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Advance Auto Parts Down 16%

Shares of Advance Auto Parts Inc. (AAP) have slumped 16 percent during Wednesday's trading, continuing their downward trend of the past few days.

The steep drop comes after the company reported a decrease in profit for the third quarter and lowered its adjusted earnings outlook for the full year.

The company's profit for the third quarter totaled $110.98 million or $1.84 per share, down from $169.81 million or $2.68 per share last year.

For full year 2022, the company expects adjusted earnings of $12.60 to $12.80 per share, down from its prior outlook of $12.75 to $13.25 per share.

Currently at $154.10, the stock has traded between $150.36 and $244.55 during the past 52 weeks.

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