Here’s a look at the biggest movers in premarket trading: Peloton Interactive – The fitness company’s shares jumped 15% after it announced CEO Barry McCarthy would step down and search for a permanent CEO. Peloton has also developed a restructuring plan that will lay off 15%, or about 400 employees. Peloton, once a pandemic darling, has seen its stock price slide. The stock is down 47% year to date. QUALCOMM — Shares of Qualcomm rose more than 5% after the chipmaker reported adjusted earnings of $2.44 per share in its latest quarter on Wednesday, beating analysts’ expectations of $2.32 per share, according to LSEG. Qualcomm raised the upper end of its revenue forecast for this quarter above Wall Street expectations, citing demand for smartphones that require the most advanced chips. Wayfair — Shares of Wayfair rose 5.5% after the furniture retailer’s sales beat analysts’ expectations and it pared losses after laying off 13% of its workforce at the start of the year, the company said Thursday. Still, Wayfair’s sales fell in the first quarter. Carvana – The used car seller reported first-quarter revenue of $3.06 billion on Wednesday, sending its shares soaring 36%, topping analysts’ consensus estimate of $2.67 billion. On Thursday, Morgan Stanley upgraded the stock to “overweight” and said the stock could soar 50%. Cigna — Shares of the insurance company rose 1% after first-quarter adjusted earnings of $6.47 per share, above the $6.22 expected by analysts polled by LSEG. Revenue of $57.25 billion also beat consensus estimates of $56.52 billion. Moderna — Shares of Moderna rose 2% after the drugmaker reported a lower-than-expected first-quarter loss of $3.07, while analysts polled by LSEG expected a loss of $3.58. Revenue was $167 million, beating the consensus estimate of $97.5 million. Cardinal Health — The drug distributor reported fiscal third-quarter revenue of $54.91 billion, missing analysts’ consensus estimate of $56.05 billion, according to LSEG, sending shares down 2%. But Cardinal beat adjusted profit expectations. NIO — NIO said it delivered 15,620 vehicles in April, more than double the same period last year, sending the Chinese electric car maker’s U.S.-listed shares up 5%. DoorDash — The food delivery service said it lost 6 cents a share on first-quarter revenue of $2.51 billion, beating LSEG analysts’ consensus estimate of a loss of 4 cents a share but above average forecasts, a day later Shares fell 7% and revenue reached $2.45 billion. Etsy — Adjusted earnings of 48 cents per share in the first quarter were below the 49 cents per share expected by analysts polled by LSEG as the online marketplace fell 13.5%. Zillow — Shares fell 6% after the housing market issued weak guidance for the quarter. Zillow forecast second-quarter revenue of $525 million to $540 million, while analysts polled by FactSet expected $559.2 million. eBay — Shares fell nearly 4% a day after the online commerce platform issued weak guidance for the second quarter, forecasting revenue between $2.49 billion and $2.54 billion, compared with analysts polled by LSEG who expected revenue of $2.56 billion. Dollar. Shake Shack – The burger chain’s shares rose 4% after first-quarter adjusted earnings of 13 cents a share, beating analysts’ forecasts of 10 cents a share, according to LSEG. Revenue was $291 million, in line with expectations. Freshworks — The software development company forecast second-quarter revenue of $168 million to $170 million and full-year revenue of $695 million to $705 million. The stock price plummeted 27%. Analysts polled by FactSet expected revenue of $172.1 million for the quarter and $708.3 million for the full year. Qorvo — Shares of Qorvo fell nearly 10% after the semiconductor company issued weak guidance for the fiscal first quarter, expecting earnings of 60 cents to 80 cents a share, while analysts polled by FactSet expected earnings of $1.27 a share. —CNBC’s Jesse Pound, Lisa Han, Pia Singh and Tanaya Macheel contributed reporting.
