Premarket movers lift Cleveland-Cliffs, Intel and Datadog shares

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Premarket movers lift shares

Highlights

Cleveland-Cliffs surges over 10% premarket after reporting adjusted Q3 earnings of 28 cents per share, beating the FactSet estimate of 21 cents.
Intel climbs nearly 4% as JPMorgan upgrades the stock to neutral from underweight, citing improved management execution and growing investor confidence.
Datadog rises 3% following a Bernstein upgrade to outperform, with the analyst citing strong AI tailwinds and positive sentiment in enterprise software.

Premarket gains driven by earnings and analyst calls

As reported by CNBC, Cleveland-Cliffs is jumping more than 10% in premarket trading after the steelmaker posts better-than-expected third-quarter earnings. The company reports adjusted earnings of 28 cents per share, ahead of a FactSet estimate of 21 cents per share.

The earnings release comes after the Canadian government last week threatens legal action, including a potential forced sale of Canadian assets, over plans to lay off hundreds of workers at the company's Stelco operations.

Intel shares are climbing nearly 4% after JPMorgan upgrades the chipmaker to neutral from underweight. Analyst Harlan Sur says the turnaround will take years, but management execution has been solid and confidence is building.

Datadog is gaining 3% after Bernstein upgrades the cloud monitoring company to outperform from market perform. Analyst Peter Weed says AI tailwinds will support the stock, adding to positive sentiment around software names tied to enterprise technology spending.

Amazon is also up more than 1% after Morgan Stanley names the company a top pick and raises its price target. Analyst Brian Nowak points to accelerating growth at Amazon Web Services, the potential of the Bedrock AI platform and efficiency gains from robotics.

Deal speculation adds to financial sector interest

Blue Owl Capital is edging higher by about 1% after a separate media report fuels expectations of strategic interest in the alternative asset manager. The Wall Street Journal reports late Friday, citing sources, that investment bankers have approached the company about a potential full or partial sale.

The spread of movers shows investors are responding to several distinct catalysts before the opening bell, including earnings surprises, broker upgrades and takeover speculation. That mix keeps attention on sectors ranging from steel and semiconductors to cloud software, e-commerce and alternative asset management.

Our earlier article examined how the S&P 500 hovering near 8,000 is increasingly dependent on a strong third-quarter earnings season after an AI-led rally. It highlighted the tougher backdrop from higher oil prices and elevated Treasury yields, alongside concerns about narrow market breadth and concentration in a handful of megacap leaders.

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