An activist investor, Starboard LP has taken a 3.7% minority stake in Advanced Auto Parts (AAP). Here are a couple of articles from seeking alpha and the WSJ if you are interested in this development. Seeking Alpha WSJ Its true that AAP has been hot, and the Starboard development helped it push 10%, helping it crack the previous high on the year, making a new one at 192.50 so far. It has weathered the stock market correction and still looks like it has momentum on its back for further upside above 192.50.AAP Weekly Chart 9/30 (click to enlarge)As an AAP-bull, I like the fact that price rebounded sharply after the sharp dip at the end of August. It maintained the bullish bias with price holding above the 200-, 100-, and 50-week SMAs, and also confirmed the consolidation range between roughly 140-160 as a support, or springboard for the next bullish swing. For these reasons, I believe that AAP has upside potential even without the Starboard development. Now, the 200-psychological market should be the next key resistance level. This is not too far away, and is a very viable target in the medium-term (in the next few months).