Ameriprise Financial — The financial services company’s stock fell about 4% after Bank of America downgraded the stock’s rating to underperform. Bank of America says several large financial advisor teams have left Ameriprise. In addition, the company’s cash sweep rate is “compressing profit growth,” the bank added. Semiconductors — The VanEck Semiconductor ETF (SMH) snapped a nine-day losing streak and rose nearly 3% as traders flocked to tech and took a risk-on stance. Nvidia stock rose about 2% and Advanced Micro Devices stock rose 3%. SanDisk and Micron memory stocks rose more than 6% and nearly 4%, respectively. Marvell’s stock price also rose nearly 7%. CoreWeave — Neocloud stock rose more than 1% in midday trading, making up for lost ground after the stock plunged 25% last week. Goldman Sachs upgraded Coreweave from Neutral to Buy, noting that “data points on contract economics (over the next 12 months) are likely to be more positive than market expectations.” The company also lowered its price target to $106 from $139, predicting a nearly 73% upside from Friday’s closing price. Shares of fellow neocloud plays Nebius and Iren also increased by more than 5% and 3.5%, respectively. Cleveland-Cliffs — The company’s stock rose 16% after the company reported better-than-expected third-quarter profits. The Cleveland Cliffs reported adjusted earnings of 28 cents per share, beating FactSet’s estimate of 21 cents per share. The report comes after the Canadian government last week threatened legal action, including a possible forced sale of Canadian assets, over the company’s plans to lay off hundreds of workers at its Stelco operations. Intel — Shares rose 4% after JPMorgan upgraded the chipmaker to neutral from underweight. “The turnaround will take years, but management execution has been solid and our confidence is high,” analyst Harlan Sarr said. Datadog — The cloud monitoring company’s stock rose 6% after the Bernstein upgrade, outperforming the market. Bernstein analyst Peter Weed said tailwinds from artificial intelligence should push the stock higher. Amazon — Shares rose 5% after Morgan Stanley named the e-commerce giant’s stock its top priority stock and raised its price target. Analyst Brian Nowak pointed to Amazon Web Services’ accelerated growth and the potential for efficiencies from its Bedrock AI platform and robots. Blue Owl Capital — Shares of the alternative asset manager rose 1% after the Wall Street Journal reported late Friday that investment bankers have approached the company about a possible full or partial sale, citing people familiar with the matter.
