Advance Auto Parts (AAP) & Ambarella (AMBA) Drop After Earnings

Advance Auto Parts (AAP) earnings were released today, May 31st, premarket. Caroline Woods discusses AAP as its adjusted EPS came in at $0.72 versus an estimated $2.60 and its revenue came in at $3.42B versus an estimated $3.43B. She talks about how AAP cut FY23 cash flow guidance from at least $400M to $200M-$300M. She also goes over Ambarella (AMBA) earnings which were released yesterday, May 30th, postmarket. Its adjusted EPS came in at -$0.15 versus an estimated -$0.12 and revenue came in at $62.14M versus an estimated $66.81M. AMBA is down after worse-than-expected earnings and issued lower 2Q revenue guidance. Keybanc downgraded AMBDA to sector weight from overweight. Tune in to find out more about the stock market today.