These are some of the stocks posting the largest moves in the premarket

May 02, 2024 | 08:42am

Stocks making the biggest premarket moves: Peloton, Carvana, Cigna, Qualcomm and more

These are some of the stocks posting the largest moves in the premarket

Check out the companies making the biggest moves in premarket trading: Peloton Interactive — Shares climbed 15% after the fitness company announced CEO Barry McCarthy will step down while it seeks a permanent CEO. Peloton also set a restructuring plan that will cut 15% of its staff, or about 400 employees. Once a pandemic darling, Peloton has seen its shares slide. The stock is down 47% year to date. Qualcomm — Shares rose more than 5% after the chipmaker on Wednesday posted $2.44 per share in adjusted earnings in its latest quarter, topping analysts' estimates of $2.32 per share, according to LSEG. The top end of Qualcomm's revenue forecast for the current quarter was higher than the Street's expectations, with the company citing demand for smartphones that require the most advanced chips. Wayfair — Shares added 5.5% after the home furniture retailer's sales topped analyst estimates, and reduced its losses after letting go of 13% of its workforce at the start of the year, the company said Thursday. Still, Wayfair's sales slid in the first quarter. Carvana — The used car seller spiked 36% after posting first-quarter revenue Wednesday of $3.06 billion, above analysts' consensus estimate of $2.67 billion. On Thursday, Morgan Stanley upgraded the stock to overweight and said shares could soar 50%. Cigna — The insurer moved 1% higher after first-quarter adjusted earnings of $6.47 per share topped the $6.22 expected from analysts polled by LSEG. Revenues of $57.25 billion also beat the $56.52 billion consensus estimate. Moderna — Shares rose 2% after the drugmaker posted a narrower-than-expected loss of $3.07 in the first quarter, versus the $3.58 loss expected from analysts polled by LSEG. Revenue came in at $167 million, topping the $97.5 million consensus estimate. Cardinal Health — The drug distributor shed 2% after fiscal third quarter revenue of $54.91 billion fell short of analysts' consensus estimate of $56.05 billion, according to LSEG. But Cardinal topped adjusted earnings expectations. Nio — U.S.-listed shares of the Chinese electric vehicle maker rose 5% after Nio said it delivered 15,620 vehicles in April, more than double the year-earlier period. DoorDash — Shares dropped 7% one day after the food delivery service said it lost 6 cents per share on $2.51 billion in revenue in the first quarter, wider than the LSEG analyst consensus estimate for a loss of 4 cents per share but above the average forecast of $2.45 billion in revenue. Etsy — The online marketplace lost 13.5% after first-quarter adjusted earnings of 48 cents per share missed the 49 cents a share expected from analysts polled by LSEG. Zillow — The stock tumbled 6% after the real-estate marketplace issued weak guidance for the current quarter. Zillow estimated second-quarter revenue of $525 million to $540 million, versus $559.2 million expected from analysts polled by FactSet. eBay — Shares slipped nearly 4% one day after the online commerce platform issued weak guidance for the second quarter, anticipating between $2.49 billion and $2.54 billion in revenue while analysts polled by LSEG had estimated $2.56 billion. Shake Shack - The hamburger chain added 4% after first-quarter adjusted earnings of 13 cents per share topped the 10 cents per share projected by analysts, according to LSEG. Revenue of $291 million was in line with estimates. Freshworks — The software development company plunged 27% after projecting second-quarter revenue of $168 million to $170 million and full-year revenue of $695 million to $705 million. Analysts polled by FactSet expected $172.1 million for the quarter and $708.3 million for the year. Qorvo — The semiconductor company sank nearly 10% after issuing weak guidance in its fiscal first quarter, expecting earnings of 60 cents to 80 cents per share versus the $1.27 expected from analysts polled by FactSet. — CNBC's Jesse Pound, Lisa Han, Pia Singh and Tanaya Macheel contributed reporting.

This story originally appeared on: CNBC - Author:Michelle Fox