Several companies experienced notable stock movements at midday. Shares of Taiwan Semiconductor increased by 9.79% after the company, leading in advanced chip production, disclosed a 54% rise in net profit for the third quarter, attributed to strong demand related to artificial intelligence. This report positively influenced chip manufacturers Nvidia and Micron, with both seeing approximately a 3% rise in their shares. Nvidia’s stock, labeled a top performer in AI, rose nearly 1% after reaching a record high earlier. Taiwan Semiconductor, a key supplier for Nvidia, experienced a surge following its earnings announcement.
In other developments, shares of Expedia and Uber moved in contrasting directions after a Financial Times report, citing sources familiar with the situation, suggested that Uber was exploring a potential takeover of Expedia. The report, indicating preliminary interest, propelled Expedia’s shares up by more than 4.75%, while Uber’s shares declined by 2.44%.
Elevance Health saw its shares fall 10.59% following its third-quarter profit announcement of $8.37 per share, which fell short of the $9.66 per share anticipated by analysts polled by LSEG. The health insurer faced “unprecedented challenges” within its Medicaid business. Despite this, the company reported $44.72 billion in revenue, exceeding the estimated $43.37 billion.
Travelers saw a 9% increase in its share value after significantly surpassing earnings expectations. The company reported third-quarter earnings of $5.24 per share, beating the $3.55 per share anticipated by analysts. However, its revenue fell short of predictions.
Lucid Group experienced a significant drop, with its stock falling by 17.99% after announcing a public offering of approximately 262.5 million shares to raise $1.67 billion. Blackstone, on the other hand, saw a 6.27% increase in its stock following its financial report. The company reported third-quarter earnings of $1.01 per share and revenue of $2.43 billion, both of which surpassed analyst expectations.
CSX shares declined by 6.71% following disappointing third-quarter results, reporting 46 cents per share on revenue of $3.62 billion, below the expected 48 cents per share and $3.67 billion revenue. Nokia’s U.S.-listed shares decreased by 2.69% after reporting an 8% decline in third-quarter sales due to a slowdown in the Indian market, although its quarterly profit rose by 22%.
Alcoa’s stock decreased by 4.09% after reporting third-quarter revenue of $2.90 billion, missing the $2.97 billion consensus estimate. Nevertheless, adjusted earnings were 57 cents per share, exceeding analyst expectations of 28 cents. Equifax shares dropped 3.33% after issuing guidance below expectations for the fourth quarter and full year for both adjusted earnings per share and revenue.
Steel Dynamics gained 4% as it exceeded earnings and revenue forecasts for the third quarter, reporting earnings of $2.05 per share on $4.34 billion in revenue, which was higher than the anticipated $1.97 per share on $4.18 billion in revenue. The company expects a recovery in steel pricing by 2025. Synovus Financial shares rose by 5.13% after reporting higher-than-expected adjusted earnings for the third quarter and providing a positive revenue guidance for the fourth quarter.
Walgreens Boots Alliance experienced a 3.7% drop in its stock price, reducing some of the gains from the previous session. The company had reported a fourth-quarter earnings beat and announced plans to close around 1,200 stores over the next three years.
