Stocks making the biggest moves premarket: Elevance Health, Taiwan Semiconductor, Expedia, Lucid and more

Igor Golovnov | SOPA Images | Lightrocket | Getty Images

Here’s a look at the significant business moves and shakes before the trading bell.

Elevance Health

• The company saw a drop of over 10% in its shares following a disappointing third-quarter earnings report. However, CEO Gail Boudreaux maintains optimism despite what she termed “unprecedented challenges in the Medicaid business.” Other healthcare stocks, including Molina Healthcare

and Centene

, also experienced a drop, falling close to 9% and above 7%, respectively.

Taiwan Semiconductor

• This stock enjoyed an impressive increase of more than 8% following a 54% net profit rise for the third quarter. Consequently, shares of chip behemoth Nvidia

– a client of TSMC – went up by over 3% in reaction to this positive financial update.

Expedia

• News of a potential takeover bid by Uber

resulted in an almost 5% rise in Expedia’s shares. Uber’s interest in Expedia, according to the Financial Times, is at an “early stage”. Meanwhile, Uber’s own shares dropped slightly by over 2%.

Lucid Group

• Shares in the electric vehicle producer plummeted by 18% following their announcement of a public offering of approximately 262.5 million shares. However, Lucid announced that their majority stockholder, Saudi Arabia’s Public Investment Fund affiliate Ayar Third Investment, will buy over 374.7 million shares.

Nokia

• The company reported a sales dip of 8% for the third quarter which resulted in a more than 5% slide in shares, while their profit for this period increased by 22%. Looking forward, CEO Pekka Lundmark expects the overall annual profit to fall “within the bottom-half” of the company’s guidance range.

CSX

• Following weaker-than-expected quarterly results, this transport stock fell by over 4%. Third-quarter earnings were 46 cents per share on revenue of $3.62 billion, falling short of analysts’ expectations.

Alcoa

• The aluminum producer’s shares enjoyed a nearly 7% boost after exceeding earnings expectations for the third quarter. Despite meeting this mark, revenue did not reach expectations, totalling $2.90 billion against an estimated consensus of $2.97 billion.

Kinder Morgan

• The energy infrastructure company’s share slipped 2.1% after their third-quarter earnings failed to meet analyst expectations.