KMX News & Events

Starboard Value's Jeff Smith says Carvana (CVNA) and others have been catching up, but CarMax (KMX) has "the best of both worlds" with digital and physical assets in car buying and that its business is "fairly easy to fix." Starboard buying into CarMax at tangible book value, noted Smith, who adds that CarMax "shouldn't be directly disrupted" by AI. This morning, CarMax confirmed that its board of directors received a notice from Starboard Value, nominating two directors for election to the company's board. Smith is being interviewed on Bloomberg TV.

CarMax confirmed that its board of directors received a notice from Starboard Value LP, nominating two directors for election to the company's board at the 2026 Annual Meeting of Shareholders and issued the following statement from Tom Folliard, Executive Chair of the Board: "CarMax has been taking the necessary steps to ensure that this business delivers on its potential and is responsive to shareholders. Our engagement with Starboard to date has been productive and we remain focused on continued constructive conversations. We are pleased that Starboard agrees with our Board that Keith is the right leader to deliver on the potential of this business." The company added: "The CarMax Board has taken a series of steps to improve the performance of the business, including accelerating its succession planning in early November by installing interim leadership of David McCreight and Tom Folliard. On February 12, the Board appointed Keith Barr as the next CEO of CarMax, who will start in his role on March 16. The Board remains committed to providing active oversight to enhance long-term shareholder value. CarMax's Board of Directors will present its recommendation on the proposed nominees in due course. CarMax shareholders are not required to take any action at this time."

Stock futures are modestly lower in choppy pre-market trading as traders weigh shifting oil prices and a key inflation report. Markets are trading cautiously with volatile energy prices and ongoing geopolitical tensions in the Middle East.The dominant macro driver remains the energy market. Oil prices, which spiked above $100 and briefly approached $120 earlier in the week amid fears of disruptions to shipping through the Strait of Hormuz, have retreated significantly and are now trading below $90 after talk of a coordinated release of emergency reserves. The International Energy Agency is considering recommending a record release of roughly 400M barrels from global strategic stockpiles in an effort to stabilize energy markets following the conflict-driven supply shock, reports indicate.Despite the pullback in crude, markets remain sensitive to geopolitical developments. Reports of attacks on commercial vessels near the Strait of Hormuz have reinforced the fragility of global energy supply routes and kept risk sentiment unstable.Investors are also weighing inflation data that showed consumer prices rising in February. The consumer price index was up 0.3% on a month-over-month basis and up 2.4% compared to last year, both of which matched consensus.In pre-market trading, S&P 500 futures fell 0.23%, Nasdaq futures fell 0.20% and Dow futures fell 0.37%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -Nebiusup 10% after announcing $2B investment from Nvidiain strategic partnership to develop and deploy the next generation of hyperscale cloud for the AI marketUniFirstup 7% after entering into a definitive agreement under which Cintaswill acquire the company for $310.00 per share in cash and stockCarMaxup 6% after Starboard Value established a $350M stake in the companyUpstartup 2% after reporting its plan to submit an application to the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation to establish an insured national bankUP AFTER EARNINGS -Target Hospitalityup 11%Oracleup 9%Sprinklrup 8%DOWN AFTER EARNINGS -AeroVironmentdown 11%Groupondown 11%Campbell'sdown 5%Cadredown 5%