Check out the companies making headlines before the market opens. Elevance Health – Shares plunged more than 10% after the health insurance company reported lower-than-expected third-quarter profit. Chief Executive Gail Boudreaux said in a statement that the company remains “confident” despite the “unprecedented challenges facing our Medicaid business.” Healthcare stocks Molina Healthcare and Centene also fell nearly 9% and more than 7%, respectively. TSMC – The company reported a 54% increase in third-quarter net profit, and its stock price soared more than 8%. Shares of chip giant Nvidia, one of TSMC’s customers, rose more than 3% after the release of quarterly results. Expedia – Shares of Uber rose nearly 5% after the Financial Times reported that it was considering a potential acquisition of the online travel company, citing people familiar with the matter. According to Financial Times sources, Uber’s interest in Expedia is still in the “early stages.” Uber shares fell more than 2%. Lucid Group – Shares of Lucid Group fell 18% after the electric car maker announced a public offering of nearly 262.5 million shares of common stock. Lucid also said that its major shareholder, Ayar Third Investment, an affiliate of the Saudi Arabian Public Investment Fund, will purchase more than 374.7 million common shares. Nokia — Shares fell more than 5% after the company reported an 8% drop in third-quarter sales due to a slowdown in India. However, Nokia’s profits increased by 22% during this period. Looking ahead, Chief Executive Pekka Lundmark said in a statement that he expected full-year profits to be in the “lower half” of his guidance range. CSX – The transportation stock fell more than 4% as the company’s quarterly results fell short of expectations. In the third quarter, CSX earned 46 cents per share on revenue of $3.62 billion. That was below LSEG analysts’ forecasts of 48 cents a share and $3.67 billion in revenue. Alcoa – Shares of Alcoa rose nearly 7% after the aluminum producer reported better-than-expected profits. Alcoa reported third-quarter adjusted earnings of 57 cents per share, while analysts polled by LSEG expected 28 cents per share. However, revenue of $2.9 billion missed the consensus estimate of $2.97 billion. Kinder Morgan – Energy infrastructure shares fell 2.1% after third-quarter profit missed analysts’ expectations. Kinder Morgan reported adjusted earnings of 25 cents per share on revenue of $3.7 billion. Analysts surveyed by London Stock Exchange Group (LSEG) expected earnings of 27 cents per share and earnings of $3.98 billion per share. —CNBC’s Alex Harring and Michelle Fox Theobald contributed reporting.
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