SHAK, SCHW, HRB, DD and more
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Take a look at the companies making the biggest moves in premarket trading:
Shake Shack – The fast-food chain saw its shares jump nearly 4% after the Wall Street Journal reported that activist investor Engaged Capital is planning a proxy fight for three company board seats. Engaged Capital acquired a 6.6% stake including swaps.
Charles Schwab — Shares in the brokerage firm rose 2.4% in premarket trading. Raymond James said in a note on Monday that Schwab’s core banking business remains strong, which could help the stock rise as much as 30%. On Friday, the company said total customer capital rose 1% from March to April to $7.63 billion.
Magellan Midstream Partners, Oneok — Shares of Magellan Midstream Partners rose 15.5% after announcing that pipeline operator Oneok is acquiring the company for about $18.8 billion. The Oneok share fell 5.5 percent.
H&R Block, Intuit — The tax preparers fell 9.3% and 4.3%, respectively, after a Wall Street Journal report about the Biden administration’s potential creation of a government-run online tax filing program. The IRS will release the report this week, the paper said. The agency has viewed it as part of the Inflation Reduction Act.
SoFi Technologies — Shares fell nearly 6% in the premarket after a Wedbush downgrade to underperform from neutral. The Wall Street firm said SoFi’s fee income could reach a tipping point and it may need to raise capital this year to support growth.
Albemarle — Shares rose 2.7% after an upgrade to outperform Baird. The firm said the lithium company could be a leader in both the near and long term.
Dupont De Nemours– Shares rose 2.7% in premarket trading after Deutsche Bank upgraded the chemical company to buy from hold. The Wall Street firm said the stock was trading at a 50% discount to its peers.
— CNBC’s Yun Li, Alex Harring and Brian Evans contributed reporting.