Before the market opened, several companies made news with significant stock movements. Elevance Health experienced a decline of over 10% in its shares after the health insurer’s third-quarter earnings fell short of expectations. Despite these results, CEO Gail Boudreaux expressed confidence amid significant challenges in the Medicaid sector. Similarly, shares of Molina Healthcare and Centene dropped by nearly 9% and over 7%, respectively.
Taiwan Semiconductor’s stock rose by more than 8% following the announcement of a 54% increase in net profit for the third quarter. This positive outcome also benefited Nvidia, one of its clients, which saw its shares go up by more than 3%.
Expedia’s shares increased almost 5% after a report from The Financial Times revealed that Uber had considered a potential acquisition of the online travel company. However, this interest was at an early stage, and Uber shares declined by more than 2%.
Lucid Group saw its stock fall by 18% after announcing a public offering of nearly 262.5 million shares. Additionally, Ayar Third Investment, an affiliate of its majority shareholder, Saudi Arabia’s Public Investment Fund, agreed to purchase over 374.7 million shares.
Nokia’s shares decreased by more than 5% due to an 8% drop in third-quarter sales, attributed to a slowdown in the Indian market. Despite this, the company’s profit increased by 22%. CEO Pekka Lundmark indicated the full-year profit is expected to fall within the lower end of its guidance range.
CSX saw a decline of more than 4% in its stock following weaker-than-expected quarterly results, with earnings of 46 cents per share on $3.62 billion in revenue, below analysts’ forecasts of 48 cents per share and $3.67 billion in revenue.
In contrast, Alcoa’s shares rose nearly 7% after reporting third-quarter adjusted earnings of 57 cents per share, surpassing analyst expectations of 28 cents per share. However, its revenue of $2.90 billion fell short of the consensus estimate of $2.97 billion.
Kinder Morgan’s stock dipped 2.1% as the company’s third-quarter earnings missed analyst projections. The energy infrastructure firm reported adjusted earnings of 25 cents per share on $3.70 billion in revenue, compared to forecasts of 27 cents per share and $3.98 billion.
