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Actionable news in AAP: ADVANCE AUTO PARTS INC,

Advance Auto's Slow Restoration

Almost a year after highly regarded activist investor Starboard Value added Advance Auto Parts to its collection, the $12 billion retailer reported its biggest drop in same-store sales and worst earnings miss. The rest of the year doesn't look great either, with Advance Auto's new CEO Tom Greco forecasting "some strain" on margins during Tuesday's earnings call.

Starboard is run by Jeff Smith, a roll-up-your-sleeves type of activist who led the turnaround of Olive Garden parent Darden Restaurants beginning in 2014 (he actually waited tables at one point during the process) and is now also tinkering with money-losing chipmaker Marvell Technology. He became Advance Auto's chairman in May, one month after Greco, the former head of PepsiCo's North American Frito-Lay snacks business, was...