Dan Loeb's Third Point and activist Saddle Point have a stake in Advance Auto Parts and reached a settlement with the company that will give the activists three board seats. Tom Seboldt, Gregory Smith and Brent Windom will join Advance's board effective immediately.
Advance Auto Parts delivers beneficial guidance for 2024, including a reduction in costs and optimization of financial accounting. The potential sale of Worldpac and the Canadian business may enhance the balance sheet and bring in cash. Dividend growth, along with positive market expectations, may attract investor attention.
Advance Auto Parts (NYSE: AAP ) stock is on the move Wednesday after the company released its earnings report for the fourth quarter of 2023. The Advance Auto Parts earnings report starts with diluted earnings per share of -59 cents.
Advance Auto Parts Inc.'s stock jumped 7.5% early Wednesday, after the car parts maker's upbeat profit guidance weighed against a quarterly loss as it continues to overhaul its business and rein in costs.
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