TSMC, chipmakers rise premarket; Fortinet, SolarEdge slip

Investing.com -- US stock index futures pointed higher on Thursday after Taiwan Semiconductor Manufacturing Co. -- the world’s biggest contract chipmaker -- posted a stronger-than-expected third-quarter profit on Thursday that was driven by sustained demand from the artificial intelligence industry.

By 08:01 ET (12:01 GMT), the S&P 500 futures contract had gained 23 points or 0.4% and Nasdaq 100 futures had added 160 points or 0.8%, and Dow futures had inched up by 33 points or 0.1%.

Here are some of the biggest premarket US stock movers today: US-listed shares in Taiwan Semiconductor Manufacturing Co. (NYSE:TSM ) jumped after the chipmaker clocked a net profit of T$325.26 billion ($10.1 billion) in the three months to September 30. The figure was higher than a Reuters estimate of T$300.2 billion. TSMC also provided an upbeat outlook for the current quarter, partly citing improved capacity utilization.  Chip stocks rose after TSMC's blowout earnings report. Shares in TSMC-customer Nvidia (NASDAQ:NVDA ) climbed 3.1% in premarket trading, while Advanced Micro Devices (NASDAQ:AMD ) and Broadcom (NASDAQ:AVGO ) added 2.7% and 2.8%, respectively. Intel (NASDAQ:INTC ) shares also advanced by 1.2%, Qualcomm (NASDAQ:QCOM ) increased by 2.3%, and Micron Technology (NASDAQ:MU ) gained 2.2%. Alcoa (NYSE:AA ) shares rose after the aluminum producer unveiled better-than-anticipated adjusted core earnings for the third quarter that were boosted by a jump in alumina prices. Expedia (NASDAQ:EXPE ) shares spiked following a report in the Financial Times that ride-hailing giant Uber (NYSE:UBER ) had explored a possible offer for the digital travel booking firm. Freight-transportation group CSX Corporation's (NASDAQ:CSX ) shares slumped on weaker-than-expected third-quarter earnings per share and revenue, with analysts citing the impact of recent hurricane activity. Fortinet (NASDAQ:FTNT ) shares slipped after analysts at Mizuho downgraded their rating of the security software business. Shares in SolarEdge Technologies (NASDAQ:SEDG ) dipped after analysts at Guggenheim lowered their rating of the solar company to "Sell" from "Neutral". Topgolf Callaway Brands (NYSE:MODG ) dropped after B. Riley analysts slashed their rating of the golf company due to weakness at its eponymous chain of driving ranges.

Source: Investing.com