People queue outside Shake Shack in London. The latest Covid-19 lockdown has slammed UK business owners.
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Check out the companies making headlines in midday trading.
shake shack — Shares of the fast-food chain rose more than 6% after The Wall Street Journal reported that activist investor Engaged Capital plans to pursue a proxy fight for three of the company’s board seats. Engaged Capital bought a 6.6% stake in Shake Shack, including the swap. The stock has rebounded more than 60% this year.
Magellan Midstream Partners, Onok — Magellan Midstream Partners up 14.7% after Oneok agrees Acquired the company for approximately $18.8 billion. Oneok shares fell 7.7 percent.
western digital — Western Digital rose 8 percent in midday trading.Citing two people familiar with the matter, Reuters said the company was Accelerate merger negotiations Partnered with Japanese computer memory manufacturer Kioxia Holdings.
HR block, intuition — Shares of tax preparation companies fell 3% and 2%, respectively, after a report that a government-run online tax filing program may be created. The IRS will release a report this week, The Wall Street Journal reports. The agency has investigate it as part of the Inflation Reduction Act.
Newmont — Shares in the gold miner rose about 1% after announcing it would buy Australian miner Newcrest.This is Third largest global deal so far this yearAccording to Reuters, it is worth about $17.8 billion.
Charles Schwab — Shares of the brokerage rose more than 3% in midday trading after Raymond James upgraded the stock and said it could rise nearly 30%, as concerns about Bank of America’s stability did not affect Schwab’s ability to attract new accounts and assets .
Microsoft, Activision Blizzard — The European Union on Monday approved Microsoft’s proposed $69 billion acquisition of gaming company Activision Blizzard. Activision shares rose 1%, while Microsoft was little changed.
Sophie Technology — The company was down nearly 9% in midday trading. Wedbush downgraded the stock earlier Monday, citing concerns that SoFi could be nearing its ceiling with fee increases, which would push SoFi to raise capital for further growth.
Albemarle — Shares of the lithium company rose 4.2% after Baird’s upgrade. Albemarle is a “leader in catalyst products” with the potential to expand market share, the company said. To be sure, it noted that lithium prices have fallen more than 40% year-to-date.
dupont — The chemicals maker rose 2.4 percent after Deutsche Bank upgraded the stock to buy. The Wall Street firm said shares were trading at a steep discount to peers.
Al Cape — The aviation leasing company rose 2.6 percent after an upgrade by Citigroup, which said demand should remain strong.
forest research — Lam rose 2.6 percent after Citigroup added a positive catalyst watch for the stock. The semiconductor company has a “self-help” story as it expands in Asia, the bank said.
Crocs — The shoemaker rose 3.9 percent after Baird called the stock a new offering. Baird said it believed the company could meet or exceed the 2023 target.
tapestry — Shares rose 4.6 percent after Bernstein upgraded its rating to outperform from market perform. The Wall Street firm said the parent company of Coach and Kate Spade has a strong valuation and a long-term investment case.
— CNBC’s Samantha Subin, Hakyung Kim, Michelle Fox, Yun LI, Brian Evans, Tanaya Macheel and Sarah Min contributed reporting