Several companies made headlines before the market opened, experiencing significant stock fluctuations due to recent financial reports and events. Elevance Health saw its shares drop by over 10% after it reported third-quarter earnings that fell short of expectations. Despite these setbacks, CEO Gail Boudreaux stated that the company remains “confident” amid “unprecedented challenges in the Medicaid business.” This downturn also affected other healthcare stocks, with Molina Healthcare and Centene witnessing declines of nearly 9% and over 7%, respectively.
Taiwan Semiconductor’s stock rose over 8% following a 54% increase in its net profit for the third quarter. This positive result also influenced Nvidia, a client of TSMC, whose shares climbed more than 3%.
Expedia’s shares increased nearly 5% after The Financial Times reported that Uber was exploring a potential takeover bid for the online travel company. Sources indicated that Uber’s interest was still in the “early stage,” leading to a drop in Uber’s shares by more than 2%.
Lucid Group’s stock fell 18% after it announced a public offering of nearly 262.5 million common shares. Additionally, its majority shareholder, Ayar Third Investment, an affiliate of Saudi Arabia’s Public Investment Fund, planned to purchase more than 374.7 million shares.
Nokia’s shares decreased by over 5% after reporting an 8% decline in third-quarter sales, attributed to a slowdown in the Indian market. Despite this, Nokia’s profit rose by 22%. CEO Pekka Lundmark noted that the company anticipates its full-year profit to land “within the bottom-half” of its guidance range.
CSX experienced a more than 4% drop in its stock price following underwhelming third-quarter results. The company reported earnings of 46 cents per share and revenue of $3.62 billion, both figures lower than analysts’ expectations of 48 cents per share and $3.67 billion in revenue, according to LSEG.
Alcoa’s shares rose nearly 7% after reporting adjusted earnings of 57 cents per share for the third quarter, surpassing the 28 cents per share expected by analysts surveyed by LSEG. However, its revenue fell short of projections, with $2.90 billion compared to the $2.97 billion consensus estimate.
Kinder Morgan’s stock slipped by 2.1% following third-quarter earnings that missed analyst expectations. The company posted adjusted earnings of 25 cents per share on $3.70 billion in revenue, while analysts surveyed by LSEG had anticipated 27 cents per share and $3.98 billion in revenue.
This report included contributions from CNBC’s Alex Harring and Michelle Fox Theobald.
