Premarket Stock Moves: Cleveland-Cliffs Surges, Intel and Other Firms See Gains
- Cleveland-Cliffs’ stock jumped over 10% following strong third-quarter earnings.
- Intel shares rose nearly 4% after an upgrade by JPMorgan.
- Amazon and other tech firms also posted gains amid positive analyst feedback.
Cleveland-Cliffs, the prominent steelmaker, saw its stock increase by over 10% after reporting third-quarter adjusted earnings of 28 cents per share, surpassing the FactSet estimate of 21 cents. This earnings report coincides with the Canadian government’s recent threats of legal action, which could include a forced sale of Canadian assets, due to plans to lay off hundreds of workers at its Stelco operations.
Intel’s shares climbed nearly 4% following a rating upgrade from JPMorgan, which moved its assessment from underweight to neutral. Analyst Harlan Sur expressed optimism, stating, “Although [the] turnaround will take years, mgmt execution has been solid, and our confidence is building.”
Datadog, a cloud monitoring firm, experienced a 3% gain after Bernstein upgraded it from market perform to outperform. Bernstein analyst Peter Weed noted that tailwinds from AI would enhance the company’s stock performance.
Amazon gained more than 1% after Morgan Stanley identified it as a top pick and elevated its price target. Analyst Brian Nowak cited accelerating growth at Amazon Web Services, the potential of its Bedrock AI platform, and efficiencies driven by robotics as key factors contributing to the positive outlook.
Blue Owl Capital’s stock ticked up by 1% following a report from The Wall Street Journal, which indicated that investment bankers have approached the company regarding a potential full or partial sale.
News Courtesy of CNBC
