ELV, TSM, EXPE, LCID and more
Check out the companies making headlines before the bell. Elevance Health – Shares plummeted more than 10% after the health insurer reported weaker-than-expected third-quarter earnings. In a statement , CEO Gail Boudreaux said the company remains “confident” amid “unprecedented challenges in the Medicaid business.” Health care stocks Molina Healthcare and Centene also fell nearly 9% and more than 7%, respectively. Taiwan Semiconductor – The stock surged more than 8% after the company reported a 54% gain in net profit for the third quarter. Shares of chip giant Nvidia – one of TSMC’s clients – rose more than 3% in sympathy following the quarterly results. Expedia – Shares jumped nearly 5% after The Financial Times reported, citing people familiar with the process, that Uber explored a potential takeover bid for the online travel company. According to Financial Times sources, Uber’s interest in Expedia was at an “early stage.” Uber shares fell more than 2%. Lucid Group – The stock tumbled 18% after the electric vehicle maker announced a public offering of nearly 262.5 million shares of its common stock. Lucid also said its majority stockholder, Saudi Arabia’s Public Investment Fund affiliate Ayar Third Investment, will purchase more than 374.7 million shares of its common stock. Nokia – Shares slid more than 5% after the company reported an 8% dip in sales for the third quarter, citing a slowdown in the Indian market. Nokia’s profit for the period, however, increased 22%. Looking ahead, CEO Pekka Lundmark said in a statement that he expects full-year profit to come in “within the bottom-half” of its guidance range. CSX – The transportation stock fell more than 4% following the company’s weaker-than-expected quarterly results. For the third quarter, CSX posted earnings of 46 cents per share on revenue of $3.62 billion. That’s below the 48 cents per share and $3.67 billion in revenue that analysts were expecting, per LSEG. Alcoa – Shares rallied nearly 7% following the aluminum producer’s earnings beat. Alcoa reported third-quarter adjusted earnings of 57 cents per share, versus the 28 cents a share expected from analysts polled by LSEG. However, revenue came in at $2.90 billion, below the $2.97 billion consensus estimate. Kinder Morgan – The energy infrastructure stock slipped 2.1% after third-quarter earnings missed analyst expectations. Kinder Morgan posted adjusted earnings per share of 25 cents on $3.70 billion in revenue. Analysts polled by LSEG had forecasted 27 cents a share and $3.98 billion, respectively. — CNBC’s Alex Harring and Michelle Fox Theobald contributed reporting.
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