CarMax Surges After Boosting Its Share Repurchase Program

After increasing its share repurchase program, CarMax, Inc. (KMX) shares surged on Thursday, making it TheStreet's Move of the Day. The country's largest used-car retailer announced that it is boosting its buyback plan by $2 billion dollars which almost doubles the amount it will spend on the program over two years. CarMax's board of directors approved the new plan, because it expects to use other means to fund the company's expansion plans. CarMax says it will use a combination of cash from its operations as well as its credit facility. Shares of CarMax gained more than 9% on more than double its normal trading volume.