Shares of Advance Auto Parts Inc. AAP, -3.97% dropped 3.7% toward a 12-year low in morning trading Tuesday, after S&P Global Ratings downgraded the auto parts retailer’s credit to “junk” status, saying the company’s efforts to improve inventory and product availability have “languished” due to inconsistent execution.
have gained 10.7%, while the S&P 500 SPX, -0.25% has advanced 16.6%.
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