Shares of Taiwan Semiconductor experienced a significant increase of 9.79% following the company’s report of a 54% rise in net profit for the third quarter, fueled by strong demand related to artificial intelligence. As a result, shares of major chip producers Nvidia and Micron each gained approximately 3%. Nvidia itself saw a 1% rise, having reached a record high earlier in the trading session, supported by its role as a major supplier to Taiwan Semiconductor.
In different industry movements, shares of Expedia and Uber reacted to a Financial Times report suggesting that Uber was considering a potential takeover bid for Expedia, although the discussions were at a preliminary stage. Following this report, Expedia’s shares climbed over 4.75%, while Uber’s shares declined by 2.44%.
Elevance Health’s stock fell by 10.59% after the health insurer reported third-quarter profits of $8.37 per share, excluding certain items, which fell short of the $9.66 per share anticipated by analysts from LSEG. The company attributed the shortfall to “unprecedented challenges” within its Medicaid business, though it did report revenues of $44.72 billion, surpassing the forecast of $43.37 billion.
Travelers saw a 9% increase in its share price after reporting a significant earnings beat for the third quarter. The company’s earnings were $5.24 per share, exceeding the expected $3.55 per share as projected by LSEG analysts, despite revenue falling short of estimates.
Lucid Group witnessed a decrease of 17.99% in its share price following the announcement of a public offering consisting of nearly 262.5 million shares aimed at raising $1.67 billion. Conversely, Blackstone’s stock increased by 6.27% thanks to a favorable financial report. The alternative asset manager posted third-quarter earnings of $1.01 per share on $2.43 billion in revenue, surpassing analyst expectations from LSEG of 92 cents per share on $2.41 billion in revenue.
CSX faced a decline of 6.71% in its shares after underwhelming third-quarter results, reporting earnings of 46 cents per share on revenue of $3.62 billion, which was below the consensus estimates of 48 cents per share and $3.67 billion in revenue.
Nokia’s U.S.-listed shares dropped 2.69% following an 8% decrease in third-quarter sales, largely due to a slowdown in the Indian market, although its quarterly profit rose by 22%. Alcoa’s stock saw a decline of 4.09% after the company’s third-quarter revenue came in at $2.90 billion, falling short of LSEG’s consensus estimate of $2.97 billion. However, Alcoa’s adjusted earnings of 57 cents per share exceeded the expected 28 cents per share.
Equifax shares decreased by 3.33% due to guidance falling below expectations. The company projects fourth-quarter adjusted earnings per share between $2.08 and $2.18, while analysts polled by FactSet estimated $2.20 per share. Additionally, Equifax’s full-year adjusted earnings projection, set between $7.25 and $7.35 per share, was below the consensus estimate of $7.36.
Steel Dynamics’ stock rose by 4% following third-quarter earnings and revenue that exceeded expectations. The company reported earnings of $2.05 per share on $4.34 billion in revenue, outpacing the LSEG analyst forecast of $1.97 per share on $4.18 billion in revenue. Looking ahead to 2025, the company anticipates a recovery in steel pricing.
Finally, Synovus Financial’s shares increased by 5.13% after reporting third-quarter adjusted earnings per share that surpassed expectations. The company provided guidance for fourth-quarter adjusted revenue in the range of $560 million to $575 million, exceeding the FactSet analyst forecast of $558 million.
Walgreens Boots Alliance’s stock fell by 3.7%, reversing part of the 15.8% gain observed in the previous session, marking its worst day since August 27. On Wednesday, Walgreens announced a fourth-quarter earnings beat and revealed plans to close approximately 1,200 stores over the next three years.
