After activist investor Starboard Value disclosed its holdings of $350 million in CarMax shares, CarMax (KMX) stock surged approximately 6.79% in pre-market trading to $45. Starboard nominated two directors and called for accelerating digital transformation, reducing costs, and adopting a more dynamic pricing mechanism, claiming this could save about $300 million. In the 12 months prior to the announcement, the stock had fallen approximately 43%.