Biggest stock movers Thursday: TSM, NOK, and more

Stock futures edged higher during premarket hours on Thursday, ahead of a series of economic data releases due later in the day.

Here are some of Thursday’s biggest stock movers:

Biggest stock gainers

• Taiwan Semiconductor Manufacturing (TSM) shares soared over 8% following the release of better-than-expected Q3 results. The semiconductor giant reported a 36% Y/Y increase in revenue and a 54% Y/Y increase in profits, driven by robust demand for artificial intelligence-related products. For Q4, TSM provided revenue guidance of $26.1B to $26.9B, representing a 13% sequential increase or a 35% Y/Y increase at the midpoint, surpassing the consensus estimate of $25.02B.
• Alcoa (AA) shares surged 5% after reporting mixed Q3 results, including a surprising swing to a profit of $0.38 per share from a year-earlier loss of -$0.94. The company also announced a proposed agreement to secure the viability of its alumina and aluminum plant in San Ciprian, Spain. Under the deal, Alcoa would contribute €75M and Ignis would make an initial €25M investment. Alcoa would maintain operational control, while Ignis would hold a 25% stake. Alcoa has committed to funding up to an additional €100 million as needed, prioritizing future cash returns. Any additional funding would be shared between the two companies on a 75%-25% split.

Biggest stock losers

• Shares of telecom giant Nokia (NOK) fell over 5% after reporting a 7% Y/Y decline in Q3 sales in constant currency, or 8% on a reported basis. The decline was primarily due to weaker performance in its Mobile Networks division, especially in India, and the impact of a divestment in its Cloud and Network Services unit. However, Nokia maintained its FY2024 outlook. Pekka Lundmark, CEO and President, stated, “For the full year 2024, our comparable operating profit outlook remains at EUR 2.3B to 2.9B, and we are currently tracking in the lower half of this range. While net sales recovery is slower than expected, this is being partially offset by improving gross margins and swift cost-saving actions. We expect to hit the higher end of our free cash flow target, with a 30% to 60% conversion from comparable operating profit.”
• Lucid (LCID) shares plunged more than 14% following the announcement of a planned offering of over 262M new shares, according to a recent SEC filing, with the offering set to occur in one or more transactions. BofA Securities, acting as the underwriter, has the option to purchase nearly 40M additional shares. Meanwhile, Lucid’s majority shareholder, Ayar Third Investment Company—an affiliate of Saudi Arabia’s Public Investment Fund—intends to purchase over 374M shares in a private placement to maintain its 58.8% stake. If BofA Securities exercises its option, Ayar also plans to purchase additional shares directly from Lucid.