Shares of Advance Auto Parts, Inc. have gained more than 11% today after The Wall Street Journal reported last night that Jeffrey Smith 's Starboard Value would reveal a 3.7% stake in the company during the Capitalize for Kids, Sohn Canada Conference in Toronto today, where he is one of the presenters . The new stake in Advance Auto Parts comes just a day after Smith waded into the melee between Media General Inc , Nexstar Broadcasting Group, Inc. , and Meredith Corporation , announcing that he would use his 4.5% stake in Media General to launch a proxy battle if necessary, to ensure shareholders get the best possible outcome in the case.