Cleveland Cliffs Gains, Sandisk Rises, and Ameriprise Financial Drops After Being Downgraded at BofA

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0:08 The Stock Movers Report. Your roundup of companies making moves in the stock market. Harnessing the power of Bloomberg data.

0:16 Let's take a look at some of the stocks on the move today.

0:18 We can do that with Carmen Reinecke, markets reporter for Bloomberg News, joining us live here in our studio. Carmen, what are you looking at today?

0:23 Yeah, so the first thing I'm looking at are shares of Cleveland Cliffs. This is ticker CLF. The stock is up about eight almost 9% right now, which is the most since October 5th. So Cleveland Cliffs reported earnings. Adjusted EBITDA topped estimates. They had a profit beat overall as U.S. steel prices rose over the last few months, kind of amid Trump administration tariffs eroded U.S.

0:49 Imports.

0:50 So looking at some strength there from Cleveland Cliffs. I'm also watching the AI trade, all eyes on that. And so one of the stocks I wanted to point out was SanDisk. So SNDK is the ticker. It's up 5.7% right now intraday. This is the top performer right now on the S & P 500, followed very closely by Western Digital, sort of its peer memory name. This is significant because last week SanDisk was down almost 18%, 19%, and had the worst week since the end of July, as we saw yesterday. a huge rotation in the AI sector.

1:24 So watching a really nice rebound there.

1:26 I mean, this stock is nuts, up 880% over the... This is the company that before there was this AI trade. Didn't they make like the little disc for your camera and stuff like that? Well, it is.

1:38 Yeah, it's a memory name. So memory storage. But these stocks, I mean, in the beginning of the year, they just absolutely went crazy. They're one of the best performing sectors in 2025. We saw that again in 2026. But sort of because of that, they've also... been hit very hard amid any sort of fears around AI, just because they've had such a big run-up. But still, looking at the volatility there. And last one, I was actually, I'm going to switch course a little bit from what I was going to do and talk about Ameriprise. So the stock here is ticker AMP. Shares are down 3.5% right now, which is the worst intraday since September. So the stock is downgraded by Bank of America, two notches from, two

2:19 underperformed from, by citing retention challenges at the company. So that's the worst performer, I believe, right now. Yep, on the S & P 500. Wanted to call that one out.

2:29 Okay.

2:29 I was also looking, and we reported earlier this morning, CoreWeave upgraded by, I guess, Goldman Sachs.

2:36 I was watching shares there. It was up earlier, but it has been fighting to stay good.

2:41 The first lesson I learned, I think, as a stock analyst way back in the day, do not... try to make the catch the falling knife call.

2:50 Yeah.

2:50 You know, I think it's the stock's done. It's reflected in the value. It's oversold upgrading to buy. I did that a few times, a thousand percent wrong every time.

2:58 Yeah.

2:58 A lot of spec positioning there too.

3:00 So you had this in Sandix as well. You know, you have a lot of call buying now that's all coming off and now it's actually skews change to put.

3:06 So people are chasing downside.

3:08 It's not settled yet.

3:09 Definitely not. And we're going to continue to see volatility across that entire space.

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