Shares of Taiwan Semiconductor experienced a 12% increase after the company, recognized as the world’s largest producer of advanced chips, announced a 54% rise in net profit for the third quarter, attributed to robust demand related to AI. Similarly, shares of chip manufacturers Nvidia and Micron each climbed approximately 3% following the positive quarterly results. Nvidia, known for its focus on AI, saw a rise of nearly 3% after reaching a record high earlier in the trading session. Taiwan Semiconductor, benefiting from its earnings report, serves as a key supplier for Nvidia.
Expedia and Uber’s shares moved in different directions after a Financial Times report, based on sources familiar with the matter, indicated that Uber had considered a potential acquisition of Expedia. The report described Uber’s interest as being in “very early stages.” As a result, Expedia’s shares rose by more than 3%, while Uber’s dropped over 2%.
Elevance Health’s shares decreased by 12% following the announcement of a third-quarter profit of $8.37 per share, excluding certain items, compared to the $9.66 per share forecast by analysts surveyed by LSEG. The company cited significant challenges in its Medicaid business but reported $44.72 billion in revenue, surpassing the consensus forecast of $43.37 billion.
Travelers’ shares increased by 7.6% after the insurance company reported a significant earnings beat. The company’s third-quarter earnings were $5.24 per share, outperforming the $3.55 per share expected by analysts polled by LSEG, although its revenue did not meet expectations.
Lucid Group’s stock fell by 15% after announcing a public offering of nearly 262.5 million shares of common stock to raise $1.67 billion. Blackstone’s stock rose nearly 7% following its financial report, which revealed third-quarter earnings of $1.01 per share on $2.43 billion in revenue. Analysts polled by LSEG had anticipated earnings of 92 cents a share on revenue of $2.41 billion.
CSX experienced a 5.9% decline in shares after reporting third-quarter results that failed to meet expectations, with earnings of 46 cents per share on $3.62 billion in revenue, below the anticipated 48 cents per share and $3.67 billion in revenue, according to LSEG.
U.S.-listed shares of Nokia dropped by 3% after the company reported an 8% fall in third-quarter sales due to a slowdown in the Indian market, although its quarterly profit rose by 22%. Alcoa’s stock declined by more than 3% after reporting third-quarter revenue of $2.90 billion, short of the $2.97 billion consensus estimate from LSEG, despite having adjusted earnings of 57 cents per share, which exceeded the expected 28 cents a share from analysts.
Equifax saw a 2.6% drop in shares after its guidance fell short of expectations. The company projects fourth-quarter adjusted earnings per share to be between $2.08 and $2.18, compared to the $2.20 estimate from analysts polled by FactSet. It also forecast full-year adjusted EPS between $7.25 and $7.35, under the $7.36 consensus estimate, with revenue expectations for both the fourth quarter and full year below projections.
Steel Dynamics’ stock rose nearly 5% after the steel producer exceeded earnings and revenue expectations for the third quarter. The company reported earnings of $2.05 per share on $4.34 billion in revenue, surpassing the $1.97 per share on $4.18 billion revenue analysts anticipated, according to LSEG. Looking forward to 2025, Steel Dynamics anticipates a recovery in steel pricing.
Synovus Financial’s shares increased by 5% following the report of better-than-expected adjusted earnings per share for the third quarter. Synovus also projected fourth-quarter adjusted revenue of $560 million to $575 million, above the $558 million anticipated by analysts surveyed by FactSet. Walgreens Boots Alliance experienced a nearly 5% decrease in stock, reversing some of the 15.8% gain from the previous session. On Wednesday, Walgreens reported a fourth-quarter earnings beat and announced plans to close approximately 1,200 stores over the next three years.