ELV, TSM, EXPE, LCID and more
Look for companies making headlines ahead of the bell. Elevance Health – Shares fell 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 about 9% to more than 7%, respectively. Taiwan Semiconductor – The stock rose more than 8% after the company reported a 54% increase in net profit in the third quarter. Shares of chip giant Nvidia – one of TSMC’s clients – rose more than 3% on sentiment following quarterly results. Expedia – Shares jumped nearly 5% after the Financial Times reported, citing people familiar with the process, that Uber was exploring a takeover bid for the online travel company. According to Financial Times sources, Uber’s interest in Expedia was “in its infancy.” Uber shares fell more than 2%. Lucid Group – The stock fell 18% after the electric car maker announced a public offering of nearly 262.5 million shares of its common stock. Lucid also said its majority shareholder, Saudi Arabia’s Public Investment Fund in partnership with Ayar Third Investment, will buy more than 374.7 million shares of its common stock. Nokia – Shares fell more than 5% after the company reported an 8% drop in third-quarter sales, citing a slowdown in Indian markets. Nokia’s profit during this period, however, increased by 22%. Looking ahead, CEO Pekka Lundmark said in a statement that he expects full-year profit to come in “in the lower half” of its guidance. CSX – Transportation stocks fell more than 4% following the company’s weaker-than-expected quarterly results. In 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 rose nearly 7% following the aluminum producer’s earnings beat. Alcoa reported third-quarter adjusted earnings of 57 cents per share, compared with the 28 cents a share expected by analysts polled by LSEG. However, revenue came in at $2.90 billion, below the consensus estimate of $2.97 billion. Kinder Morgan – The energy infrastructure stock fell 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 forecast 27 cents a share and $3.98 billion, respectively. — CNBC’s Alex Harring and Michelle Fox Theobald contributed reporting.
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