Taiwan Semiconductor saw its shares surge 12% after reporting a 54% gain in net profit for the third quarter, driven by strong AI-related demand. This led to a ripple effect in the chip industry, with shares of Nvidia and Micron also rising in sympathy. Nvidia, a major player in the AI industry, saw its stock climb nearly 3% after hitting a record high. Taiwan Semiconductor is a key supplier to Nvidia, further boosting its stock performance.
Expedia and Uber saw contrasting movements in their stock prices following a Financial Times report that suggested Uber was exploring a potential takeover bid for Expedia. While Expedia’s shares rose more than 3% in response to the news, Uber’s stock fell more than 2%. Elevance Health, a health insurer, saw its shares drop 12% after reporting lower-than-expected earnings per share for the third quarter, citing challenges in the Medicaid business. However, the company beat revenue estimates.
Travelers, an insurance company, experienced a 7.6% jump in its stock price after posting better-than-expected third-quarter earnings. Despite missing revenue estimates, Travelers’ earnings per share surpassed analysts’ predictions. In contrast, electric vehicle maker Lucid Group tumbled 15% after announcing a public offering of its common stock to raise $1.67 billion. Blackstone, an alternative asset manager, rallied nearly 7% after reporting strong third-quarter earnings that beat analysts’ expectations.
CSX, a transportation company, saw its shares slip 5.9% following disappointing third-quarter results, with earnings and revenue falling below consensus estimates. Nokia, a Finnish telecommunications giant, experienced a 3% drop in its U.S.-listed shares due to a sales slowdown in the Indian market, despite a 22% increase in quarterly profit. Aluminum producer Alcoa’s stock shed over 3% after reporting revenue below expectations, although its adjusted earnings per share outperformed analyst predictions.
Equifax, a consumer credit reporting agency, saw its shares fall 2.6% after providing guidance that fell short of expectations for adjusted earnings per share for the fourth quarter and full year, as well as revenue forecasts. Steel Dynamics, a steel producer, gained nearly 5% after beating earnings and revenue expectations for the third quarter, with positive outlook for steel pricing recovery in 2025. Synovus Financial’s shares rose 5% after reporting better-than-expected adjusted earnings per share for the third quarter and providing upbeat guidance for the fourth quarter. Walgreens Boots Alliance saw its stock drop about 5% after announcing plans to close about 1,200 stores over the next three years, following a fourth-quarter earnings beat.
