Take a look at the company with the biggest gain at noon: TSMC, the world’s largest advanced chip manufacturer, reported a 54% rise in third-quarter net profit driven by strong artificial intelligence-related gains, and its stock price soared 12%. Shares of chip giants Nvidia and Micron both rose about 3% after the release of quarterly results. Nvidia — The artificial intelligence darling’s stock price rose nearly 3% after hitting a record high earlier in the trading session. Taiwan Semiconductor Manufacturing Co., a major supplier to Nvidia, saw its stock price rise after its earnings report. Expedia, Uber – The two companies’ share prices moved in opposite directions after the Financial Times reported that Uber was considering a potential acquisition of Expedia, citing people familiar with the matter. The newspaper said Uber’s interest in the online travel company was at a “very early stage.” Expedia shares rose more than 3% after the report was released, while Uber shares fell more than 2%. Elevance Health – Shares fell 12% after the health insurance company reported third-quarter profit before items of $8.37 per share, while analysts polled by LSEG expected a profit of $9.66 per share. The company said its Medicaid business faces “unprecedented challenges.” However, Elevance’s revenue of $44.72 billion topped the consensus forecast of $43.37 billion. Travelers — Shares of Travelers rose 7.6% after the insurance company reported big profits before the bell. Travelers earned $5.24 per share in the third quarter, above the $3.55 per share expected by analysts polled by London Stock Exchange Group (LSEG). However, revenue fell short of expectations. Lucid Group — Shares fell 15% after the electric car maker announced a public offering of nearly 262.5 million common shares to raise $1.67 billion. Blackstone — Shares of Blackstone rose nearly 7% after the alternative asset manager reported financial results. Blackstone reported third-quarter earnings of $1.01 per share on revenue of $2.43 billion. Analysts surveyed by London Stock Exchange Group (LSEG) had expected earnings of 92 cents per share on revenue of $2.41 billion. CSX — Shares fell 5.9% after the transportation company reported disappointing third-quarter results. CSX earned 46 cents per share on revenue of $3.62 billion. That was below consensus estimates of LSEG’s 48 cents per share and revenue of $3.67 billion. Nokia – The U.S.-listed Finnish telecoms giant’s shares fell 3% after third-quarter sales fell 8% as the Indian market slowed. However, its quarterly profit rose 22%. Alcoa — Shares fell more than 3% after the aluminum producer reported third-quarter revenue of $2.9 billion, missing the LSEG consensus estimate of $2.97 billion. However, its adjusted earnings per share were 57 cents, above analysts’ expectations of 28 cents per share. Equifax — Shares fell 2.6% after the company’s guidance missed expectations. Equifax expects fourth-quarter adjusted earnings in a range of $2.08 to $2.18 a share, while analysts polled by FactSet expected $2.20 a share. The company expects full-year adjusted earnings per share in a range of $7.25 to $7.35, below the consensus estimate of $7.36. Fourth-quarter and full-year revenue also fell short of expectations. Steel Dynamics — Shares of Steel Dynamics rose nearly 5% after the steelmaker beat third-quarter profit and revenue estimates. Steel Dynamics reported earnings of $2.05 per share on revenue of $4.34 billion in the period, beating analysts’ expectations of $1.97 per share on revenue of $4.18 billion, according to the London Stock Exchange. Looking ahead to 2025, the company said it expects steel prices to recover. Synovus Financial — Shares of Synovus Financial rose 5% after the company reported better-than-expected third-quarter adjusted earnings per share. Synovus also forecast fourth-quarter adjusted revenue of $560 million to $575 million, higher than the $558 million expected by analysts polled by FactSet. Walgreens Boots Alliance — The stock fell about 5%, down from a 15.8% gain in the previous session, and is facing its worst day since Aug. 27. expected, and said it planned to close about 1,200 stores over the next three years. —CNBC’s Sean Conlon, Hakyung Kim, Alex Harring and Pia Singh contributed reporting.
