Advance Auto Parts Inc.'s stock AAP, +1.32% surged 6.4% in premarket trade Wednesday, after New York hedge fund Starboard Value L.P. said it had acquired a 3.7% ownership stake in the auto parts retailer.
In a letter to Advance Auto's Chief Executive Darren Jackson, Starboard Managing Member Jeffrey Smith wrote that the stock could achieve a price of $350, which is more than double Tuesday's closing price of $170.53. "We believe that the current market price of Advance does not fully reflect the valu...
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