Advance Auto Parts Inc. (AAP) shares were down 23% to $84 in midday trading Tuesday after the company missed analysts' second quarter earnings expectations and lowered its full year guidance thanks in part to persistent industry headwinds. 

The company reported second quarter earnings of $1.58 per share, seven cents short of expectations, while revenue of $2.26 billion was in line with estimates. 

Guggenheim published a note on the company post earnings, saying "In our view, the industry headwinds that have been highlighted by AAP's public peers will only further complicate the margin dynamics associated with the company's recovery."

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