Advance Auto Stock Skids 22%. Earnings Miss Overshadows $1.5 Billion Sale of Worldpac.

Shares of Advance Auto Parts were tumbling as a tough quarterly report from the car-parts retailer outweighed the announcement of a $1.5 billion sale of a parts distribution business. Advance Auto stock was down 22% to $48.28 in premarket trading, putting it on track for its largest percentage decrease since May 2023, according to Dow Jones Market Data. The company on Thursday announced that it has entered an agreement to sell Worldpac, an automative parts wholesale distribution business, to funds managed by private-equity firm Carlyle Group for $1.5 billion in cash.