Advance Auto Parts Stock Plummets After Earnings Miss

AAP opened at its lowest level in more than three years

Deputy Editor
May 31, 2023 at 10:08 AM
facebook X logo linkedin


Advance Auto Parts, Inc. (NYSE:AAP) is plunging this morning, last seen down 30.9% at $77.57 following the retailer's first-quarter earnings report. Advance Auto Parts' earnings of 72 cents per share came in well below the $2.57 consensus estimate, and the company cut its quarterly dividend. 

On the charts, AAP is trading at its lowest level in more than three years. The equity is pacing for its worst single-session loss in more than two years as well, and sits nearly 58% lower over the last 12 months. The car parts retailer has also made its way onto the short sale restricted (SSR) list.

Today's options activity is going wild. So far,6,022 puts and 4,487 calls have been exchanged, which is 47 times the intraday average. The most popular position is the weekly 6/2 75-strike put, followed by the 90-strike call in the same series. New positions are being opened at both contracts. 

Before the event, options traders were more optimistic than usual. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), AAP's 50-day call/put volume ratio of 1.52 sits in the 90th percentile of its annual range.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI