These are the stocks posting the largest moves midday

October 17, 2024 | 12:49pm

Stocks making the biggest moves midday: Nvidia, Travelers, Blackstone, Uber and more

These are the stocks posting the largest moves midday

Check out the companies making the biggest moves midday: Taiwan Semiconductor — Shares surged 12% after the company, which is the world's largest producer of advanced chips, reported a 54% gain in net profit for the third quarter driven by strong artificial intelligence-related demand. Shares of chip giants Nvidia and Micron each rose about 3% in sympathy following the quarterly results. Nvidia — The AI darling was up nearly 3% after hitting a record high earlier in the trading session. Taiwan Semiconductor, which is rallying on its earnings report, is a major Nvidia supplier. Expedia , Uber — Shares of the companies moved in opposite directions following a Financial Times report, which cited people familiar with the process, that Uber explored a potential takeover bid for Expedia. The paper said Uber's interest in the online travel company was at a "very early stage." Following the report, Expedia rose more than 3%, while Uber fell more than 2%. Elevance Health — The health insurer dropped 12% after reporting a profit of $8.37 per share for the third quarter, excluding items, while analysts polled by LSEG anticipated $9.66 a share. The company cited "unprecedented challenges" in the Medicaid business. However, Elevance saw $44.72 billion in revenue, above the consensus forecast of $43.37 billion. Travelers — Shares jumped 7.6% after the insurance company posted a big earnings beat before the bell. Travelers' third-quarter earnings came in at $5.24 per share, topping the $3.55 a share expected from analysts polled by LSEG. However, revenue missed estimates. Lucid Group — The electric vehicle maker tumbled 15% after the company announced a public offering of almost 262.5 million shares of its common stock to raise $1.67 billion. Blackstone — The stock rallied nearly 7% on the back of the alternative asset managers' financial report. Blackstone reported third-quarter earnings of $1.01 per share on revenue of $2.43 billion. Analysts polled by LSEG had expected earnings per share of 92 cents on revenue of $2.41 billion. CSX — Shares slipped 5.9% after the transportation company reported disappointing third-quarter results. CSX's earnings were 46 cents per share on revenue of $3.62 billion. That is below the consensus estimate of 48 cents per share and $3.67 billion in revenue, per LSEG. Nokia — U.S.-listed shares of the Finnish telecommunications giant fell 3% after the company posted an 8% dip in third-quarter sales due to a slowdown in the Indian market. However, its quarterly profit increased 22%. Alcoa — The aluminum producer's stock shed more than 3% after the company reported third-quarter revenue of $2.90 billion, below the $2.97 billion LSEG consensus estimate. However, its adjusted earnings of 57 cents per share topped the 28 cents a share expected from analysts. Equifax — Shares fell 2.6% after the company's guidance fell short of expectations. Equifax expects fourth-quarter adjusted earnings per share between $2.08 and $2.18, versus the $2.20 a share estimate from analysts polled by FactSet. The company guided for full-year adjusted earnings per share between $7.25 and $7.35, short of the $7.36 consensus estimate. Revenue for both the fourth quarter and full year also came in below expectations. Steel Dynamics — The stock gained nearly 5% after the steel producer beat earnings and revenue expectations for the third quarter. For the period, Steel Dynamics posted earnings of $2.05 per share on $4.34 billion in revenue, above the $1.97 per share on $4.18 billion in revenue that analysts were expecting, according to LSEG. Looking toward 2025, the company said it expects steel pricing to recover. Synovus Financial — Shares popped 5% after the company reported better-than-expected adjusted earnings per share for the third quarter. Synovus also guided for fourth-quarter adjusted revenue of $560 million to $575 million, above the $558 million expected from analysts polled by FactSet. Walgreens Boots Alliance — The stock dropped about 5%, paring some of the 15.8% it gained in the prior session and now on pace for its worst day since Aug 27. On Wednesday, Walgreens reported a fourth-quarter earnings beat and said it plans to close about 1,200 stores over the next three years. — CNBC's Sean Conlon, Hakyung Kim, Alex Harring and Pia Singh contributed reporting.

This story originally appeared on: CNBC - Author:Michelle Fox