At Extreme Investor Network, we provide you with the latest updates on the companies making significant moves in the market. Today, let’s take a closer look at some of the biggest movers in midday trading.
Taiwan Semiconductor, the world’s largest producer of advanced chips, saw its shares surge 12% after reporting a 54% increase in net profit for the third quarter. This growth was driven by strong demand for artificial intelligence-related products. As a major supplier to Nvidia, Taiwan Semiconductor’s success also led to a 3% increase in Nvidia’s stock price.
Expedia and Uber made headlines with reports that Uber was exploring a potential takeover bid for Expedia. Following this news, Expedia’s stock rose more than 3%, while Uber fell more than 2%. Meanwhile, health insurer Elevance Health saw a 12% drop in its stock price after reporting lower-than-expected earnings for the third quarter, citing challenges in the Medicaid business.
On the positive side, insurance company Travelers saw its shares jump 7.6% after posting strong third-quarter earnings, beating analyst expectations. Similarly, Blackstone, an alternative asset manager, rallied nearly 7% after exceeding earnings per share and revenue estimates for the quarter.
In contrast, electric vehicle maker Lucid Group tumbled 15% after announcing a public offering of its common stock to raise funds. Other companies like CSX, Nokia, and Alcoa also saw declines in their stock prices after reporting mixed quarterly results.
Equifax fell 2.6% after providing guidance that fell short of expectations, while Steel Dynamics gained nearly 5% after beating earnings and revenue expectations for the third quarter. Synovus Financial and Walgreens Boots Alliance also experienced fluctuations in their stock prices based on their quarterly performance.
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