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Shares of Elevance Health dropped more than 10% after the health insurer reported lower-than-expected third-quarter earnings. Despite facing challenges in the Medicaid business, CEO Gail Boudreaux expressed confidence in the company’s future. Molina Healthcare and Centene also saw declines of nearly 9% and over 7%, respectively. Taiwan Semiconductor witnessed a surge of over 8% following a 54% increase in net profit for the third quarter. This positive performance also benefited chip giant Nvidia, resulting in a more than 3% rise in its shares. Expedia experienced a nearly 5% jump after reports suggested that Uber was considering a potential takeover bid for the online travel company. Additionally, Lucid Group’s stock plummeted by 18% due to a public offering of common stock and increased investment from Saudi Arabia’s Public Investment Fund. Nokia saw its shares slide by more than 5% after reporting an 8% sales decline in the Indian market for the third quarter. Reassuringly, the company’s profit increased by 22%, with CEO Pekka Lundmark anticipating full-year profit to align with guidance. Conversely, CSX experienced a more than 4% drop in its transportation stock following lower-than-anticipated quarterly results. On a positive note, Alcoa’s shares rallied nearly 7% after beating earnings expectations for the third quarter. Although revenue fell short of estimates, the aluminum producer’s performance was still well-received. Kinder Morgan faced a 2.1% decline in its energy infrastructure stock after missing analysts’ earnings projections for the third quarter. In summary, a mix of positive and negative earnings reports influenced stock movements in the market.
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Emily Jensen, graduated from the London School of Economics and Political Science (LSE) in the UK in 2015 with a degree in Economics. She specializes in financial markets and international trade. After graduating, she worked as an analyst at an investment bank in London, where she developed expertise in global economic trends. She later transitioned into consulting, focusing on fintech ventures and providing insights into global economic developments. Emily is passionate about the intersection of finance and technology and aims to drive innovation in the financial sector.