Advance Auto Parts ( AAP -7.38%) stock plummeted nearly 16% in early trading Thursday before clawing back some losses in the afternoon. As of 12:15 p.m. ET, Advance Auto Parts stock remains down -- but only 9.5%.

Key Takeaways Advance Auto Parts cut its earnings outlook as it entered a new $1 billion credit facility.The auto parts retailer's new loan runs for five years.Advance Auto Parts exceeded profit and sales estimates in the second quarter.