Why Advance Auto Parts, Inc. (AAP) Soared Today

We recently published a list of These 10 Stocks Soared by Double Digits Today! In this article, we are going to take a look at where Advance Auto Parts, Inc. (NYSE:AAP) stands against other stocks that soared today.

Advance Auto Parts soared by 57.04 percent on Thursday to close at $49.17 apiece as investors cheered the company’s maintained full-year outlook despite the threats of higher tariffs.

In its financial statement, Advance Auto Parts, Inc. (NYSE:AAP) maintained its guidance for net sales from continuing operations, between $8.4 billion and $8.6 billion, with same-store sales growth between 0.5 percent and 1.5 percent.

A manufacturing facility floor filled with an array of automotive parts and accessories.

“The recently implemented tariffs have created a highly dynamic economic environment. Despite this, the team is staying focused on the turnaround and our path ahead. We are reaffirming our annual guidance based on performance to date, expected progress on our strategic initiatives for the balance of the year, and our planned mitigation actions for the tariffs currently in effect,” said Advance Auto Parts, Inc. (NYSE:AAP) President and CEO Shane O’Kelly.

In the first quarter of the year, Advance Auto Parts, Inc. (NYSE:AAP) reported a 41-percent increase in net income from continuing operations, at $24 million versus the $17 million registered in the same period last year.

Net sales, however, decreased by 6.8 percent to $2.583 billion from $2.772 billion year-on-year.

Overall, AAP ranks 2nd on our list of stocks that soared today. While we acknowledge the potential of AAP, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than AAP and has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.