Shares of Advanced Auto Parts (AAP) fell Wednesday after the company reported weaker-than-expected revenue in its first-quarter results, a performance that comes as the company is in the process of overhauling its management team.
Meanwhile, American Airlines (AAL) shares also fell after the airline cut its second-quarter earnings outlook, with the airline citing increased competition as the main reason.
Yahoo Finance’s Brad Smith has more details.
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Video Transcript
Time to look at trending tickers.
Take stock of Advanced Auto Parts, which this morning reported first-quarter earnings and revenue that fell short of Wall Street’s expectations. However, the auto parts retailer did raise its sales forecast for the year, but that wasn’t enough to revive the stock.
Morning CEO Shane O. Kelly said on the company’s earnings call that consumer caution and macroeconomic uncertainty impacted the company’s quarterly results.
Advanced Auto Parts also announced that Ken Bush, senior vice president and chief merchant, will retire from the company after nearly 20 years of service.
Another stock feeling pressure this morning.
We have a lot.
American Airlines AL shares are down about 15%.
The stock decline has weighed on its peers as the airline cut its second-quarter earnings forecast amid growing competition in the airline industry.
Despite surging demand for travel, American Airlines expects revenue per available seat mile to fall by at least 5 to 6 percent.
American Airlines predicted a 1% to 3% decline about a month ago.
The airline also announced that its chief commercial officer will step down in June.
