Stocks making the biggest moves midday: Sandisk, Marvell, Datadog, Cleveland-Cliffs, Amazon & more

Cleveland-Cliffs gained 16% after reporting Q3 adjusted earnings of $0.28 per share, above the $0.21 FactSet estimate, while Ameriprise fell almost 4% after Bank of America cut its rating to underperform. Semiconductor stocks rebounded, with the VanEck Semiconductor ETF up nearly 3% after nine losing sessions; Amazon rose 5%, Datadog 6% and Intel 4% following analyst upgrades or positive commentary. CoreWeave gained more than 1% after Goldman Sachs upgraded it to buy but lowered its price target to $106 from $139; Blue Owl rose 1% after a report that bankers had approached it about a potential sale.

Analysis

The session’s risk-on tone is not yet evidence of a durable change in earnings expectations. For semiconductors, the key test is whether the rebound broadens and holds through the next 1–3 months of AI-capex and demand updates; a one-day reversal after a losing streak leaves positioning and macro sensitivity in control. Within AI, AMZN offers exposure to cloud monetization and operating efficiencies, while CRWV carries greater sensitivity to contract economics and financing terms. That makes quality-versus-capital-intensity a more useful distinction than treating all AI beneficiaries alike. DDOG could gain from increased AI workload monitoring, but verify that workload growth translates into net usage growth rather than being offset by customer optimization.

AMP’s advisor departures matter more if they produce persistent client-asset outflows: lost assets can pressure recurring fees with a lag, while cash-sweep economics create separate sensitivity to rates and customer cash allocation. Competitors may benefit, but flows and retention data are needed before underwriting a durable share shift. CLF’s earnings surprise may support near-term estimates; the Canadian legal threat remains a company-specific catalyst that could outweigh one quarter’s result. OWL sale speculation is not a reliable valuation catalyst until there is a credible process and terms. Over 6–18 months, Intel’s thesis remains execution-dependent; an analyst upgrade does not resolve the time and capital required for a turnaround.

Key Decisions for Investors

• Prefer AMZN over CRWV as a relative AI exposure, initiating only on a pullback or after confirmation in AWS growth and cash generation. Reassess if AWS momentum weakens or CRWV reports contract economics and funding conditions materially better than expected.
• Do not chase the semiconductor bounce. Treat SMH and constituent strength as a watchlist signal; add exposure only if gains persist beyond the immediate risk-on move and subsequent company updates support demand. A renewed broad reversal would falsify the stabilization thesis.
• Put AMP on an event watch rather than shorting solely on the downgrade. Verify advisor-team departures, client-asset retention and cash-sweep economics; persistent net outflows would support a relative short versus wealth managers retaining assets, while stable flows would weaken the thesis.
• For CLF, avoid adding after the sharp reaction until the Canadian legal dispute is clarified. Monitor any formal action or asset-sale requirement; resolution without material operating disruption would reduce the overhang, while escalation could erase the earnings-driven support.