Biggest Stock Premarket Moves: Shake Shack, Charles Schwab, H&R Block, Dupont And More

Shake Shack: The stock of fast food chain Shake Shack experienced a nearly 4% increase after the Wall Street Journal reported that activist investor Engaged Capital intends to engage in a proxy fight for three board seats at the company. Engaged Capital has acquired a 6.6% stake, including swaps.

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Charles Schwab: Pre-market trading saw a 2.4% rise in the stock of brokerage firm Charles Schwab. Raymond James noted in a report that Schwab's core banking business remains robust, which could potentially lead to a stock gain of up to 30%. The company recently announced that total client assets increased by 1% from March to April, reaching $7.63 billion.

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Magellan Midstream Partners, Oneok: Following the announcement of pipeline operator Oneok's acquisition of Magellan Midstream Partners for approximately $18.8 billion, shares of Magellan Midstream Partners surged by 15.5%. Conversely, Oneok shares experienced a 5.5% drop.

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H&R Block, Intuit: Tax preparers H&R Block and Intuit saw declines of 9.3% and 4.3%, respectively, after a Wall Street Journal report on the potential creation of a government-run online tax filing program by the Biden Administration. The report, set to be released by the IRS this week as part of the Inflation Reduction Act, has raised concerns among tax preparer companies.

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SoFi Technologies: The stock of SoFi Technologies dropped nearly 6% in pre-market trading following a downgrade by Wedbush from neutral to underperform. Wedbush expressed concerns about SoFi's fee income reaching a tipping point and suggested that the company may need to raise capital this year to support its growth.

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Albemarle: Shares of Albemarle rose by 2.7% after receiving an upgrade to outperform from Baird. The firm stated that the lithium company has the potential to be a leader both in the near-term and long-term.

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Dupont De Nemours: In pre-market trading, shares of chemical company Dupont De Nemours increased by 2.7% after Deutsche Bank upgraded the stock from hold to buy. Deutsche Bank noted that the stock was trading at a 50% discount compared to its peers.

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