Midday Stock Movers: Taiwan Semi, Expedia, Elevance

The stock market is trading higher midday.

The S&P 500 gained 0.32% and the tech-heavy Nasdaq Composite added 0.56%. The Dow Jones Industrial Average rose 0.4%, while the Russell 2000 Index lost 0.3%.

Nvidia shares rose 2% by midday, touching a record $140.89. This uptick follows a strong third-quarter earnings report from Taiwan Semiconductor, a key Nvidia supplier, which also saw its stock rally.

S&P 500 big stock movers today

Five S&P 500 stocks making big midday moves are:

• Snap-On  (SNA)  +8.1%
• Travelers (TRV)  +7.9%
• Blackstone  (BX)  7.5%
• Steel Dynamics  (STLD)  +5.6%
• M&T Bank  (MTB)  +4.9%

The worst-performing five S&P 500 stocks with the largest midday drop are:

• Molina Healthcare  (MOH)  -12.9%
• Elevance Health  (ELV)  -11.7%
• Centene  (CNC)  -9.4%
• CSX  (CSX)  -5.8%
• Walgreens Boots Alliance  (WBA)  -5.4%

Stocks also worth noting include:

• Nvidia  (NVDA)  +2.7%
• Apple  (AAPL)  +0.3%
• Taiwan Semiconductor  (TSM)  +12.3%
• Uber  (UBER)  -2%
• Expedia  (EXPE)  +4.3%

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Taiwan Semiconductor surges on solid earnings

Taiwan Semiconductor shares surged 12% after the company reported strong Q3 earnings driven by AI demand.

Q3 net income reached NT$325.3 billion ($10.1 billion), beating LSEG estimates, while revenue grew 39% year-over-year to NT$759.69 billion ($23.6 billion).

Related: Nvidia CEO's bombshell raises the bar for the stock

For Q4, TSMC forecasts revenue between $26.1 billion and $26.9 billion, with the midpoint of $26.5 billion topping Wall Street's estimate of $24.9 billion.

“Our business was supported by strong smartphone and AI-related demand for our industry leading 3nm and 5nm technologies,” the company said in a statement.

Nvidia, Micron, and AMD shares also rose on the news, gaining 3%, 4%, and 1%, respectively.

Expedia pops on potential Uber takeover

Expedia stock added 4% midday after the Financial Times reported a potential Uber takeover bid. Uber shares lost 2%.

Uber has held initial talks about a potential acquisition of Expedia, valued at $20 billion. The discussions are in early stages.

Related: Expedia CEO flags a trend that is hurting its pockets

Uber CEO Dara Khosrowshahi has a close connection to Expedia, having served as its CEO from 2005 to 2017 and currently holding a nonexecutive board position.

Wedbush Securities managing partner Dan Ives said in a CNBC interview that the acquisition of Expedia would be a step toward a “super app” for Uber.

Elevance Health slumps after weak earnings

Elevance Health shares lost more than 11% after the health insurance group posted weaker-than-expected third-quarter earnings.

The company reported adjusted earnings per share of $8.37, missing analysts’ forecast of $9.66. Total revenue increased by 5.3% to $45.1 billion from $42.8 billion a year earlier, beating the consensus estimate of $43.5 billion.

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“We remain confident in the long-term earnings potential of our diverse businesses as we navigate a dynamic operating environment and unprecedented challenges in the Medicaid business,” CEO Gail Boudreaux said in a statement.

Health-care stocks Molina Healthcare and Centene also fell, down 13% and 10%, respectively. 

Related: Veteran fund manager sees world of pain coming for stocks