.
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Source Fool.com
