Check out the companies making the biggest moves premarket: Cleveland-Cliffs — The steelmaker’s stock gained over 10% after the company posted better-than-expected earnings for the third quarter. Cleveland-Cliffs reported adjusted earnings of 28 cents per share, topping a FactSet estimate of 21 cents per share. The report comes after the Canadian government last week threatened legal action, including a potential forced sale of Canadian assets, over plans to lay off hundreds of workers at its Stelco operations. Intel — Shares climbed nearly 4% after JPMorgan upgraded the chipmaker to neutral from underweight. “Although [the] turnaround will take years, mgmt execution has been solid, and our confidence is building,” wrote analyst Harlan Sur. Datadog — The cloud monitoring company gained 3% after a Bernstein upgrade to outperform from market perform. Bernstein’s analyst Peter Weed said AI tailwinds will boost the stock. Amazon — The e-commerce giant gained more than 1% after Morgan Stanley named it a top pick and raised its price target. Analyst Brian Nowak pointed to accelerating growth at Amazon Web Services, the potential of its Bedrock AI platform and robotics-driven efficiencies. Blue Owl Capital — The alternative asset manager ticked higher by 1% after The Wall Street Journal reported late Friday, citing sources, that investment bankers have approached the company about a potential full or partial sale.
